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Senator Dr. Abdul Hafeez Shaikh, Federal Minister for Privatization &
Investment, left for Rome today to address the august gathering at Pakistan
Investment & Trade Conference being held at Rome on September 28. Pakistan
Mission in Italy has organized the Conference in collaboration with the
Ministry of Privatization & Investment. General Pervez Musharraf, President
of Pakistan will address the concluding session on the same day. Around 100
Pakistani business leaders from different sectors including textile,
garments automobile, chemical, power, light engineering, oil & gas,
financial business, IT& Telecom etc. have also reached Rome to attend the
conference and to have business meetings with their Italian counterparts t
their own expenses.
Dr. Abdul Hafeez Shaikh's address will focus the Italian investors and brief
them of the favorable investment policies, incentives, climate and ample
opportunities available in various sectors in Pakistan. The Governor State
Bank of Pakistan Dr. Ishrat Hussain, Chairman BOI Waseem Haqqie, Secretary
Commerce Tasneem Noorani will also speak on the occasion.
Pakistan enjoys cordial relations with Italy since 1948. High-level visits
between the two countries are frequently exchanged. Pakistan's bilateral
trade with Italy has increased substantially during the last few years.
Today, Italy is one of the 10thleading trade partners of Pakistan. It is
our third largest buyer in Europe and fourteenth largest source of imports.
Our exports to Italy during July 2003 to May 2004 totaled US$404 Million
whereas the imports during the corresponding period were worth US$300
Million. Italian companies have been involved in building large Hydro Power
Projects in Pakistan including Tarbela Dam and Ghazi Barotha. Italian
investments in Pakistan have been primarily in automobile, Oil & Gas,
Airline business, Information Technology, Pharmaceutical, Textile and
Transportation Sectors. Pakistan has vast potential to attract Italian
investment since it made long strides in the areas of economic progress and
attractive incentives are being offered to foreign investors with out any
restriction on equity for investment in all sectors while providing a level
laying field to both domestic and foreign investors.