This exceptional rise in exports and remittances has occurred at a time when the economies of Europe are decelerating and confronting a number of issues as a direct result of the conflict in Ukraine.
The total amount of $1.15 billion that was sent from the United States as exports to Italy in FY22 is 46 percent greater than the amount that was sent in the previous year, while remittances are 41 percent higher for the same time than they were in the previous year.
Ambassador Jauhar Saleem of Pakistan to Italy praised Pakistani exporters for their initiative and hard work while speaking to the media. He also praised the Pakistani diaspora in Italy for sticking by the nation in the most trying economic situation. In addition to this, he disclosed that Pakistan had achieved a new high for its annual trade surplus of $573 million in FY22, which was 91 percent greater than in FY21.
The envoy stated that the value-added industries were the primary drivers behind the exceptional growth in exports, with exports of plastic products increasing by 208 percent, exports of sports goods increasing by 80 percent, exports of leather increasing by 42 percent, exports of home textiles increasing by 36 percent, and exports of garments increasing by 35 percent.
In spite of the fact that COVID-19 caused a decrease in demand in the footwear industry, Pakistan’s exports of footwear to Italy climbed by 19 percent over the course of the year. As a result, Italy has become the third biggest export destination for footwear manufactured in Pakistan. It is the fifth biggest market for Pakistani home textiles and the sixth largest market for Pakistani clothes to be sent to.
The ambassador also informed them that with the revival of market activities in Italy after the removal of restrictions related to pandemics, the Pakistan Embassy in Italy was further pacing up its activities to connect Pakistani businesses with Italian firms to maintain the growth of exports and FDI. This was done in order to sustain the growth of exports and FDI. During the most recent fiscal year, Pakistan was able to attract investment from Italy in the industries of food processing, chemicals, construction, leather, footwear, energy-related equipment, and information technology.
The ambassador also shared that some recent joint ventures between leading Pakistani footwear firms and Italian footwear firms were enabling technology transfer, international marketing skills, and supply chain management to Pakistani firms. These joint ventures were formed between leading Pakistani footwear firms and Italian footwear firms. Additionally, Italy was lending a hand in the agricultural sector by way of offering help in the form of technical assistance, particularly in regards to olives and olive-based goods. In a similar vein, Italy is helping to assist efforts to decrease the risks of Glacial Lake Outburst Floods (GLOF) and other hydrogeological hazards in mountainous locations by building a monitoring and evaluation system for glaciers in Gilgit Baltistan that is based on evidence.
Saleem has notified the media that Italy has stated that it would welcome 69,700 seasonal workers from a chosen number of countries in 2022 for the purpose of finding employment in Italy. The country of Pakistan has already been included to the Italian Seasonal Work Visa Program for the year 2022, which means that employees in Pakistan who are employed in the agricultural and service industries will have the opportunity to seek employment in Italy. In addition, he said that the Italian government has lately shortened the processing times for work visas, which is something that Pakistani employees have been requesting for a very long time.