Italian Development Council (IDC) is taking a delegation to Italy from January 15 to 25 to attract Italian investment in Pakistan.

This was stated by IDC president Tariq Ikram while talking to media alongwith chairman BoI Saleem H Mandviwalla here. It is groundbreaking delegation which would create a stage in Italy for a larger delegation of leading Pakistani businessmen later in the year.

The delegation, having representative of BoI and managing director Punjab Small Industrial Corporation, besides its own members, would hold meetings with large business houses and Italian chambers of commerce and industry, he added.

BoI chairman said that Italian Prime Minister had agreed with President Asif Ali Zardari, during his last years visit to Italy, that his country would provide a credit line of 10 billion Euros for Italian entrepreneurs willing to invest in Pakistan.

Italian businessmen would be motivated, in this visit, to use this credit line and have joint ventures with Pakistani partners in Pakistan, he added. Mandviwalla pointed out that Italian Minister for Economic Affairs was expected to visit Pakistan this month to have talks on that credit line as he was abroad during the visit of President Zardari to Italy. After his visit Pakistani side would visit Italy to further negotiate on this issue, he noted.

Tariq Ikram said that IDC was a brainchild of chairman BoI and Italian Ambassador in Pakistan to promote bilateral trade and investment between Italy and Pakistan.
The areas of discussion with Italian entrepreneurs would be mining and finishing of marble, minerals, coal, pharmaceutical, etc. During ten-day stay in the IDC-BoI the delegation would visit five major industrial cities of Italy, which are Milan, Bergamo, Padova, Pudine and Rome, he added.

IDC president said the purpose of the delegation was also to improve the image of Pakistan in Italy and dispel a negative impression among Italian entrepreneurs about business environment in Pakistan.

He said that Italian pharmaceutical companies were keen to have manufacturing base in Pakistan as the cost of production was very high in Italy. They are looking forward for a free zone facility in Pakistan for this purpose, he opined. He said medicines manufactured in Pakistan by Italian companies would find immediate markets in Africa, Middle East and Central Asian Republics.