Italy, PBIT sign six MoUs

LAHORE

Italian Ministry of Economic Development and Punjab Board of Investment and Trade (PBIT) have signed six Memorandum of Understandings (MoUs) for the promotion of bilateral commerce and trade between the two. 

The MOUs signed during the visit of 60-member delegation led by Ivan Scalfarotto, Italian Under-secretary of State at the Ministry of Economic Development arrived here on Tuesday.

The Italian Textile Manufacturing Association signed three separate MoUs with All Pakistan Textile Mills Association (APTMA), Pakistan Hosiery Manufacturing Association (PHMA), and Pakistan Readymade Garment Manufacturer and Exporters Association (PRGMEA). Besides, Italian Foreign Trade Association signed two separate MoUs with Lahore Chamber of Commerce and Industry, and Faisalabad Chamber of Commerce and Industry (FCCI) and National Association of Italian Footwear, Leather Goods and Tannery Machines Accessories with Pakistan Footwear Manufacturers Association. This Italian business delegation, comprising 60 representatives of over 40 companies and business associations is participating in Pakistan-Italy Investment and Business Forum organised by PBIT.

Speaking at the Forum, Punjab Finance Minister, Dr Ayesha Pasha said that visit of Italian businessmen in the leadership of their government representative was a proof of economic progress of Pakistan and trust of foreign investors in the better investment environment in Punjab. She said the MoUs with Punjab-based Chamber of Commerce and textile and footwear sectors possessed the trust of these Italian counterparts in Pakistanis counterparts and showed their keenness to explore Pakistani potential. Speaking on the occasion, Minister for Industries Sheikh Allauddin said it was indeed encouraging that a high-level business delegation of Italy was currently visiting Pakistan with a committed aim, to explore investment opportunities in Pakistan, apart from enhancing trade volume between the two countries.

This commitment validates the fact that Pakistan is politically and economically a very sound country and investors see it as a place where their investment is secure, he said. He said Italian business community and investors had expressed satisfaction over the business environment in Pakistan, which is conducive for foreign investment.

IT policy draft: Punjab Information Policy draft, made available online for any interested individual to access the policy draft and submit feedback/suggestions, received an encouraging response while Information Technology Board (PITB) has now concluded its further pubic consultation on the draft of the Punjab IT Policy 2016. It was available at www.policy.pitb.gov.pk after the 3rd PITB Roundtable conference, held on 25th of October, 2016. “This is a landmark moment in the way policies are envisioned and formulated in the country. The Punjab government has endeavoured to not only increase transparency in its execution of different projects, but also increase public involvement in determination of the government priorities at a policy level”, said Dr Umar Saif, Adviser to the Chief Minister Punjab, on IT, ITU VC, and PITB chairman, according to a press release issued here on Wednesday. “We have made a sincere effort to bring all stakeholders on board during the preparation of this document. Our approach has been met with great enthusiasm and we have received quality feedback, which is currently being incorporated in the final draft.” The draft had been opened for public consultation with the purpose of making the policy-making process more inclusive and transparent, while at the same time soliciting improvements in the draft of the policy.