Italy to invest in Pakistan’s locally-manufactured leather products
Pakistan owns the massive potential to grow, and Italy is going to help Pakistan adding value to its products.
At the inaugural session of Pakistan Mega Leather Show, the 2020 Italian Ambassador said Pakistan possessed great potential in leather and related products. Italy wants to add value to locally manufactured products with Pakistan.
Italian Ambassador acknowledged that both countries have friendly cultural and trade relations. “We have jointly increased bilateral trade volume by $3 billion,” he said. Adding that Pakistan was on the path of economic improvement.
Pakistan owns the massive potential to grow, and Italy is going to help Pakistan adding value to its products. “In cooperation with Pakistani counterparts, we are working to establish a training center in the country. And we will invest in steering value addition in Pakistan as well,” Pontecorvo added. He declared the Italy-Pakistan Footwear Technological Centre (IPFTC) planned to be established in Lahore.
Pakistan Footwear Manufacturer Association (PFMA) Chairman Muhammad Younas added: “Pakistan is the eighth largest producer of footwear in the world, and this sector provides employment to more than one million Pakistanis.”
Pakistan’s footwear exports estimated to hit $140 million this year, with an annual growth of nearly 17%. Global exports of footwear are at $142 billion, and Pakistan’s share was only 0.1%. PFMA Chairman stated that Pakistan had massive potential to enhance exports.
PFMA had the vision to achieve the target of at least $1 billion in footwear exports in the next five years. “It is tough but achievable; however, to achieve this target, we have to revamp our strategies.”
He said that the country is facing challenges regarding investments, human resource development, productivity, joint ventures and technological upgrade, marketing, and sales.
“The Italian government is already helping us in certain areas, and we want to extend this cooperation to another level.”