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Fiat looking at Pakistan as next possible destination’
Finance Minister Senator Mohammad Ishaq Dar in a meeting with the Ambassador of Italy, Stefano Pontecorvo. PHOTO: NNI
ISLAMABAD: Italian Ambassador to Pakistan Stefano Pontecorvo has given some hope to Pakistan consumers, saying Fiat is viewing Pakistan as “the next possible investment destination”.
The Pakistani government is looking to invite another international carmaker to the current fold of just three, as it looks to increase investment in the country.
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The envoy on Thursday called on Finance Minister Senator Mohammad Ishaq Dar and discussed matters of mutual interest in the fields of trade and investment.
He said that the renowned car maker was exploring Pakistan as an option because the country has ample supply of cheap labour and has the potential to be a regional hub for exports. “Pakistan provides significant trade links ranging from China in the east to Lebanon in the west in addition to the entire central Asian region.”
Italy’s Fiat made a brief foray in the 1990s, but failed to gain a foothold before the financial crisis forced it to exit.
Pontecorvo said Pakistan’s transport, textile and energy sector hold vast opportunities to expand mutual trade.
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He informed the minister that a delegation of Italian businessmen would visit Pakistan early next year to establish contacts with the business community.
“Italian businessmen closely follow the Pakistani market and products and appreciated the skills and talents available in the country.”
Pontecorvo said that Italy was also in the process of reopening its Trade Commission in Karachi whilst reinforcing its Trade Office in the Embassy so as to better cover other cities such as Lahore and Sialkot.
Dar appreciated Pontecorvo’s plans for improving economic and business ties between the two countries. He assured the envoy that Pakistan would provide full opportunities and incentives to Italian businessmen interested in investing in Pakistan.
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“We want to diversify our exports and want to find new partners for doing business. I believe that Pakistan really has a lot of potential to promote itself and Italy is one country which provides excellent business opportunities,” said Dar.
Fiat launched a car few years ago and failed. Hope same story is not repeated.
Edit:
This was the model launched.
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