Italy to invest for cold storage units in Pakistan
Italian companies showed their interest to invest 150 million U.S. dollars in establishing cold storage units and refrigerator containers in Pakistan's eastern province Punjab, local media reported on Friday.
An Italian delegation comprising members of Italian Development Council (IDC) and SIMEST, member of European Development Finance Institutions, visited Lahore on Thursday and Friday to explore investment opportunities in various sectors specifically in integrated cold chain projects in the province, Xinhua reported.
Punjab Board of Investment and Trade (PBIT) hosted the delegation during its two-day stay. SIMEST submitted an Expression of Intent in integrated cold chain project developed by PBIT whereby PBIT will facilitate SIMEST to set up or upgrade export houses, cold storage units and refrigerator containers at any location in Punjab.
Chairman PBIT Rizwan Ullah Khan provided information to the members of the delegation and informed them about the knowledge of investment opportunities in Punjab province.
An MoU was also signed between IDC and PBIT with the objective of to facilitate Italian investors in various sectors specially agriculture, livestock, energy, infrastructure and manufacturing.
The council serves the Italian and Pakistani business community and constituted for the purpose of contribution to the development of commercial relations between the trade, commerce and industrial organizations of Italy and Pakistan.