‘There’s $10bn trade potential between Pakistan and Iran’

KARACHI: Speakers at a conference Friday said there is huge potential to increase bilateral trade between Pakistan and Iran to $10 billion in next few years.

The conference on “Economic and Investment Opportunities Between Iran and Pakistan” was organized by the Consulate General of Iran in Karachi here.

The speakers said that authorities from both sides are making efforts to remove hurdles and barriers to ensure more trade and investment to tap the potential of bilateral trade between the two neighbouring brotherly Muslim countries.

Iranian Foreign Minister Dr. Hossein Amir Abdollahian while speaking at the conference said the bilateral trade between Iran and Pakistan has reached over $2.3 billion. He was of the view that the current volumes of bilateral trade is far behind then and actual potential.

He said various measures have been taken to remove hurdles in this regard.

He said both the neighbouring countries can help each other in different sectors. He said both the countries are committed to increase bilateral traded to new high levels.

He called for promoting cooperation in the economy, traded and tourism under regional mechanism.

He said setting up a special economic free trade region along the common border would help to increase trade between the two countries.

The Iranian Deputy Foreign Minister Dr. Mehdi Safari said that both there is potential to increase bilateral trade to $10 billion in next few years.

Governor Sistan (Iran), Agha Karimi pointed out that a plan is under discussion to establish an Islamic bank that will provide all banking services for trade and investment.

The Iranian Consul General in Karachi Hassan Nourian while welcoming the guests suggested setting up Pak-Iran Business Council to directly connect traders of the both sides.

He said an Expo of Iranian products had been organized in Karachi where various MoU had been signed between the businessmen of both sides. He was optimistic that gradually bilateral trade will see tremendous increase to new high levels.

Sindh Minister for Mines and Mineral Development Mir Shabbir Ali Bijarani ensured the guests that the Sindh government is ready to provide all assistance and support for trade and investment between the two countries.

CE of Trade Development Authority of Pakistan (TDAP), Zubair Motiwala, Senior Vice President FPCCI Salman Chawla and others also spoke on the this occasion and shared their thoughts about the trade and investment opportunities between Iran and Pakistan.

Meanwhile, a Memorandum of Understanding between Karachi Chamber of Commerce and Industry and Tehran Chamber of Commerce and Industry was signed on this occasion to promote trade, business and investment between Pakistan Iran.

Copyright Business Recorder, 2023