KARACHI: Gholam Hossein Shafei, the president of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), has said the Pakistan and Iran stand to benefit from enhanced bilateral trade volumes as both countries have their own strengths in exports that have demand in the other country.
He specifically mentioned that Iran is an important player in global energy production and Pakistan can benefit from Iran to overcome energy deficits and Iranian petrochemical industries are world-class and price-competitive as well.
He called upon central banks of both the countries to help establish banking channels between the two countries to facilitate trade.
Mohammad Ali Hosseini, Ambassador of Iran in Pakistan, expressed his satisfaction that a 27-member trade delegation of Iran is in Pakistan and it will lead improved people-to-people and business-to-business contacts.
He also emphasised that tourism in general and business tourism is particular is welcome in Iran.
Irfan Iqbal Sheikh, President FPCCI, welcomed Iranian ambassador to Pakistan at the Federation House and the president of ICCIMA accompanied by chamber officials, diplomats and prominent business personalities.
He maintained that the real potential for bilateral trade between Pakistan & Iran is at least US 5 billion dollars in the near-term and this can be materialised by the next year itself.
FPCCI chief termed the formation of Pak-Iran Joint Business Council as a historic milestone and also apprised that another MoU has been signed between the counterpart chambers to constitute a high-powered dispute resolution committee to resolve trade disputes swiftly, fairly and unanimously.
He emphasised that since Pakistan has become part of the TIR convention, we should be able to exponentially increase our exports to ECO member countries and Central Asia through the use of land-based transport routes and make full use of transit trade through Iran – which is close to US 100 billion dollars per year.
Arshad Mehmood Bhatti, Executive Director of SBP for Banking Policy and Regulations Group (BPRG), expressed the willingness of central bank in facilitating trade between Iran & Pakistan in non-sanctioned products and with non-sanctioned entities.
He also called upon FPCCI and ICCIMA to work out a mechanism for trading in local currencies; settlements of trade proceeds and ceiling / limit for such arrangements.
Najam Ul Hassan Jawa, Chairman of FPCCI’s Pak-Iran Business Council said that both the countries should capitalise on their commonalities and complementarities for the greater good of their people through trade, investments and JVs.
Copyright Business Recorder, 2022
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