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ISLAMABAD: For the first time in the history of Pakistan-Iran economic relations, the volume of bilateral trade exceeded $2 billion.

This was revealed during a farewell meeting for the outgoing Ambassador of the Islamic Republic of Iran to Pakistan, Syed Mohammad Ali Hosseini with Federal Minister for Economic Affairs Sardar Ayaz Sadiq at the Ministry of Economic Affairs, here on Tuesday.

The ambassador said that Iran is inaugurating numerous projects including an electricity transmission project, trial run border market and other projects that are to be completed in the near future. “Currently, Iran is exporting 144MW of electricity to Pakistan, and this figure is expected to double upon the completion of power projects in Pakistan. Iran has the potential to export 500MW of electricity to Pakistan,” said the ambassador.

Pakistan, Iran discuss electricity projects

During the meeting, the minister expressed his gratitude to Ambassador Hosseini for his dedicated service to strengthening the economic ties between Pakistan and Iran. He noted that under the ambassador’s leadership, the bilateral trade between the two countries had increased significantly, and several joint projects had been initiated in various sectors, including energy, agriculture, and infrastructure.

The minister also praised the ambassador for his proactive and focused role in facilitating the Iran-Pakistan gas pipeline project, which is a significant milestone in the economic cooperation between the two countries. “Pakistan values reciprocal and congenial relations with its very important neighbouring country – Iran. Pakistan is looking forward to exploring the true potential of bilateral cooperation with Iran,” said Minister Sadiq.

Ambassador Hosseini expressed his appreciation for the warm hospitality and support he had received during his tenure in Pakistan. He reiterated Iran’s commitment to further enhancing the economic relations between the two countries and expressed confidence that his successor would continue the positive momentum. “Despite facing pressure, we have strong resolve in all areas,” said Ambassador Hosseini.

He apprised the minister that for the first time in the history of Pakistan-Iran economic relations, the volume of bilateral trade exceeded $2 billion. The ambassador further appreciated the efforts of the Ministry of Economic Affairs for successfully conducting the 21st Session of the Pakistan-Iran Joint Economic Commission (JEC). He highlighted that the bilateral negotiations between Pakistan and Iran, on transportation, customs and commerce, are reaching to a conclusion in the near future.

Copyright Business Recorder, 2023

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Tulukan Mairandi Apr 19, 2023 11:37am
Iran, despite sanctions and alienation, seems to be doing much better than Pakistan. The are not begging the world for loans and debt forgiveness, for starters.
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Asia is Next Apr 19, 2023 11:55am
Trade with neighbors is the key to success for Europe, and this needs to be improved and expanded among all.
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Abdullah Apr 19, 2023 01:02pm
what do we export to iran.it seems to be in deficit with them.We as a nation need to focus on cutting imports .
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test Apr 23, 2023 05:36pm
Good trade is balanced trade which means your import must be equal to exports or less than exports. As far as 2 billion dollar trade it is nothing it should be atleast 20 billion dollars i mean look at the net worth of elon musk it is 175 billion dollars.
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