FPCCI plans to raise Pakistan-Iran trade target to $10bn

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has announced ambitious plans to strengthen economic ties between Pakistan and Iran, with a target to increase bilateral trade to $10 billion annually over the next five years.

This announcement was made during a high-level Business-to-Business (B2B) session aimed at fostering direct business connections between traders from both countries.

Atif Ikram Sheikh, President of FPCCI, and Zaki Ijaz, Vice President and Regional Chairman, emphasized that the B2B session is designed to explore new trade and investment opportunities, paving the way for enhanced economic collaboration.

The leaders highlighted the growing trade partnership between the two nations, noting that the bilateral trade volume for the fiscal year 2023-24 reached approximately $2.8 billion. Pakistan’s exports to Iran stood at $684 million, while imports from Iran totaled $2.1 billion, reflecting a 13% increase in Iran’s exports to Pakistan, which reached $944 million in 2023.

The discussions took place during the visit of a high-level Iranian trade delegation, led by Mohammad Reza Tavakoli Zadeh, President of the Mashhad Chamber of Commerce and Industry, to the FPCCI Regional Office in Lahore. The delegation’s visit underscored the commitment of both countries to deepen economic ties and explore joint ventures.

Sheikh and Ijaz pointed out that Pakistan, particularly Punjab, offers a wealth of investment opportunities due to its modern industrial base, advanced infrastructure, skilled workforce, and expansive business market. They also highlighted Iran’s key export sectors, including petroleum, petrochemical products, dried fruits, and carpets, as areas ripe for collaboration.

The FPCCI leaders expressed confidence that the business communities of both nations stand to gain significantly from joint projects and increased trade cooperation. They also noted that Pakistan’s industrial and agricultural sectors present extensive opportunities for further collaboration with Iran.

Copyright Business Recorder, 2025