Economy, Domestic Economy

Iran-Pakistan Trade Up 31%, Potential Yet to Be Explored

Iran-Pakistan Trade Up 31%, Potential Yet to Be Explored
Iran-Pakistan Trade Up 31%, Potential Yet to Be Explored

Lack of information about the capabilities of Iran and Pakistan in the business communities of the two neighboring countries is hindering the promotion of bilateral trade, but the situation has been improving as bilateral trade rose by 31% last year.

“The business communities of both countries are totally unaware of each other’s capabilities and opportunities. Therefore, we have to focus on exchange of information, trade delegations and other promotional activities between the two countries,” Iran’s ambassador to Pakistan, Mehdi Honardoost, said.

The envoy was speaking at a meeting with the officials of Karachi Chamber of Commerce and Industry at the Karachi chamber, Associated Press of Pakistan cited a KCCI press release as reporting.

Iranian Consul General in Karachi Ahmad Mohammadi, KCCI President Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak, Vice President Rehan Hanif, former KCCI president, Majyd Aziz and KCCI Managing Committee members attended the meeting.

The Iranian ambassador said both countries have many commonalities that could not be found between any other countries of the entire region.

“There is a huge potential of cooperation between Iran and Pakistan,” he said.

The envoy is of the view that regional problems like terrorism, human trafficking and drug trafficking should be solved by the regional countries, which had common perception, common interests and common concerns.

Honardoost said Iran is keen to develop its ties with Pakistan by focusing on enhancing trade that has continued to grow each year.

Exporting electricity to Pakistan, implementing the Iran-Pakistan Gas Pipeline, signing a free trade agreement and commencement of banking transactions between the two brotherly countries reflected this approach.

“Your rivals are much faster and active than you, so you also have to take steps accordingly. You have to grab some more portion of the Iranian market that has a lot of potential for Pakistani goods and services. We are also ready to share almost everything with our Pakistani brothers and sisters,” he said.

Referring to high-level meetings between the political leaders of the two countries and visits of delegations, the ambassador said the rise in exchange of delegations indicates that the horizon for enhanced trade ties is “bright and clear”.

He opined that China-Pakistan Economic Project was a multi-functional project that could bring peace and prosperity and all countries of this region would become part of it.

The president of informed the Iranian ambassador that Karachi, which is the economic hub of Pakistan, offered profitable opportunities and facilities for investment and joint ventures to Iranian investors.

Malik noted that relations between Pakistan and Iran have improved significantly, giving way to further enhancement of bilateral trade.

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