An Iranian business delegation visited the Islamabad Chamber of Commerce and Industry (ICCI) and showed interest in joint ventures and investment in Pakistan.
The delegation expressed interest in various sectors including oil and gas, engineering, mining, construction machinery, fertilisers, electrical vehicles, car batteries, electronic tools, plastic products, dairy products and dry fruit industries.
The delegation had come to Pakistan to participate in the Pak-Iran trade exhibition.
Addressing the delegation, ICCI President Muhammad Shakeel Munir welcomed the business delegation from Iran and briefed them about the potential areas for joint ventures and investment in Pakistan. Emphasising that this was the time to capitalise on the opportunity and invest in Pakistan.
“Pakistan and Iran enjoy cordial relations that should be transformed into growing trade and investment relations between the two countries. Both countries have great potential to enhance bilateral trade in many items. The existing level of two-way trade of around $1 billion does not correspond to the actual trade potential. This can be increased to at least $5 billion per annum if the potential of both sides is fully exploited”, he underlined.
Munir proposed that Pakistan and Iran should now focus on removing tariff and non-tariff barriers to improve the flow of bilateral trade via air, road and railway links as none of these modes were being fully utilised.
He stressed that both countries should consider slashing customs duty on each other’s goods to counter the menace of smuggling. He assured that ICCI would fully cooperate in connecting Iranian investors with concerned partners in Pakistan.
The Iranian delegation was of the viewpoint that Iran and Pakistan should encourage frequent exchanges of trade delegations and organise exhibitions to explore all potential areas of promoting bilateral trade.
Organising the Pak-Iran trade exhibition in Islamabad is a step in the right direction and more of such exhibitions should be organised on reciprocal basis to improve trade ties between the two countries.
Published in The Express Tribune, August 28th, 2022.