SIFC sparks Iranian interest

Envoy says expansion of border markets, barter trade mechanism will bolster bilateral ties

LAHORE:

The Ambassador of Iran, Dr Reza Amiri Moghaddam, on Friday, expressed optimism about two transformative initiatives being undertaken by Pakistan’s government, highlighting their potential for robust economic growth. These initiatives, namely the Special Investment Facilitation Council (SIFC) and the Barter Trade Mechanism (BTM), are beginning to yield promising results.

Speaking at the Lahore Chamber of Commerce & Industry (LCCI), alongside Iran’s Consul General in Lahore, Mehran MovahhedFar, Moghaddam emphasised the significance of reducing trade costs, with a particular focus on enhancing transportation to bolster product competitiveness. He underscored the unique advantage of a secure 1000-kilometer border shared by Pakistan and Iran, free from any border disputes, making trade convenient and transportation costs more affordable. During the event, the ambassador also inaugurated the Iran Desk at LCCI.

Moghaddam revealed that three operational border markets and three more in development are poised to significantly amplify bilateral trade.

Highlighting the deep-seated cultural and historical bonds between the two nations, the envoy urged translating these connections into robust trade relations. He cited an agreement reached during a visit by the Iranian foreign minister to increase bilateral trade to $5 billion, with the current trade volume below $3 billion.

LCCI President Kashif Anwar underscored the need for efficient transportation to reduce trade costs and the potential for Pakistan and Iran to conduct trade at multiple points along their border.

Published in The Express Tribune, September 23^rd, 2023.

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