FPCCI vows to formalize Pak-Iran economic ties
Karachi: Atif Ikram Sheikh, the President of The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) welcomed the engagement of a high-profile Iranian business delegation from Arak Province with FPCCI. Atif Ikram Sheikh emphasized that the current volume of bilateral trade between Pakistan and Iran falls significantly short of its true potential.
The Iranian delegation’s recent visit to the FPCCI was led by Naser Beigi, the President of the Arak Chamber of Commerce, Industries, Mines and Agriculture. Atif Ikram Sheikh urged the private sectors of both neighboring nations to move beyond conventional trade and forge robust industrial partnerships.
He explained that, according to recent data, the Pak-Iran bilateral trade volume for the fiscal year 2023–24 stood at approximately $2.8 billion, comprising $684 million in Pakistani exports to Iran and $2.1 billion in imports from Iran. However, recognizing the complementary economic strengths of the two countries, FPCCI has outlined an ambitious roadmap to elevate this bilateral trade volume to $10 billion annually over the next three-five years, he added.
Naser Beigi, President of the Arak Chamber of Commerce, Industries, Mines and Agriculture, informed FPCCI that Arak province provides heavy machinery, engineering equipment, automotive parts, agricultural technology, and mining solutions – which are highly complementary to Pakistan’s evolving industrial and manufacturing sectors.
Murad Nemati, Commercial Attaché of Iran in Pakistan, emphasized that ongoing bilateral, business dialogue is aimed at highlighting the robust manufacturing base of Iran’s Arak Province. Opportunities for joint ventures were heavily emphasized across a diverse array of sectors, including agriculture, food processing, petrochemicals, mining, engineering, household appliances, and renewable energy.
Saquib Fayyaz Magoon, SVP FPCCI, expressed that to transform our mutual political goodwill into meaningful economic cooperation, the authorities must prioritize simplifying trade procedures; establishing formal banking channels and payment mechanisms; and strengthening our logistics and transportation networks. FPCCI will extend all-out assistance to Iranian and Pakistani businessmen seeking to formalize commercial partnerships, he added.
The FPCCI spokesperson stated, that the FPCCI strongly supports the institutionalization of this cross-border cooperation through the regular exchange of trade delegations, targeted B2B networking, commercial information sharing, and the execution of Memorandums of Understanding (MoUs) to unlock the untapped economic potential of the region.