LCCI for good use of opportunities to lift Pak-Iran trade

LAHORE: There is a need to enhance trade volume between Pakistan and Iran by making good use of opportunities provided by large domestic markets and unique geo-strategic competitive advantages of both countries, an official said.

A trade delegation of Lahore Chamber of Commerce and Industry (LCCI), led by its President Mian Nauman Kabir had a meeting with Tehran Chamber of Commerce, Industry and Mines President Masoud Khansari.

“We always strive for developing and strengthening close working relations with foreign business communities,” Kabir said, adding that Iran and Pakistan have always enjoyed friendly and neighbourly relations as well as mutually beneficial cooperation.

“We take Iran as an important neighbouring country and a potential trading partner. We have been maintaining strong cultural and diplomatic relations with Iran,” he added.

The delegation attended Iran-Pakistan Business Forum, business-to-business (B2B) meetings with Iranian counterparts and also attended a dinner hosted by Ambassador of Pakistan in Iran Rahim Hayat Qureshi.

The key purpose of the visit is to explore the Iranian markets for further developing the trade and investment opportunities, he said, adding that the importance of such interaction is hard to be measured as these kinds of meetings cause more and more follow up meetings ultimately leading to establish long lasting trade and economic relations.

The LCCI president said that Pakistan is inviting foreign investors in many of its sectors where Iran, being the next door neighbor, can take full benefit of the available opportunities.

The sectors in which Iran could invest are renewable energy, construction and housing, China Pakistan Economic Corridor (CPEC) and railways.

Moreover, in the manufacturing sector automotive, retail market, electronics and other electric equipment, pharmaceutical, industrial and commercial machinery are picking up.

While talking to Ambassador of Pakistan in Iran Rahim Hayat Qureshi, he said that Pakistan and Iran have been steady trading partners but with every passing year the bilateral trade is declining.

“We are concerned about the constant fall in our exports to Iran which used to be around $426 million in 2008. In 2021, its level went down to almost nothing which calls for taking immediate measures,” he said.

He said that the potential sectors where Pakistan and Iran can enhance trade are value-added textiles, pharmaceuticals and rice.

Iran is one of the biggest consumers of denim in the region while Pakistani rice has a strong market in Iran. There is also a great potential for both countries to initiate joint ventures in the field of energy, Kabir added.

He hoped the business meetings with Iranian counterparts will play a key role in reviving the national exports to Iran, while the Ambassador of Pakistan said that the business community would be facilitated to enhance trade between Pakistan and Iran.