ISLAMABAD: Ambassador of Iran to Pakistan, Dr. Reza Amiri Moghadam has said that due to strong economic and trade integration between Pakistan and Iran, bilateral trade between the two countries can be increased up to $5 billion annually in the coming few years.
Addressing the business community in Islamabad, Ambassador Moghadam highlighted the significant potential for enhancing trade collaboration between Pakistan and Iran. He emphasized the importance of air, rail, and maritime integration in doubling bilateral trade, which would not only benefit both countries but also contribute to regional and global trade dynamics.
Pointing to the geostrategic significance of Pakistan and Iran, Ambassador Moghadam underscored the critical role of land and sea integration between the two nations in the global economy. He noted the opening of 12 border trade markets, aimed at further facilitating transit trade and fostering economic integration.
Highlighting the importance of maritime trade ties, particularly involving the ports of Gwadar and Chabahar, Ambassador Moghadam proposed declaring them as coastal sister ports to promote mutual economic development. He emphasized the need for collaboration within major forums such as the Shanghai Cooperation Organization (SCO), ECO, and D-8 to advance common economic goals.
Ambassador Moghadam also emphasized the significance of mega projects like the China-Pakistan Economic Corridor (CPEC) and the Belt and Road Initiative (BRI) for stabilizing economic relations between Pakistan and Iran. He stressed that these projects were not only beneficial for both countries but also held the potential to bring prosperity to the entire region.
Collaboration Between Pakistan and Iran in Global Supply Chain
Additionally, Ambassador Moghadam highlighted the importance of regional trade corridors such as the North-South and East-West corridors in enhancing regional and global trade connectivity, thereby expanding the scope for collaboration between Pakistan and Iran in the global supply chain.
Ambassador Moghadam said that currently, the world is being economically connected through different Economic Corridors, therefore these corridors were crucial for the economy of both countries. He said that the transportation and logistics sector was very crucial for both nations, which was important in the cost of business, on which both sides needed to work.
The Ambassador said that the current volume of bilateral trade between the two nations was $ 2.5 billion, which had been persistently increasing since last year, in which there was a potential of $5 billion.
The Ambassador of Iran said that currently, Pakistan has a lot of trade potential in Iran in agriculture and industry and halal products, especially meat, which Iran was already importing from various countries. He said that agriculture, tourism and trade were extremely important in Pakistan and Iran, especially in religious tourism, there is a huge potential in both countries and the government in Iran was providing ample facilities in this regard.
The Ambassador said, Pakistan and Iran have huge opportunities for cooperation in the knowledge economy, and there is a lot of potential in both countries, especially in science and technology.
He said despite the international sanctions, Iran has made great progress in the field of science and technology, in which full cooperation with Pakistan can be increased. In order to increase mutual cooperation between the business communities of Pakistan and Iran, both sides should participate in industrial exhibitions like the Trade and Industrial Exhibition being held in the city of Tehran in the coming April 2024, he said.
The business community from Pakistan, especially the Islamabad Chamber of Commerce, should participate in the exhibition and increase mutual cooperation with the business community of Iran, the Ambassador added.
The Ambassador said that about 120 businessmen have completed their registration in the trade and industrial exhibition in Tehran, which is expected to increase in the coming days.
