Key Takeaways
- The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for increased trade between Pakistan and Iran.
- Recent bilateral trade stands at approximately USD2.8 billion, with potential to rise to USD10 billion annually.
- Iranian delegation from Arak province highlighted opportunities in sectors like agriculture and renewable energy.
Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has called for a significant boost in trade between Pakistan and Iran. According to recent data, bilateral trade currently stands at approximately USD2.8 billion for the fiscal year 2023–24, comprising USD684 million in Pakistani exports to Iran and USD2.1 billion in imports from Iran.
Sheikh emphasized that while both nations share deep-rooted historical ties, their economic cooperation remains underutilized. He outlined an ambitious roadmap aimed at elevating the trade volume to USD10 billion annually over the next three to five years. This goal is part of a broader strategy to transform political goodwill into meaningful economic collaboration.
The FPCCI welcomed the recent engagement with a high-profile Iranian business delegation from Arak province, led by Naser Beigi, President of the Arak Chamber of Commerce, Industries, Mines and Agriculture. Beigi highlighted that Arak provides heavy machinery, engineering equipment, automotive parts, agricultural technology, and mining solutions – all highly complementary to Pakistan’s evolving industrial sectors.
Murad Nemati, Commercial Attaché of Iran in Pakistan, emphasized ongoing bilateral dialogue aimed at highlighting the robust manufacturing base of Iran's Arak province. Opportunities for joint ventures were discussed across diverse sectors including agriculture, food processing, petrochemicals, mining, engineering, household appliances, and renewable energy.
Saquib Fayyaz Magoon, SVP FPCCI, stressed the urgent need for a strategic shift in how Pakistan and Iran conduct business. He maintained that to achieve meaningful economic cooperation, authorities must prioritize simplifying trade procedures; establishing formal banking channels and payment mechanisms; and strengthening logistics and transportation networks.
Abdul Mohamin Khan, VP and Regional Chairman Sindh, FPCCI, reaffirmed the Federation’s commitment to facilitating seamless trade between the two nations. He addressed operational hurdles restricting growth, noting that despite prevailing regional challenges, current relations present tremendous opportunities for enhancing cross-border commerce.
Khan stated that expanding collaboration between business communities will pave the way for long-term industrial cooperation, technology transfer, and sustainable economic growth. The FPCCI is committed to extending all-out assistance to Iranian and Pakistani businessmen seeking to formalize commercial partnerships.
The current volume of bilateral trade falls significantly short of its true potential.
Atif Ikram Sheikh, President, Federation of Pakistan Chambers of Commerce and Industry
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.
Naser Beigi, President, Arak Chamber of Commerce, Industries, Mines and Agriculture
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.
Murad Nemati, Commercial Attaché of Iran in Pakistan
