Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has emphasized that the current volume of bilateral trade between Pakistan and Iran falls significantly short of its true potential.
Mr. Atif Ikram Sheikh welcomed the recent engagement of a high-profile Iranian business delegation from Arak Province with FPCCI. The Iranian delegation was led by Mr. Naser Beigi, President of the Arak Chamber of Commerce, Industries, Mines and Agriculture. President FPCCI urged the private sectors of both neighboring nations to move beyond conventional trade and forge robust industrial partnerships.
Mr. Atif Ikram Sheikh 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 to five years, he added.
Mr. 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.
Mr. Murad Nemati, the Commercial Attaché of Iran in Pakistan, emphasized that the ongoing bilateral business dialogue aims to highlight 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.
Mr. Saquib Fayyaz Magoon, SVP FPCCI, highlighted the urgent need for a strategic shift in how the two nations conduct business. Pakistan and Iran are bound by deep-rooted historical, political, cultural, and religious ties – yet our economic cooperation remains vastly underutilized.
Mr. Saquib Fayyaz Magoon maintained 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.
Mr. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, reaffirmed the Federation’s unwavering commitment to facilitating seamless trade between the two nations and addressed the operational hurdles restricting growth as, despite prevailing regional challenges, the current relations between the two countries present tremendous opportunities for enhancing cross-border commerce, he added.
Mr. Abdul Mohamin Khan stated that expanding collaboration between our business communities, rather than relying solely on conventional trade, will pave the way for long-term industrial collaboration, technology transfer, and sustainable economic growth. We invite Iranian investors to explore Pakistan’s commercial powerhouse – while encouraging Pakistani entrepreneurs to seek reciprocal investments and joint ventures, he added.
The FPCCI strongly supports institutionalizing this cross-border cooperation through regular trade delegation exchanges, targeted B2B networking, commercial information sharing, and the execution of Memorandums of Understanding (MoUs) to unlock the region’s untapped economic potential.
