Chairman PBG hails potential economic cooperation with Iran

KARACHI: Faraz Rahman, founder and chairman of the Pakistan Business Group (PBG), has praised the recent achievements in bilateral relations between Pakistan and Iran, highlighting the vast potential for further collaboration between the two nations. He emphasized the significance of President Raisi’s visit in fostering mutual cooperation and strengthening economic ties.

Currently, Pakistan’s exports to Iran total US 1.448 billion, with imports amounting to US 842 million. Rahman underscored the importance of recent agreements, particularly in establishing joint economic free zones and collaborations across eight key sectors, as pivotal for Pakistan’s economic prosperity.

Echoing President Raisi’s sentiments, Rahman stressed the need to transform challenges into opportunities, emphasizing the shared commitment to bolstering trade relations. He expressed optimism about Iran’s potential to assist Pakistan, particularly in the energy sector, and proposed exploring avenues for local currency or barter trade to mitigate pressure on Pakistan’s foreign exchange reserves and achieve a more balanced trade relationship.

President Raisi’s visit, accompanied by a significant trade delegation, underscores both nations’ determination to deepen economic cooperation and unlock new avenues for growth.

This development signals a promising future for Pakistan-Iran relations, with both countries poised to capitalize on their economic potential for mutual benefit. Faraz highlighted the importance of utilizing the visit of Iranian President Ibrahim Raisi and the accompanying business delegation to enhance economic cooperation, thereby reducing tensions between the two countries. He also addressed Pakistan’s economic challenges, emphasizing the need for structural reforms to ensure sustained growth and stability.

Rahman called for joint efforts between Pakistan and Iran to address border security issues and promote border trade. He suggested the establishment of special economic zones in border areas to create employment opportunities and reduce Pakistan’s import bill.

Furthermore, Rahman urged American authorities to reconsider restrictions on trade with Iran, particularly regarding natural gas, highlighting its significance for Pakistan’s energy security. He emphasized that such restrictions undermine bilateral relations and harm both countries’ economies.

Founder and the chairman PBG Farazur Rahman emphasized the importance of seizing the economic opportunities presented by President Raisi’s visit and working collaboratively to strengthen Pakistan-Iran economic ties for the benefit of both nations.