KARACHI - The Pakistan Business Council, in collaboration with the Ministry of Commerce, held a forum on Business Opportunities with Iran in Karachi on Thursday.
The removal of trade sanctions, along with Iran’s growing economy, has resulted in great interest in trade and investment possibilities amongst Pakistani businesses and industries.
The session included presentations by the State Bank of Pakistan, the Managing Director of the Pak Iran Investment Company Limited (a joint venture between the Governments of Iran and Pakistan), the Secretary of the Trade Development Authority Pakistan (on behalf of the Minister of Commerce, who was unable to travel to Karachi to preside), trade specialists and leaders of the business community, including Atif Aslam Bajwa, the Chairman of the PBC.
The main focus of the session was how Pakistani industries and businesses can take advantage of the fact that trade sanctions on Iran have now been lifted. Iran is the second largest economy in the Middle East and North Africa region, with exports of nearly $74 billion and imports of $54 billion in 2014. Pakistan’s top potential exports to Iran are Rice, Cotton and Petroleum Preparations; with a potential of $1.6 Billion, $123 Million and $100 Million respectively.
Speaking at the session, Atif Aslam Bajwa spoke about the potential trade with Iran that Pakistan must utilize, as currently Iran is taking far greater advantage of the existing Preferential Trade Agreement, leading to a great disparity in Pakistan’s imports and exports. He also advised Pakistan exercises caution before signing any more trade agreements, to avoid this current trade situation with Iran occurring again. The Business Opportunities Forum is a follow-up to the recently published Iran Study by the PBC as well as setting the scene for President of Iran’s visit to Pakistan.