Investment Facilitation Council, Barter Trade Mechanism showing promising results: Iranian envoy


LAHORE-Ambassador of Iran Dr Reza Amiri Moghaddam has expressed optimism about two key initiatives that are being pursued by the current government, highlighting their potential for economic growth. These initiatives include the Investment Facilitation Council and the Barter Trade Mechanism, both of which are showing promising results. Speaking at the Lahore Chamber of Commerce & Industry (LCCI), alongside Consul General of Iran in Lahore Mehran MovahhedFar, Ambassador Moghaddam stressed the importance of reducing trade costs, with a focus on transportation to enhance the competitiveness of products. He noted that Pakistan and Iran share a secure 1000-kilometer border with no border disputes, making it convenient to trade and reduce transportation costs. He also inaugurated the Iran Desk at LCCI.
Dr Reza Moghaddam revealed that three border markets are currently operational, with three more in development, which are expected to significantly boost bilateral trade.
The ambassador emphasized the fruitful meetings he has had with political, military, and business leaders since assuming his post in Pakistan four months ago. All parties have expressed a shared commitment to enhancing bilateral trade.
Highlighting the deep-rooted cultural and historic ties between the two countries, the ambassador stressed the need to translate these bonds into robust trade relations. He noted that during a visit by the Iranian Foreign Minister, an agreement was reached to increase bilateral trade to $5 billion, with the current trade volume standing at under $3 billion. LCCI President Kashif Anwar welcomed Ambassador of Iran and underscored the importance of their discussions, focusing on trade and diplomatic relations. Kashif Anwar highlighted the need for efficient transportation to reduce trade costs and the potential for Pakistan and Iran to trade from various points along their shared border.
He praised the Iranian delegation’s visit to Lahore in February 2020, which covered crucial sectors such as pharmaceuticals, energy, petrochemicals, rice, livestock, textiles, and garments. During the visit, both sides emphasized the importance of fully operationalizing the existing Preferential Trade Agreement until a Free Trade Agreement (FTA) is finalized. Kashif Anwar reiterated the importance of the strong cultural and historical ties between Pakistan and Iran and expressed the desire to transform these ties into robust economic and trade relations. He extended his gratitude to Iranian diplomats for their support and responsiveness to LCCI requests. The president of LCCI highlighted the active participation of Lahore-based businessmen in Tehran Expo in May 2023 and anticipated even greater involvement in the upcoming Iran Packaging and Printing Expo scheduled for October 2-5, 2023, in Tehran. Anwar called for sharing exhibition calendars between the two countries to maximize business participation in major expos organized by Pakistan and Iran.

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