KARACHI: Pakistan-Iran trade could rise from USD 2.8 billion in fiscal year 2023–24 to USD 10 billion annually within three to five years if both countries remove key commercial barriers, FPCCI said Saturday.
Atif Ikram Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), proposed stronger industrial partnerships, formal banking channels and simpler cross-border procedures, according to an FPCCI statement.
Pakistan exported goods worth USD 684 million to Iran during FY2023–24 and imported USD 2.1 billion, Sheikh said. The figures placed Pakistan’s bilateral trade deficit at approximately USD 1.42 billion.
Sheikh presented the projection after FPCCI hosted an Iranian delegation from Arak province. Naser Beigi, president of the Arak Chamber of Commerce, Industries, Mines and Agriculture, led the delegation.
Beigi said Arak produces heavy machinery, engineering equipment, automotive parts, agricultural technology and mining solutions that could support Pakistan’s industrial sector.
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Murad Nemati, Iran’s commercial attaché in Pakistan, identified agriculture, food processing, petrochemicals, mining, engineering, household appliances and renewable energy as potential joint-venture sectors.
FPCCI Senior Vice President Saquib Fayyaz Magoon called for formal payment mechanisms and stronger transport networks. He said authorities must simplify trade procedures to convert bilateral political ties into greater economic cooperation.
FPCCI offered assistance to Pakistani and Iranian companies seeking to formalise commercial partnerships. Its projection remains conditional on both countries addressing banking, logistics and regulatory constraints,
