KARACHI: The business community of Pakistan has appreciated the government’s decision of lifting trade sanctions against Iran after its nuclear deal with world powers.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Abdul Rauf Alam lauded the prudent decision of the government, saying it will positively enhance the bilateral economic and trade relations with Iran.
He appreciated the Finance Minister, Ishaq Dar and anticipated that all economic projects with Iran will be revived. The Iran – Pakistan gas pipeline project, import of 1000 MW electricity which was agreed in 2009, opportunities of such mega projects will be revamped under new scenario, he added.
He further said that the imported electricity from Iran is much cheaper than the electricity produced by the Independent Power Producers (IPPs) and currently Pakistan is importing about 100 MW electricity which should be extended to 3000 MW. He said that a drastic decline was witnessed in trade volume between Pakistan and Iran in 2010-11 to US $ 431.765mn from US $ 1220.90 in 2009-10 and US $ 1321.59 in 2008-09 even though both countries had PTA.
Rawalpindi Chamber of Commerce and Industry (RCCI) president Mian Humayun Parvez has said that lifting of sanctions on Iran would help reviving economic relationship between the two neighbouring countries in several areas of cooperation including trade, investment, technology, banking, finance and energy.
In a statement, RCCI president said that Iran was the first country which recognised Pakistan after its independence and Pakistan also was the first country that recognised Islamic Republic of Iran after revolution. He said that cotton, textile and rice were the key areas of cooperation, which can benefit Pakistani exporters. Iran-Pakistan gas pipeline project will help Pakistan to meet its domestic and industrial need, he added.
Meanwhile, Rawalpindi Chamber of Small Traders and Industries senior vice president Nadeem Sheikh said that the chamber was making all out efforts for solving the problems being faced by the traders. He, while talking to media, also appreciated the MPs and senators for forming laws for betterment of traders affiliated with small businesses and industries. He informed that a total of 350 members have been enrolled with RCSTI while small chambers and small industries have also been established at Rawalpindi, Islamabad, Peshawar, Quetta, Faisalabad, Gilgit and Mardan.
