Iran, Pakistan mulling over establishing joint SEZs in border areas

February 25, 2022 - 15:38

TEHRAN – Pakistan has proposed the establishment of joint Special Economic Zones (SEZ) at the border with Iran in order to boost the trade between the two countries, and the Islamic Republic has welcomed the idea, Pakistani press reported.

The proposal was made by Head of Lahore Chamber of Commerce and Industry (LCCI) Mian Nauman Kabir during a meeting with the representatives of the Iranian private sector at the place of Mashhad Chamber of Commerce and Industries in Iran’s northeastern Khorasan Razavi Province, The News reported.

The meeting was aimed to discuss trade opportunities and challenges in order to boost bilateral economic relations between Pakistan and Iran.

The attendees of the mentioned gathering stressed the need for establishing a mechanism to support businesses and improve regional economic conditions while agreeing that bilateral trade between the two countries was too low considering the two sides’ potentials.

In this regard, the Pakistani side called for establishing joint ventures to commensurate mutual trade with respect to the potential of both countries.

Addressing the meeting, Kabir said there was a dire need to enhance business-to-business relations between Pakistan and Iran to steer socio-economic improvement in the region.

He invited Iranian businesses to visit Pakistan in order to explore the potential economic areas for mutual cooperation.

Lack of information and knowledge about the two countries’ businesses was mentioned by the attendees as one of the biggest reasons for the two countries’ low trade volume, stressing that the private sectors of both sides should take the necessary steps in that regard.

Kabir also suggested issuing long-term multiple entry visas to businessmen of both the countries for promotion of bilateral trade.

The official noted that both countries should adopt a new approach in order to move towards their target economic goals at an accelerated pace.