Islamabad, May 9, IRNA – A top businessman of Pakistan strongly believes that Islamabad should not waste any time for opening up its banking channels with Tehran adding that signing of the Free Trade Agreement (FTA) with Iran would be in Pakistan’s favor.
United International Group (UIG) Chairman Mian Shahid in a statement said since electricity and gas imports from Iran would boost economic activities in Pakistan, therefore, it is necessary to consider importing 5,000 MW of electricity from the former.
He lauded the government for initiating serious efforts to boost trade with Iran, terming them satisfactory as the two countries can become important trading partners for which a trade deal is imperative.
He said that pipeline project was still under sanctions therefore every option should be explored.
The business leader said that Tehran-Islamabad trade exchange which was once one billion dollars has now decreased to 128 million dollars despite the agreement between the two countries to boost trade exchange to five billion dollars.
Pakistani beef, rice, fruit, vegetable, sports goods and IT services were in great demand in its neighboring nation, he added.
Pakistan should not waste any time for opening up the banking channels with Iran and improve transport infrastructure, he added.
Improved trade with Iran can also help bail out textile sector, he said.
He noted that Tehran’s inclination to take part in economic corridor project would gain momentum if FTA was signed. Signing of the FTA would benefit both countries while Iranian companies would invest in Pakistan, the official stressed.