Iran, Pakistan to implement currency swap deal soon: Envoy
A currency swap agreement and resumption of banking channels between Iran and Pakistan is under process, said Iran’s ambassador to Pakistan.
Speaking at Lahore Chamber of Commerce and Industry (LCCI), Mehdi Honardoost said bilateral trade would be promoted and Iranian banks will open branches in the country once the currency swap agreement is reached, IRNA reported.
Last year, the State Bank of Pakistan (SBP) and Central Bank of Iran (CBI) reached an agreement on banking and payment system, as the two countries seek to raise bilateral trade to $5 billion.
“Business organizations of both countries should be more active in strengthening trade and economic ties. Iranian embassy and consulates are always open for Pakistan’s business community,” Honardoost added.
Iranian free trade zones, he pointed out, hold great potentials for Pakistani businessmen and they should avail this opportunity by engaging in joint ventures.
He added that Iran can help meet Pakistan’s energy demand.
The ambassador added that the China-pakistan Economic Corridor is a big achievement that would help reduce tensions in the region, adding that Iran wants to be a part of this project as it provides opportunities and offers regional cooperation.
The LCCI President Malik Tahir Javid applauded the efforts of Iran’s ambassador to initiate direct flights from Lahore, Karachi and Islamabad to Tehran and Mashhad.
He urged the Iranian Ambassador to bring forward the telecommunication companies from Iran since the talk time from Pakistan with Iran cost is almost three times higher than those for other countries.
He said that both Pakistan and Iran have well-developed seaports. There should be sufficient arrangements for direct shipping through Karachi and upcoming Gwadar Port with Chabahar and Bandar Abbas ports.