Iran stresses need for speed in building banking relationship’

PESHAWAR: Iran on Monday urged Pakistan to expedite the process of building up banking relationships between the two countries in order to increase the bilateral trade volume through direct deals. 

“Pakistan should facilitate our banking transactions so that we can convince our people to start trade,” Iranian Ambassador to Pakistan Mehdi Honardoost said, talking to the business leaders. 

Mehdi urged the State Bank of Pakistan to speed up the process to facilitate the banking transactions between both the countries.

“I am shocked and not satisfied that why haven’t you people enhanced the cooperation with us over the last three decades, (although) other countries are doing that,” he said. “Bilateral trade between Afghanistan and Iran, during sanctions, were $2.5 billion and comparatively trade with Pakistan was not more than half a billion dollar.”

The envoy said Pakistani businessmen should be active in strengthening relationship. “Right now we are passing through an era of turning our economy around and Pakistan businesses should garb this opportunity,” he said.

Mehdi further said Iran-gas pipeline will help Pakistan in meeting its energy needs at the affordable rates. Riaz Khattak, vice president and regional chairman at the Federation of Pakistan Chambers of Commerce and Industry said both the countries will get stronger if the bilateral trade increases.

“It’s high time that trade barriers are removed, so that collectively we can become a strong economic block in the region,” Khattak said. “Both the sides may implement a preferential trade agreement in letter and spirit on priority, which was signed back in 2006.”

He invited the officials from public and private sectors to visit and explore investment opportunities in Khyber Pakthunkhawa. He also called for joint ventures between the businessmen of the two countries to capitalise on the resources of hydropower, mines and minerals and horticulture in the province.

Another business leader urged the Iranian government to officially allow import of citrus and potatoes from the country.

“We are looking forward that Iranian agriculture ministry may allow the import of Kinnow’s and potatoes formally from Pakistan in the upcoming season, which will start from 1 December,” he said. 

He sought ambassador’s intervention into the issue to timely execute the official trade between the two countries. He said the local horticulture sector has an immense potential.