Former SAARC Chamber of Commerce and Industry president Iftikhar Ali Malik has called for accelerating efforts to translate Pakistan’s diplomatic engagement with Iran into sustainable economic growth through enhanced trade, energy cooperation, and investment. In a statement issued on Sunday, Malik emphasized the need for a two-pronged strategy focused on expanding economic ties with Iran while strengthening Pakistan’s presence on regional and global economic platforms to achieve long-term prosperity.
Institutionalizing Cooperation with Iran
Malik urged the government to institutionalize cooperation with Iran in the areas of energy, trade, and logistics, stating that such measures would bring long-term economic benefits for both countries. He highlighted that Pakistan should also focus on promoting its economic potential internationally, noting that the country has a strong base of family-owned businesses with significant investment capacity.
He stressed that the private sector should be allowed to play a leading role in driving economic growth. According to Malik, targeted fiscal and monetary incentives through commercial banks, simplified tax policies, and the one-window facilitation mechanism of the Special Investment Facilitation Council (SIFC) would help strengthen economic foundations.
Potential Benefits of Enhanced Economic Cooperation
Malik added that enhanced economic cooperation with Iran could lead to increased bilateral trade, affordable energy supplies, reduced smuggling, and lower cross-border transaction costs, while also improving Pakistan’s international economic outlook. He further said diplomatic initiatives could yield meaningful economic dividends if complemented by policies promoting export-led growth, value addition, foreign direct investment, job creation, import substitution, and technology transfer.
The former SAARC Chamber president’s remarks come amid ongoing efforts to deepen economic ties between Pakistan and Iran, which share a border and historical cultural links. Both countries have faced challenges in fully realizing their trade potential due to international sanctions and logistical hurdles. Malik’s call for a strategic approach underscores the importance of sustained engagement to unlock mutual benefits.
