The signing ceremony occurred in Lahore, with Punjab Governor Sardar Saleem Haider Khan and Gholam Hossein Mozaffari, the Governor General of Iran’s Razavi Khorasan province, in attendance.
Additionally, the Governor of Punjab emphasized the increasing demand for Pakistani products in Iran and stressed the importance of expanding trade relations. He also noted that the Iranian governor had promised to consider lowering visa fees for tourists and business travelers, alongside improving facilities for smoother cross-border trade.
This MoU aligns with FPCCI’s recent announcement outlining its goal of boosting economic ties with Iran and achieving the $10 billion trade target over the next five years. This commitment was reiterated during a Business-to-Business (B2B) session, where officials discussed strategies to promote direct trade connections.
During the 2023-24 fiscal year, trade between Pakistan and Iran reached $2.8 billion, with Pakistan’s exports totaling $684 million and imports from Iran amounting to $2.1 billion. Moreover, Iran’s exports to Pakistan saw a 13% increase in 2023, reaching $944 million.
