Islamabad, Pakistan: Pakistan has made significant diplomatic headway in its efforts to bolster its economy, reaching key agreements with Vietnam and Iran to enhance economic cooperation and investment. This development underscores the government’s strategy, facilitated by the Special Investment Facilitation Council (SIFC), to expand foreign investment and trade partnerships.
The Federal Minister for the Board of Investment, Qaiser Ahmed Sheikh, recently held crucial meetings with the ambassadors of Vietnam and Iran, discussing practical steps to reorient economic relations, trade, and investment with both nations. A commitment was reaffirmed during the meetings to reduce tariffs under Preferential Trade Agreements (PTAs) and actively promote investment.
Strategic Partnership with Vietnam: The industrial partnership with Vietnam is expected to yield multiple benefits for Pakistan. This collaboration will open new avenues for innovation in the manufacturing and technology sectors and grant Pakistan access to fast-growing Asian markets via Vietnam. Direct advantages are anticipated in the textile, leather, IT, and agricultural sectors.
Deepening Ties with Iran: Meanwhile, Iran has agreed to strengthen cooperation in the vital areas of agricultural commodities, energy, and transportation. Joining free trade frameworks and leveraging Special Economic Zones (SEZs) are expected to create a positive momentum in Pakistani trade. Stronger trade ties with Iran will not only enhance regional stability but also facilitate broader access to international markets.
Experts believe that these constructive relationships with Vietnam and Iran are a testament to Pakistan’s successful diplomacy and provide a strong foundation for the sustained stability and growth of the national economy.
