The President of the Korangi Association of Trade and Industry (KATI), Muhammad Akram Rajput, today appealed to the Pakistani government to explore the possibilities of importing cheap oil and gas from Iran in local currency. This strategy could reduce the pressure on Pakistan’s foreign exchange reserves and strengthen the national economy.
Rajput highlighted the importance of taking advantage of the recent easing of sanctions on Iran, which occurred after negotiations with the United States, to ensure the supply of cheap energy. He stated that Pakistan, which heavily relies on energy imports, could significantly benefit from the supply of oil and gas at lower prices, which are crucial for the country’s industrial, agricultural, and transportation sectors.
By establishing a trade framework based on mutual benefits and trade in local currency with Iran, Pakistan can substantially reduce its import costs and strengthen economic ties with its neighboring Islamic country.
Recent geopolitical tensions and retaliatory actions have created volatility in the global energy market, leading to an increase in crude oil prices. However, Rajput emphasized the need to pass on the benefits of the recent drop in global energy prices to the Pakistani public, industrial, and business sectors.
He noted that high electricity, gas, and energy prices are harming the competitiveness of Pakistani industries, while the export sector is facing rising production costs. Access to low-cost energy sources can improve industrial production, boost exports, create employment opportunities, and attract investment.
Rajput urged the government to thoroughly review all viable energy sources and opportunities for regional cooperation to fulfill national interests. By doing so, Pakistan can achieve economic stability through cheap energy solutions. He expressed hope that the government would make practical and far-reaching decisions in the energy sector, reduce inflationary pressure on the public, provide low-cost energy to industries, and pave the way for sustainable economic growth.