Karachi: Saquib Fayyaz Magoon, a senior official at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed support for the government's recent decision to grant temporary exemptions from bank guarantees and letters of credit for exports to Iran and Central Asian nations. This move is aimed at easing trade and assisting exporters, according to a press release from FPCCI.
According to Federation of Pakistan Chambers of Commerce and Industry, the new policy allows exporters to ship goods through Iran to countries like Azerbaijan and others in Central Asia without the need for previously required financial documentation. This is expected to simplify export processes and minimize transaction delays. Saquib Fayyaz Magoon commended Commerce Minister Jam Kamal for the decision, highlighting its potential to enhance regional trade connectivity and yield economic benefits.
Magoon also urged the government to consider permitting the import of industrial raw materials, particularly petrochemicals, from Iran. He argued that access to more affordable Iranian inputs could substantially lower production costs for Pakistani industries. He noted that the current high global and domestic prices of petrochemicals are putting pressure on manufacturers and that cheaper imports could alleviate this and improve the competitiveness of Pakistani products in global markets.
He asserted that reduced input costs would likely lead to increased exports, boosting foreign exchange earnings and helping to stabilize Pakistan's external financial situation. The FPCCI leader stressed the importance of expanding trade relations with Iran to open new opportunities for industrial development and regional cooperation. He expressed hope that the government would heed the business community's suggestions and implement additional measures to bolster exports and industrial efficiency.
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