ISLAMABAD: Iraq’s Ambassador to Pakistan Hamid Abbas Lafta said on Saturday that Iraq was a country of opportunities with a strong economy and an annual budget of $110 billion, inviting Pakistani businesses to explore opportunities in his country.

Mr Lafta was speaking to a delegation of the Islamabad Chamber of Commerce and Industry (ICCI).

“While both Pakistan and Iraq have strong bonds, their trade relations are at a very low level, which needs to be enhanced, and for this purpose, the chambers of both sides can play a significant role,” he said.

The envoy further noted that the Iraqi government has unveiled its national action plan for the investments, and Pakistani businessmen have to come forward to avail themselves of these opportunities.

He also stressed for joint ventures between the business communities of both countries.

ICCI President Ahsan Zafar Bakhtawari led the delegation, and inquired about the potential of sending Pakistani human resources to the industrial and farm sectors of Iraq.

Mr Bakhtwari said that to overcome the problem of low trade volumes between Iraq and Pakistan, direct connectivity between the business communities of the two countries was needed.

He highlighted that the cost of transportation between the two countries was also very low.

President ICCI expressed that Iraq and Pakistan needed to initiate trade through Gwadar and Basra ports to enhance volumes and maintain low freight charges.

Along with other multiple investment opportunities in different areas, Pakistan also enjoys the tourism potential, especially in the northern areas, so the Iraqi side must grasp this opportunity as well, he said.

Mr Bakhtwari suggested that the ICCI chalk out a plan for its participation in the trade exhibition to be held in Najaf in June this year to showcase its products in Iraq to boost business ties between the two countries.

He added that the ICCI was determined to play its role in the promotion of business relations between the two countries.

On this occasion, United Business Group (UBG) Secretary General Zafar Bakhatwari expressed the hope that the Ambassador, being a dynamic figure, will continue to play his role in furthering the ties between the two countries, and in this connection, the bilateral visits of the highest leadership of both sides will be momentous.

Published in Dawn, March 31st, 2024