Iraq proposes sea link between Karachi and Basra to strengthen trade routes
ISLAMABAD: Iraq's Consul General Maher Mjhid Jejan has proposed a sea link between Pakistan's southern port city of Karachi and Basra in a bid to improve logistics and strengthen trade routes, the Karachi Chamber of Commerce and Industry (KCCI) said on Wednesday.
Relations between Pakistan and Iraq have received a boost with a number of ministerial-level exchanges in recent years. The two countries have held discussions on enhancing defense and law enforcement cooperation, focusing on counterterrorism, counternarcotics and intelligence-sharing. Pakistan has attempted to strengthen trade, investment and cooperation in priority sectors with regional allies in recent months as it attempts to attract international investment to achieve sustainable economic growth.
Jejan visited the KCCI's office on Wednesday during which he met the organization's leadership. Talks between the two sides focused on strengthening business relations between and encouraging investment.
'He also proposed that a sea link between Basra and Karachi could play a key role in bringing the business communities of both countries closer together,' the KCCI said in a statement. 'This connection could improve logistics and strengthen trade routes.'
Jejan said Iraq has introduced new investment laws designed to attract foreign investors, adding that these laws will be shared with the KCCI to help Pakistani businesses understand the opportunities available.
'He recognized the high quality of Pakistani products and expressed hope that Pakistani exporters and investors will explore the Iraqi market more actively,' the statement said.
The Iraqi consul general said his country is witnessing rapid development and offers immense potential for trade and investment. He encouraged Pakistani businessmen to visit Iraq and see first-hand the 'peaceful and stable environment' in the country.
KCCI Senior Vice President Zia ul Arfeen told Jejan that Pakistan's exports to Iraq stood at $54.29 million in FY24 while its imports from Iraq amounted to $145.46 million.
'He said that this trade volume is far below the actual potential and emphasized the need for both countries to simplify customs procedures, promote ease of doing business, and expand the range of tradable goods and services,' the KCCI said.
Arfeen said establishing an oil pipeline between Basra and Pakistan's southwestern coastal city of Gwadar could create an important trade corridor for Iraq to access other Asian markets.
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