Saquib Fayyaz Magoon, Chairman BMP-Progressive and Senior Vice President of Federation of Pakistan Chambers of Commerce & Industry, has welcomed the federal government’s decision to grant a temporary exemption from bank guarantees and letters of credit (LCs) for exports to Iran and Central Asian states, terming it a timely step to support exporters.
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In a statement, he described the move as a “positive and pragmatic step” that would ease financial constraints and help revive cross-border trade, particularly through land routes. Under the new policy, exporters can ship goods via Iran to destinations including Azerbaijan and other Central Asian countries without the previously mandatory financial documentation, streamlining procedures and reducing delays.
Mr. Magoon also appreciated Jam Kamal Khan for facilitating the decision, noting that it would strengthen regional trade connectivity and deliver broader economic benefits.
However, he urged the government to extend the initiative by allowing imports of industrial raw materials—especially petrochemicals—from Iran. He emphasized that access to competitively priced inputs would significantly reduce production costs for Pakistani industries.
“Global and domestic petrochemical prices remain high, putting immense pressure on manufacturers,” he said, adding that lower-cost imports from Iran would enhance the competitiveness of Pakistani exports in international markets.
He maintained that reduced input costs would lead to higher exports, increased foreign exchange earnings, and improved stability of the country’s external account.
The FPCCI leader further stressed the importance of expanding bilateral trade ties with Iran to unlock new avenues for industrial growth and regional integration, expressing optimism that the government would consider the business community’s recommendations
