ISLAMABAD - An Iranian businesses delegation visited Islamabad Chamber of Commerce and Industry (ICCI) and showed interest to make joint ventures (JVs) and investment in Pakistan in various sectors.

A business delegation of Iran led by Shokouhian showed interest to make joint ventures and investment in Pakistan in various sectors including oil & gas, engineering, mining & construction machinery, fertilizers, electrical vehicles, car batteries, electronic tools, plastic products, dairy products and food & dry fruit industries.

The Iranian business delegation was of the view that Iran and Pakistan should encourage frequent exchange of trade delegations and try to organise exhibitions in each other country to explore all potential areas of promoting bilateral trade.

They said that organising Pak-Iran Trade Exhibition in Islamabad is a right step in that direction and more such exhibitions should be organised on reciprocal basis to improve trade ties between Iran and Pakistan. Addressing the delegation, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry (ICCI) welcomed the business delegation from Iran and briefed them about the potential areas of JVs and investment in Pakistan for Iranian investors and stressed that they should capitalise on these opportunities by investing in Pakistan.

He said that Pakistan and Iran are enjoying cordial relations that should be transformed into growing trade and investment relations between the two countries. He said that both countries have great potential to enhance bilateral trade in many items. He said that the existing level of two-way trade of around $1 billion is not matching with the actual potential of both countries and it can be increased to at least $5 billion per annum if the potentials of both sides are fully exploited.

ICCI president said that Pakistan and Iran should focus on removing tariff and non-tariff barriers to improve the flow of bilateral trade through air, road, and railway links as none of these modes of transportation has been fully utilised economically so far. He stressed that both countries should consider slashing customs duty on each other’s goods to check the menace of smuggling. He assured that ICCI would fully cooperate in connecting Iranian investors with right partners in Pakistan. Sabir Khalifi, Kazim Kishwar Shahi, Majod Muhammad and Raza Muhammadi were in the delegation. ICCI former president Tauseef Zaman, Khursheed Barlas and others were also present at the occasion. The delegation had come to Pakistan to participate in a Pak-Iran trade exhibition.