Iranian Consul General in Lahore, Mohammad Khudadi has said that Pakistan and Iran could have highest level of bilateral business if both the nations wanted to face the fast emerging global challenges.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, the Iranian Consul General said that serious and sector-specific efforts yet to be made for a concrete start and engagement of private sectors from both the sides, which was of vital importance.
LCCI President Mian Shafqat Ali, Vice President Aftab Ahmad Vohra and former President Mian Misbahur Rehman also spoke on the occasion.
Talking about gas pipeline project, Khudadi said that this project would be kicked off in 2007, as both Pakistan and Iran had finally agreed to implement the project in letter and spirit.
He said that all the stakeholders ie Pakistan, Iran and India, had given their consent for this project, which would not only help meet the growing energy requirements but would also boost bilateral relations among the stakeholders.
He said that lack of information was coming in the way of bilateral trade between Pakistan and Iran, adding the goal could be achieved with frequent exchange of trade delegations and holding of joint trade exhibitions.
The Iranian Consul General maintained that Iran was strong in petrochemical sector but unfortunately Pakistani businessmen could not reap the opportunity and kept on trade in the commodity from third party at higher rates.
He identified a number of other sectors in which joint ventures could be initiated.
He urged the LCCI President to arrange a trade delegation for Iran in the month of May so as Pakistani business people could have an assessment of the business opportunities persisting in Iran.
He said that an Iranian bank posed to start its operation in Karachi within next three to four months and the step would further streamline the existing affairs.
Speaking on the occasion, LCCI President Mian Shafqat Ali said that at present trade between the two countries was confined to a limited number of products.
Pakistan's exports to Iran mainly comprise rice, wheat, cotton, leather products, textile yarn and imports from Iran consist of petroleum and petroleum products, spices, tea, pistachio nuts, woolen carpets, fruits and vegetables.
Major bottlenecks in promotion of trade between the two countries could be removed through active engagements of the chambers of the two countries, which could act as resource base for information on trade and investment opportunities.
LCCI Vice-President Aftab Ahmad Vohra said that food and fruit processing, dairy and poultry products, petroleum refinery, oil and gas exploration, infrastructure, transport vehicles, electric and non-electric appliances, cement, chemicals, information technology were possible areas for joint ventures between the two countries.
He said that single country exhibitions of Pakistan and Iran could be organised in each other's country to promote each other's products.
Frequent visits of trade delegations and exchange of socio-cultural programmes could play a vital role in promoting trade and business and would also result in more closer interaction between the respective business communities.