The Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit has said that restriction of illegal trade between Iran and Pakistan can give considerable boost to the mutual trade volume. While talking to Iranian delegation, led by Mohsen Heidarian, here at the Lahore Chamber, the LCCI President said, "Illegal trade needs to be stopped, as it is not only damaging the local industries but also causing huge loss to the exchequer of the two countries.
The LCCI former President Syed Mohsin Raza Bukhari, LCCI executive committee members Mian Zahid Jawaid Ahmed, Mian Abdul Razzaq and Moazzam Rasheed, members of the delegation Mohsen Varzeshkar and MS Attarseyedi from Jey Oil Refinery Company, Iran also spoke on the occasion.
Abdul Basit informed the visiting Iranian delegation that oil refineries in Pakistan are performing well despite considerable fall in international oil prices.
Its main reason is that there has been no decline in demand of Petroleum products, he said.
He said that Pakistan requires more than 22 million tons oil annually and it would take time to achieve complete self-sufficiency. He said there is great scope for Iranian companies to consider Pakistan for either exporting petroleum products or setting up oil refineries in collaboration with their Pakistani counterparts.
The LCCI President said that China Pakistan Economic Corridor (CPEC) project is underway and it is expected that the demand of petroleum products will certainly rise keeping in view the projected increase in logistic activities all across the country. "Iran has already shown interest to get actively involved in CPEC projects, so, any Iranian companies will be facilitated on priority by concerned government departments."
He said that Pakistan and Iran are two brotherly countries.
Therefore, maximum efforts are needed to strengthen their relations in all fields. He said both the sides need to conduct Market research to further strengthen trade relations between the two countries.
Members of the Iranian delegation spoke about the prospects of trade and investment opportunities between the two countries and particularly threw light on the oil sector of Iran.