Iranian business community was on Wednesday afternoon invited to invest in the China-Pakistan Economic Corridor (CPEC) projects.
The Lahore Chamber of Commerce and Industry (LCCI) met the Iranian businesspersons for discussion on the investment opportunities.
During the meeting, LCCI President Mian Nauman Kabir informed the Iranian counterparts that Pakistan was inviting foreign investors in many of its sectors where Iran, being the next-door neighbor, can take full benefit of the available opportunities.
“These sectors include CPEC, renewable energy, construction and housing and railways. Moreover, in the manufacturing sector, automotive, retail market, electronics & other electric equipment, pharmaceutical, industrial and commercial machinery are picking up,” he elaborated.
Kabir highlighted trade and investment opportunities in Pakistan and Iran besides identifying the possibilities of joint ventures between the private sectors of the two countries.
He said that Iran and Pakistan had always enjoyed smooth development of friendly and neighborly relations as well as mutually beneficial cooperation.
He mentioned that the key purpose of “our visit to Iran is to explore the Iranian markets for further developing the trade and investment relations between two countries.”
The LCCI President contended that the lacuna should be filled and those factors should be controlled which are hindering the growth of trade between Pakistan and Iran.
He opined that lack of better connectivity between the private sectors of Iran and Pakistan was one of the factors for low trade volume and stressed the need of close cooperation between Iran-Pakistan chambers of commerce to develop strong business linkages between the private sectors of both countries.
The LCCI President stressed that new avenues should be explored other than bilateral trade for the sake of enhancing cooperation between the two countries.
He emphasized that the potential sectors where Pakistan and Iran can enhance trade are value-added textiles, pharmaceuticals and rice and energy. Iran is one of the biggest consumers of Denim in the region while Pakistani rice has a strong market in Iran. “There is also a great potential for both countries to initiate joint ventures in the field of energy,” he added.
Kabir highlighted the need for exchange of trade delegations on regular basis for trade promotion. He said that bilateral trade between Pakistan and Iran is much lower than the actual potential.
He observed that many Pakistani products can find a good market in Iran at cost effective prices. He termed the joint ventures between private sectors of the two countries a key to promote mutual trade.
Iranian counterparts said that close interaction between private sectors of the two countries can make mutual trade and economic ties stronger.
They saw great trade potential with Pakistan and expressed their desire to initiate working for joint ventures in various sector of mutual interest.
