Iranian business community has seen great trade potential with Pakistan and have expressed their desire to initiate working for joint ventures in various sector of mutual interest.

Iranian businessmen expressed their keen interest in strong trade and economic ties with Pakistan during meetings with the LCCI 13-member delegation which is on 7-day visit to Iran under the leadership of LCCI President Mian Nauman Kabir.

The delegation on Wednesday visited largest car manufacturing company of Iran Khudroo Car Complex , Isfahan Chamber of Commerce & Commerce and has meeting with Vice President Bahram Sobhani, visited Solomon Carpet Industrial Production Company, JAY Oil Refinery and has meeting with Mayor of Isfahan Qasim Zadeh. LCCI President Mian Nauman Kabir also inked a MOU with Isfhan Chamber of Commerce.

During these high-profile meetings, LCCI president and head of the delegation Mian Nauman 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.

Mian Nauman Kabir said that Iran and Pakistan have always enjoyed smooth development of friendly and neighborly relations as well as mutually beneficial cooperation.

He said 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 said that the lacuna should be filled and those factors should be controlled which are hindering the growth of trade between Pakistan and Iran.

He said 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 said that new avenues should be explored other than bilateral trade for the sake of enhancing cooperation between two countries.

He said 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 informed the Iranian counterparts that Pakistan is 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 are renewable energy, construction & housing, China Pakistan Economic Corridor (CPEC) and Railways. Moreover, in the manufacturing sector automotive, retail market, electronics & other electric equipment, pharmaceutical, industrial and commercial machinery etc., are picking up.

Mian Nauman 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 said 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 agreed with the suggestions of LCCI president Mian Nauman Kabir saying that close interaction between private sectors of the two countries can make mutual trade and economic ties stronger.