The Iranian business community sees significant potential in trade with Pakistan and has voiced a desire to start working on cooperative ventures in a variety of areas of mutual interest.
During discussions with the LCCI 13-member team, which is on a seven-day visit to Iran led by LCCI President Mian Nauman Kabir, Iranian businesspeople voiced a strong desire for strong commercial and economic links with Pakistan.
On Wednesday, the delegation visited Iran’s largest car manufacturing company, Khudroo Car Complex, and the Isfahan Chamber of Commerce and Commerce, where they met with Vice President Bahram Sobhani, and Solomon Carpet Industrial Production Company, JAY Oil Refinery, where they met with Isfahan Mayor Qasim Zadeh. Mian Nauman Kabir, President of the LCCI, also signed a Memorandum of Understanding with the Isfhan Chamber of Commerce.
LCCI president and delegation leader Mian Nauman Kabir highlighted trade and investment potential in Pakistan and Iran, as well as joint venture chances between the two nations’ business sectors, during these high-profile discussions.
Iran and Pakistan have always had a smooth development of amicable and neighborly relations, as well as mutually beneficial cooperation, according to Mian Nauman Kabir.
He stated that the main goal of our journey to Iran is to investigate Iranian markets in order to strengthen trade and investment ties between the two countries.
According to the LCCI President, the gap should be addressed, and the reasons that are impeding the growth of trade between Pakistan and Iran should be handled.
He cited a lack of better connectivity between Iran’s and Pakistan’s private sectors as one of the reasons for the low trade volume, emphasizing the importance of close cooperation between Iran’s and Pakistan’s chambers of commerce in developing strong business ties between the two countries private sectors.
For the aim of boosting bilateral collaboration, the LCCI President stated that new paths other than bilateral trade should be explored.
Value-added textiles, medicines, rice, and energy are among the possible industries for increased trade between Pakistan and Iran, according to him. Iran is one of the region’s largest denim consumers, and Pakistani rice has a sizable market in Iran. Both countries have a lot of potential for forming collaborative ventures in the energy sector.
He told his Iranian counterparts that Pakistan is encouraging foreign investors into several of its sectors and that Iran, as the country’s next-door neighbor, can take full advantage of the prospects. Renewable energy, construction and housing, the China Pakistan Economic Corridor (CPEC), and railways are among these sectors. Furthermore, the manufacturing sector is gaining traction in areas such as automotive, retail, electronics and other electric equipment, pharmaceuticals, industrial and commercial machinery, and so on.
Mian Nauman Kabir emphasized the importance of regular trade delegation exchanges for trade promotion. According to him, bilateral commerce between Pakistan and Iran is far less than it could be. Many Pakistani products, he claims, might find a good market in Iran at reasonable costs.
Joint projects between the business sectors of the two countries, he said, are critical to promoting bilateral commerce.
Iranian counterparts agreed with LCCI president Mian Nauman Kabir’s ideas, adding that more cooperation between the two nations’ private sectors can strengthen mutual trade and economic connections.
