Joint ventures key to promote trade with Iran: official

Joint ventures key to promote trade with Iran: official

Joint ventures key to promote trade with Iran: official
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LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) President Mian Nauman Kabir has said that Pakistan and Iran can enhance bilateral trade in value-added textiles, pharmaceuticals, rice and energy sectors.

According to a statement, a delegation of LCCI on Wednesday visited Iran’s largest car manufacturing company Khudroo Car Complex, Isfahan Chamber of Commerce, Solomon Carpet Industrial Production Company and JAY Oil Refinery, where Kabir highlighted the trade and investment opportunities in Pakistan and Iran.

The LCCI president identified the possibilities of joint ventures between the private sectors of the two countries, while urging for controlling the factors hindering the growth of trade between Pakistan and Iran.

The lack of better connectivity between the private sectors 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.

He said that Pakistan is inviting foreign investors in many sectors where Iran, being the next door neighbour, can take full benefit of the available opportunities in various sectors including renewable energy, construction and housing, China Pakistan Economic Corridor (CPEC) and Railways.

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There are also opportunities in the manufacturing sector automotive, retail market, electronics and other electric equipment, pharmaceutical, industrial and commercial machinery, Kabir added.

He said that many Pakistani products can find a good market in Iran at cost effective prices, terming the joint ventures between private sectors of the two countries a key to promote mutual trade.

Iranian counterparts agreed with the suggestions of the LCCI president, saying that close interaction between private sectors of the two countries can increase the volume of mutual trade.

The delegation has meeting with Vice President Bahram Sobhani and Mayor of Isfahan Qasim Zadeh. LCCI president Mian Nauman Kabir also inked a memorandum of understanding with Isfhan Chamber of Commerce.

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