Pak- Iran Business Council Chairman Tariq Sayeed has underscored the need to further strengthening of economic and political relations between both the brotherly countries of Pakistan and Iran, and said that increase in bilateral trade can further promote regional trade. He hoped that mega joint investment projects, like Iran-Pakistan (IP) Gas Pipeline, would pave the way for further exploiting joint venture opportunities.

This was stated by him in a reception hosted in honour of Consul General of Iran, Abbas Ali Abdollahi to bid farewell upon completion of his assignment in Pakistan.

Consul General of Iran, Abbas Ali Abdollahi expressed his profound gratitude to the leadership of FPCCI particularly Tariq Sayeed for hosting reception in his honour and said that he did his best to bring closer two countries and its people. He added that Pakistan and Iran posses a rich common culture which can be exploited for increase in business relations for creation of employment opportunities.

The Consul General of Iran hoped that Pakistan Iran Gas Pipeline will go a long way in promotion of new investment opportunities and increase in mutual trade volume between Pakistan and Iran as the present volume of trade does not reflect the true trade potential. He disclosed that Iran has already laid 1200 Kilometer pipeline from Bunder Abbas to Balochistan Border; however, Pakistan has yet to implement the project in its area.

He said that Iran Bank Milli and National Bank of Pakistan should establish their branches in Iran and Pakistan respectively.  He offered to supply cheaper electricity to power ridden Pakistan.  He proposed that Pakistani investors and exporters should hold exhibition at Zahidan, Iran and other parts of the Iran, for which Iranian government would extend full support and cooperation.

Traders underscored the need to remove the non-tariff barriers and reduction in tariff rates and explore and exploit huge trading potential between the two bordering neighbour countries and for availability of investment opportunities, formation of Pak-Iran Joint Chamber, excess to Pak-Iran Market, introduction of Banking Channel and arrangements for currency swap, initiation of Barter Trade. They said that both the countries should frequently exchange trade delegations and hold single country exhibition between both the countries with the view to enhance regional trade from the existing volume.