LAHORE – Pakistan-Iran Business Think Tank will be established at the Lahore Chamber of Commerce and Industry with the aim to identify, study and overcome economic issues faced by the brotherly states.
The decision was taken during a meeting of Iranian delegation, led by Consul General Mehran Movahedfar and the LCCI office bearers on Monday. The delegation which also includes representatives from Tamim Petroleum & Petrochemical Investment Company, discussed various aspects of economy, trade and investment.
Babak Afghahi highlighted that the group engaged in diverse manufacturing sectors. Iranian businessmen have a strong desire to enhance economic cooperation with Pakistan. He underscored the importance of better economic relations with neighboring countries stressing that both Pakistan and Iran should work together to fulfill each other’s needs.
The delegates mentioned that Pakistani businessmen need to engage with Iranian companies especially in petrochemical and LPG sectors.
LCCI Senior Vice President Zafar Mahmood Chaudhry highlighted the importance of such interactions in strengthening long-term trade and economic ties. He called for export-based joint ventures in Pakistan to increase bilateral business.
He said that there is booming petroleum consumption in Pakistan with a significant demand for oil and petrochemical products. Iranian companies could explore opportunities in Pakistan for exporting oil and petrochemical products as well as setting up oil refineries in collaboration with Pakistani partners through joint ventures.
He also spoke about the issue of unofficial routes for importing crude oil, finished oil, diesel, LPG, petrochemicals and bitumen from Iran. He called for the implementation of a barter trade mechanism to facilitate the exchange of Pakistani food products, particularly rice, for Iranian oil and petrochemical products.
