Ayaz Sadiq, OIETAI head discuss bilateral economic cooperation

ISLAMABAD: Federal Minister for Economic Affairs, Sardar Ayaz Sadiq and Deputy Minister, Head of Organization of Investment, Economic and Technical Assistant of Iran (OIETAI), Ali Fekri Tuesday discussed bilateral economic cooperation and strengthen ties between the two nations.

A high-level delegation from Iran led by Deputy Minister and OIETAI Head, Ali Fekri called on the Minister for Economic Affairs, the state news agency reported.

The meeting marked an important step towards enhancing trade and investment opportunities between the two countries.

During the meeting, the minister welcomed the Iranian delegation, apprised that Pakistan valued its longstanding and amicable relations with Iran and aimed to strengthen bilateral ties fostering trade and economic prospects that would contribute to regional stability and prosperity.

Additionally, the minister highlighted that prompt execution of Agreements and MoUs reached during the 21st Session of the Pak-Iran Joint Economic Commission would bolster economic cooperation and facilitate enhanced people-to-people connectivity with progress in all modes of transportation.

The OIETAI head expressed Iran’s keen interest in collaborating with Pakistan and shared their plans for investment in various sectors including energy projects and infrastructure development.

He acknowledged the favourable investment climate in Pakistan and the government’s commitment to providing a business-friendly environment.

Ali Fekri also expressed keen interest in joining projects of the Islamic Development Bank (IsDB) in Pakistan.

The collaboration aims to facilitate the introduction of Iranian companies in Pakistan and foster stronger bilateral relations between the two nations.

The importance of enhancing the banking channel between Pakistan and Iran was stressed in the meeting while highlighting the significant opportunities for bilateral trade through barter arrangements.

The discussions in the meeting primarily focused on exploring avenues for increased trade, investment, and technical cooperation in various sectors, including energy, agriculture, infrastructure development, manufacturing, and technology.

Specific emphasis was placed on Turkmenistan, Afghanistan, Pakistan, India (TAPI) gas pipeline project and the Pakistan-Iran Gas initiatives and accelerate their implementation and ensure successful completion.

Both sides acknowledged the significance of enhancing bilateral trade volume and pledged to facilitate the business communities of both countries in tapping immense opportunities available for economic cooperation.