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ISLAMABAD: Pakistan is likely to dispatch official delegation to Iran to negotiate proposals for joint investment in fertilizer production, well informed sources told Business Recorder.

The understanding was reached between Islamabad and Tehran last month during a visit of a four member Iranian delegation from the Organization of Investment, Economic and Technical Assistance of Iran (OIETAI) led by Ali Fekri, Deputy Minister/ Head of OIETAI.

Both sides discussed possibility of exploring investment projects under a trilateral arrangement between Pakistan, China and Iran.

In this regard, Iran Embassy in a letter of July 10, 2023, requested a list of Chinese companies working in Pakistan’s power sector interested in entering tripartite cooperation with Iran and Pakistan.

It was verbally conveyed that Fekri will be traveling to China to discuss further avenues of cooperation under a trilateral arrangement with the Chinese side soon including tripartite engagement in power sector.

The sources said third session of Pakistan-Iran Joint Investment Committee (JIC) focused on the following agenda: (i) discussion on areas of trilateral cooperation between Pakistan, Iran and China;(ii) discussion to identify and define cooperation models in the field of investment with focus on financial and banking interaction, beside specific discussion on Pakistan Iran (PAIR Investment Company);(iii) exchanging information and investment opportunities between Pakistan and Iran;(iv) discussion on Memorandum of Understanding (MoU) for joint cooperation on establishment of joint free zone on Gabd-Reemdan border; and (v) negotiations on Pakistan-Iran Bilateral Investment Treaty (BIT).

Last month, Pakistan approved bilateral trade with three countries including Iran where banking channels are not available due to international sanctions.

Copyright Business Recorder, 2023

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