This was stated by Iranian Consul General Muhammad Hossain Bani Assadi while speaking at the Lahore Chamber of Commerce and Industry on Monday.

He said Iranian government was well aware of the fact that business community has been facing problems due to absence of banking channels but barter trade was the best way to tackle issue till the establishment of banking mechanism between the two sides.

Over the issue of Iran-Pakistan Gas pipeline, he said work on this mega project was in full swing while the Pakistan government had already been conveyed that the Iran could also spread gas pipeline up to hundred kilometres inside Pakistan.

He said that as soon as Pakistan government agrees to the proposal, other formalities would be finalised.

Mr Assadi said that Pakistan and Iran have the potential to cater to each other's needs provided the businessmen have the exposure to the available opportunities.

The Iranian Consul General said that the business community in the two countries would have to increase interaction to share their experiences in the larger interests of the people of two brotherly nations. He said that the volume of mutual trade between Pakistan and Iran does not match their respective potentials.

He said Chambers of Commerce in the two countries would have to focus on expansion of trade by holding single country exhibitions and through trade delegations to each other's country. He said that dissemination of sector-specific and trade-related information would go a long way in achieving the goal. Both the countries should share their experiences in the filed of science and technology also. Agriculture, Tourism and Metal industry of Iran have opportunities of investment therefore Pakistani business community should come forward.

 Speaking on the occasion, LCCI Senior Vice President Irfan Iqbal Sheikh reassured the Iranian Consul General that the Chamber would continue to play its role for increasing bilateral trade and economic relations.

"The bilateral trade would get a boost as soon as the gas pipeline project with Pakistan and Iran completes," he added. He said both the sides need to conduct Market research to further strengthen trade relations between the two countries. Priority should be given to each other for import of goods rather than buying from distant countries.