LAHORE, July 30: Mashhad Chamber of Commerce, Industries and Mines president Gholam Hossein Shafeai has stressed the need for the establishment of a common market of Muslim countries as they had the potential to fulfil 90 per cent of their requirements on their own.

Talking to businessmen and industrialists during the visit of the 14-member trade delegation of his chamber to the Lahore Chamber of Commerce and Industry here on Wednesday, he said Pakistan and Iran were the founders of the Economic Coordination Organisation but the volume of their bilateral trade did not match the level of their brotherly relations. Both the countries required to remove hurdles in the way of mutual trade. Punjab and Kharasan should enhance the trade volume for strengthening Pakistan’s economic relations with the Central Asia states.

LCCI President Muhammad Ali Mian said there was a need for reviving the ECO in its true sense as it had the potential to create an economic bloc. Examples of European Union, Nafta and Asean had proved that the countries could solve their problems by developing some understanding.

Iran and Pakistan could increase the volume of bilateral trade by making purchases from each other instead of distant lands.

He said there was a lot of scope for collaboration in SME sector and onshore and offshore oil and gas drilling, hydel and coal based energy projects, paper and board, sugar, cement, chemicals, transport, communication, construction, handicrafts, artificial jewellery, carpets, fancy furniture, science and technology between Iran and Pakistan. Iran could help Pakistan in improvement of agro-based food processing and dairy industry.

Iranian consul general Saeed Kharazi said Pakistani entrepreneurs should benefit from opportunities in investment in tourism, metal and agriculture sectors in his country. Iran had organised five trade exhibitions in Pakistan so far and the sixth would be held in Lahore this year.