KARACHI, July 12: A Pakistan-Iran investment company with a capital of $25 million would be established shortly.

This was informed by Iranian Consul General in Karachi Syed Musa Hosseini during a meeting with members of the Korangi Association of Trade and Industry, says a KATI statement issued here on Wednesday.

KATI Chairman Gulzar Firoz on the occasion said business ties between Pakistan and Iran were strengthening with the passage of time. He pointed out that there was a long list of goods which were presently being imported from Iran. This includes petroleum, oil from bituminous, dry fruits, chemicals, chick peas, dried shelled, wet blue leather, etc.

Major items exported from Pakistan to Iran include rice, cotton products, leather goods, etc.

In order to improve trade, Mr Gulzar suggested frequent exchanges of business delegations, increase in trade fairs, exhibitions and visa for multiple entries in Iran to genuine businessmen.

The Iranian consul general emphasised the need to improve trade relations between the two countries. He said efforts by both the sides had been initiated and four agreements were signed in 2005 to boost bilateral economic relations and it was agreed to set up a mechanism to ensure that trade of the two countries reached $1 billion.—APP