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KARACHI: First Vice President of Islamic Republic of Iran, Dr. Mohammad Reza Aref Saturday said that his country will extend maximum facilitation and support to private sector under 2004 national development plan.

"This 2004 plan has been launched to ensure leading role of Iran's private sector towards national and regional economic prosperity," he said during a meeting with members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here at Federation House.

He proposed formulation of a joint committee to identify facilities and support to private sector businessmen of the two sides. "We will also extend support to Pakistani entrepreneurs willing to operate in Iran", Dr Aref told FPCCI members.

He called upon private sectors from both the countries to enter into joint ventures and fully exploit the technical know-how and skills available within their countries. He also called for further activation of FPCCI's Pak-Iran Business Council in bringing the two business communities closer which would help strengthen the two economies.

He said the socio-economic developments in the region and the  world over demanded strengthening of relations between two Muslim neighbouring countries mainly on economic front. "Sustainable development and closeness of these two countries was very much required to survive in the emerging regional and international challenges."

He listed similarities between the two countries including religion, culture, history and familiarity to each other's languages, which would play important role in promoting bilateral trade and investment.

Iran and Pakistan are the members of ECO, G-8 and Organization of Islamic Conference (OIC) which also show commonality of their interests. He said there were some obstacles in the way of strengthening economic ties between the two countries. However, he said, the Joint Economic Coordination Committee would work out the solutions. "We have almost settled the minor issues," he added. He said both the countries had agreed to establish strong land, sea and air transport systems. This would be executed soon, he added.

Dr. Aref said that we could go beyond the estimated target of one billion dollars trade between the two countries if more serious efforts are taken from both sides and the cooperation is increased. He announced the preparedness from Iran to activate economic relations.

The first Iranian Vice President expressed gratitude to Prime Minister of Pakistan, the Government and the people for their accommodating attitude and high degree hospitality and love for Iranis. Iranians people feell at home while their stay here, he said.

President FPCCI, Riaz Ahmed Tata in his welcome address, expressed pleasure over signing of agreements between the Governments of Pakistan and Iran for setting up joint investment council, customs cooperation, preferential trade tariff, avoidance of double taxation, transit trade, expansion of road and rail links, supply of electricity and gas and proposed gas pipeline.

He regretted that the trade within ECO block was less than 5% and the bilateral trade between Pakistan and Iran continued to stagnate at around 3% in spite of enormous potential available for development. He hoped that the current visit to Pakistan by powerful delegation from Iran would provide an impetus for rapidly promoting bilateral trade and economic cooperation.

Mr. Tata said the Pakistan-Iran Business Council of FPCCI has proposed to its Iranian counterpart to hold the next joint business council meeting in Tehran in coming May or June. It was also suggested that an exhibition of Pakistani products be held there, he said and hoped that the approval from the Iranian side would be forthcoming soon.

Minister of State and Chairman Export Promotion Bureau of Pakistan speaking on the occasion said that the private sectors of Pakistan and Iran would have to act as engine of economic growth. He said there was commitment at the highest level of the two Governments to resolve the issues hampering development of economic cooperation between the private sectors of the two countries.

Earlier, Deputy Minister for Commerce of Iran, Khosrow Taj made a video presentation on the economic situation of Iran and the potential for future economic development. Vice President FPCCI and incharge WTO resource center, Engr. M.A. Jabbar said both the countries should act very fast for removal of tariff, non-tariff, and sanitary and psyto- sanitary barriers to bilateral trade for mutual interest.

The 58-member Iranian trade delegation included Minister of Roads and Transportation, Engineer Khorram, Minister for Industries and Mines, Jehangiri, Minister of Economic Affairs and Finance, Mazaheri, Deputy Foreign Minister, Mohsen Aminzada, Governor General of Sistan and Balochistan provinces, Hussain Ameeni Ambassador of Iran in Pakistan, Taherian.