News ID: 232830
Published: 0339 GMT October 15, 2018

Pakistan's Sindh Province offers vast opportunities for Iranian investors

Pakistan's Sindh Province offers vast opportunities for Iranian investors

Pakistan's southern province of Sindh offers vast opportunities for investment from which Iranian entrepreneurs can benefit by investing in projects in the province, said Iran consul general in Karachi, the provincial capital.

Ahmad Mohammadi told IRNA that Iran is willing to provide Pakistan with technical and engineering services in all sectors. The two countries, he noted, have good geographical location and the area has a very old civilization.

He added that Iran-Pakistan trade should be further enhanced as this will boost bilateral ties.

Mohammadi called for the exchange of delegations between the business communities of Iran and Pakistan, noting the private sectors should benefit from the vast business opportunities available in the two countries.

He added that after a gap of fifteen years, many Iranian companies participated in Pakistan's industrial expo recently in Karachi.

He said that many Iranian companies and entrepreneurs displayed their products at the expo.

Iran consul general stated that the participation of Iranian businessmen in the expo provided a conducive environment to enhance trade ties between the two countries.

He pointed out that Iran-Pakistan trade has witnessed a growth of 16 percent.

Mohammadi added that various steps such as reduction of prices have been taken to export Iranian candies and chocolates to Pakistan.

The envoy said that Iranian businessmen can invest in different sectors of Sindh Province such as ceramics, dairy products and tiles.

He said that Iranian businessmen can easily open export offices in Karachi.

He said that Iran and Pakistan currently considering the launching of ferry service between Karachi and Banadar Abbas ports. He believed that such service would also help to enhance trade between the two friendly neighboring states.

He said that Iranian investors can also help Sindh Province improve health facilities, enhance waste management system and provide drinking water as well as in infrastructure projects.

Earlier Sindh Chief Minister Murad Ali Shah told the Iran-Pakistan Business Forum that Sindh Province offers vast investment opportunities, particularly in energy, infrastructure development, education, health, agriculture and in various other sectors.

Iran's Foreign Minister Mohammad Javad Zarif during his visit to Pakistan also traveled to Karachi at the head of a high-level delegation of Iranian businessmen to explore investment opportunities in Sindh and boost trade between the two countries.

The Sindh government has already introduced Public Private Partnership concept that is producing good results.

Governor of Sindh Imran Ismail in a meeting with Mohammadi had said that Iranian companies must benefit from tremendous investment opportunities emerging fast in Sindh Province.

A 2016 study commissioned by Pakistan Ministry of Planning found that urban Sindh and northern Punjab Province are the most prosperous regions in Pakistan. Its GDP per capita was $1,400 in 2010 which is 50 percent more than the rest of the nation or 35 percent more than the national average.

Historically, Sindh's contribution to Pakistan's GDP has been between 30 percent and 32.7 percent.

Its share in the service sector has ranged from 21 percent to 27.8 percent and in the agriculture sector from 21.4 percent to 27.7 percent. Performance-wise, its best sector is the manufacturing sector, where its share has ranged from 36.7 percent to 46.5 percent.

In Apri,l a high-level Iranian delegation led by Minister of Roads and Urban Development Abbas Akhoundi visited the Karachi Port Trust (KPT) to explore avenues of cooperation with Pakistan.

The delegation took keen interest in the deep water container port project of KPT along with other future projects such as multipurpose bulk terminal, Cargo Village, LNG Terminal and Port Elevated Expressway.

The delegation was briefed on the KPT infrastructure, the overall setup and the ensuing discussion specifically focused on the avenues of investments available to private sector in Pakistan marine sector.

The delegation commended the development works and offered to join hands for an interconnection linkage of KPT and Bandar Abbas.

Sindh is the third largest province of Pakistan by area and second largest province by population after Punjab. The provincial capital of Sindh is Karachi, Pakistan's largest city and financial hub.

Sindh has Pakistan's second largest economy. Karachi hosts the headquarters of several multinational banks. Sindh is home to a large portion of Pakistan's industrial sector and contains two of Pakistan's commercial seaports, Port Bin Qasim and the Karachi Port.

Sindh also has an agriculture based economy, and produces fruit, food consumer items, and vegetables for the consumption other parts of the country. It is also the center of Pakistan's pharmaceutical industry.

Karachi, an attractive destination for national and international investors due to its geographical location, provides ample investment opportunities to Iran too.

Huge potential exists for increasing cooperation between the government of Sindh and Iranian investors through joint venture projects specifically in power and energy, shrimp farming and infrastructure development projects.

Iran and Pakistan have agreed to enhance the bilateral trade to $5 billion in the next five years.

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