Pakistan and Iran have decided to establish a joint investment company to be based in Karachi with a capital of $25 million to promote bilateral economic relations.
ISLAMABAD: Pakistan and Iran have decided to establish a joint investment company to be based in Karachi with a capital of $25 million to promote bilateral economic relations.
Foreign Minister Khurshid Mahmood Kasuri and his Iranian counterpart Manouchehr Mottaki took the decision during a meeting at the Foreign Office here Thursday, a press handout issued here said.
Mottaki, leading a delegation to the 16th session of the Iran-Pakistan Joint Economic Commission here, conveyed his country's determination to join Pakistan in the expansion of road and railway infrastructure between the two countries.
He said Iran had decided to establish a branch of the Iranian Melli Bank in Karachi.
The two foreign ministers also discussed other aspects of bilateral relations and reviewed regional developments, including the situation in Iraq and Afghanistan, as well as other international issues of mutual concern.
They discussed further measures to promote regional cooperation within the Economic Cooperation Organisation (ECO), of which both countries are founding members.
He conveyed to Kasuri the Iranian decision to ratify the Preferential Trade Agreement (PTA) signed by the two countries in 2005. The PTA will contribute to the expansion of bilateral trade and enable the two countries to meet the target of $1 billion in annual turnover.
Kasuri welcomed the Iranian decision.
On the Iranian nuclear issue, Kasuri said Iran has rights and obligations, being a signatory to the Nuclear Non-Proliferation Treaty (NPT). He said Pakistan has adopted a principled position on the issue.
He reiterated Pakistan's established position, saying the issue should be resolved through diplomatic means alone. He added that resorting to coercive methods would only endanger regional security and stability. Kasuri underlined the need for flexibility by all sides to achieve a mutually acceptable solution to the issue.
Mottaki invited Kasuri to visit Iran and the invitation was accepted, the official release said.
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