Pakistan and Iran have established a Joint Investment Company to make investment and set up financial enterprises and projects, particularly export-oriented firms of the two countries, on commercial basis, says an official statement. A Memorandum of Understanding in this connection has been signed. Minister of State for Finance Omer Ayub Khan led the Pakistani side. A three-member delegation from Iran Foreign Investment Company, including its Chairman and Managing Director Dr Mehdi Reza Darvishzadeh, Iranian Ambassador Mashallah Shakeri and Deputy Chairman Syed Mansoor Mir Abedeni represented Iran. Pak-Iran Investment Company has been sponsored equally by the Ministry of Finance, Pakistan and Foreign Investment Company, Iran. The company has been established in pursuance of the agreement signed between the two governments in Tehran on February 23, 2005. The registered office of the company will be set up in Karachi with a branch in Tehran. Omer Ayub Khan welcomed the signing of the MoU, and said it was another step in a series of investment agreements signed with a number of countries including Saudi Arabia, Brunei and Kuwait. He said the company had been set up as per agreement reached during the visit of Prime Minister Shaukat Aziz to Iran in February 2005 and it would have initial capital of $2,500 million to be shared equally by both the countries. The minister said the company would help in carrying out investment activities in various areas of Pakistan and it would also boost existing economic relations between the two countries. Chairman of the investment company Dr Mehdi Reza Darvishzadeh said establishment of Pak-Iran company would contribute to the promotion of economic activities in both the countries. The company could contribute a lot to the development of power, petroleum and other sectors of mutual interest, he said.
