A high-powered Iranian delegation, led by Consul General of Iran Mehran Movahedfar, visited the Lahore Chamber of Commerce and Industry (LCCI) here on Monday. The delegation, which includes representatives from Tamim Petroleum & Petrochemical Investment Company, discussed various aspects of economy, trade and investment. LCCI Senior Vice President Zafar Mahmood Chaudhry presented the address of welcome while Consul General of Iran Mehran Movahedfar, Director General Tamin Oil, Gas and Petrochemical Investment Company (TAPPICO) and former CEO ITPO and former CEO ITPO (an Iranian organization like Pakistan’s TDAP) Dr. Babak Afghahi and Iranian Commercial Attache Morad Nemati Zargaran also spoke on the occasion. Both the sides agreed to establish a Business Think-Tank comprising of both the sides to identify, study and overcome economic issues facing both the countries. The head of the delegation, Babak Afghahi highlighted that the group engaged in diverse manufacturing sectors. Iranian businessmen have a strong desire to enhance economic cooperation with Pakistan and Punjab. He underscored the importance of better economic relations with neighboring countries stressing that both Pakistan and Iran should work together to fulfill each other’s needs. The delegates mentioned that Pakistani businessmen need to engage with Iranian companies especially in petrochemical and LPG sectors. In his address, the Senior Vice President Zafar Mahmood Chaudhry highlighted the importance of such interactions in strengthening long-term trade and economic ties. He called for export-based joint ventures in Pakistan to increase bilateral business. He acknowledged the deep religious, historical, and cultural bonds between Pakistan and Iran, describing their bilateral relationship as time-tested and built on mutual respect. He said that there is a booming petroleum consumption in Pakistan with a significant demand for oil and petrochemical products. Iranian companies could explore opportunities in Pakistan for exporting oil and petrochemical products as well as setting up oil refineries in collaboration with Pakistani partners through joint ventures. The LCCI SVP said that the recent Economic Survey of Pakistan reported petroleum product consumption exceeding 12 million metric tons from July 2023 to March 2024 with a majority used by the transport sector. In 2022-23, consumption was over 17 million metric tons. This presents a substantial market opportunity for Iranian investors in the petroleum sector.