Tehran, Pakistan agree to start air industry

Iranian and Pakistani officials agreed to set up a joint venture airline company to increase reciprocal visits by the two countries' citizens. "We have decided to establish Iran-Pakistan joint airline company in a bid to enhance the trade ties and facilitate the people of two countries," Iranian First Vice-President Mohammad Reza Rahimi said. He said today, Iran and Pakistan are joining hand in hands to attain their specific goals, and we can link the Far East to South Asia, Africa and Europe. "We can take our first step in the Middle East and a second step in intercontinental transiting," the Iranian vice-president added. Earlier this month, Iranian and Pakistani officials signed several agreements on mutual cooperation at the end of their 18th Joint Economic Cooperation Commission meeting in Islamabad. During the 18th meeting of the Iran-Pakistan Joint Economic Cooperation Commission, officials of the two sides evaluated progress in the implementation of the decisions taken during the previous session in Tehran in 2008. At the meeting the two sides endorsed three agreements on Economic and Technical Cooperation, establishment of Iran-Pakistan Investment Company and cooperation in Electronic Media between Pakistan Broadcasting Corporation and PTV and the Islamic Republic of Iran Broadcasting (IRIB). Meantime, reports said on Thursday that the Pakistan Petroleum Limited (PPL), a public listed oil and gas exploration company, had told investors that the company was seeking to enter into joint venture with Iranian companies. M Mubbasshar Siddiqui, company secretary, stated that the PPL was interested to enter into the Exploration and Production (E&P) business activities in Iran, as a part of its strategy. "PPL has evaluated a number of opportunities for investment in oil and gas sector of Iran and is pursuing for government's assistance in acquiring working interest in proactive blocks of Iran on government-to-government basis on mutually agreed terms," he said. PPL official further stated that the company was "also interested in opportunity of working with any sound Iranian E&P Company as a joint venture partner in PPL`s operated blocks in Pakistan." Iran and Pakistan have been enjoying cordial and brotherly ties for a long time. Analysts say that strong bilateral relations between Iran and Pakistan are vital for the stability of the region.