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Iran is ready to increase bilateral trade with Pakistan from current level of $1 billon per year to $5 billion, the Islamic Republic president Hassan Rouhani said.

Rouhani made the remarks during a joint business forum in Islamabad, attended by senior Pakistani officials including Prime Minister Nawaz Sharif, the official website of Iran’s president reported March 26.

Rouhani further said that the role of entrepreneurs, private and public sectors of the two countries for realizing the $5 billion annual trade target is very important.

He also underlined that Tehran will contribute to the energy security of Pakistan.

He ensured Pakistani people that Tehran, as a “strategic partner” will spare no effort to meet Pakistan’s oil, gas and electricity needs.

Iran can help Pakistan in infrastructure sector as well including construction of dams, Rouhani said.

He added that Tehran has fulfilled its commitments regarding the transfer of electricity and gas to Pakistan, expressing readiness to boost cooperation.

The Iranian president further said that Tehran sees economic stability and development of Pakistan as its own economic stability and development.

The two sides should boost banking and trade ties and prepare grounds for free mutual trade, moving towards preferential trade, Rouhani noted.

Rouhani arrived in Islamabad on March 25 and met with Pakistani Prime Minister Muhammad Nawaz Sharif. During the meeting they discussed issues of mutual interest, as well as economic cooperation at regional and international levels.

Iran and Pakistan signed six documents, mostly focused on boosting economic ties. The sides signed documents including the commercial 5-year strategic plan, cooperation between Iran and Pakistan’s chambers of commerce, as well as the Central Insurance of Iran and the Securities and Exchange Commission of Pakistan.

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