February 27, 2012

Iran imports Pakistani wheat for resale in Asia

Iran will import wheat from Pakistani then resell them to Central Asian countries at a mark up.

This was stated by the Deputy Commerce Minister of Iran, Abbas Qobadi while talking to President and members of Karachi Chamber of Commerce at a hurriedly convened meeting here Wednesday (Feb 22).

Iranian Consul General Abbas Ali Abdollahi, Commercial Counsellor Syed Hasan Alavi, chairman Businessmen Group and former president KCCI Siraj Kassem Teli were also present on the occasion.

He said that the decision to import wheat from Pakistan has been made at the meeting between Iranian President Mahmoud Ahmadinejad, President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani in Islamabad. "I have come here to meet wheat exporters in private sector and buy large quantity of wheat from Pakistan. This will serve as the starting point for the beginning of large scale bilateral trade between Iran and Pakistan", he added.

Qobadi said this wheat will be imported under private sector set up and payment will be settled either in local currency, through barter trade or using banking channels between the two countries. He said Iranian bank branches will be opened in Pakistan while Pakistani banks will establish their branches in Iran for boosting bilateral trade. "We can also buy this wheat and supply electricity or petroleum products to Pakistan under barter trade", he added.

The Iranian minister said that third option will be payment in local currencies instead of using the currencies of other countries.