"A joint chamber of commerce and industry between Bangladesh and Iran should be established immediately," Commerce Minister of Iran Mohammad Shariatmadari said.

He also called for establishing a joint economic council to strengthen the economic relationship between the two brotherly Muslim countries.

He made the plea while addressing a meeting with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka with FBCCI President Abdul Awal Mintoo in the chair.

Echoing Iranian minister, FBCCI president said, "A joint chamber of commerce and industry between the two countries will be set up within next one month."

Shariatmadari arrived here yesterday morning on a three-day official visit to sign a bilateral trade agreement today. "As we met the prime minister and commerce minister of Bangladesh today [yesterday], we are hoping to settle some important issues relating to trade and business promotion including Bangladesh-Iran bilateral trade agreement and free trade agreement," Shariatmadari told the meeting.

Speaking at the function, the FBCCI chief said the volume of trade between Bangladesh and Iran does not reflect the full potential that exists in both the countries.

The material resources of Iran and skilled manpower of Bangladesh can help each other," Mintoo said.

Urging the Iranian entrepreneurs to invest here, he said Bangladeshi entrepreneurs are looking for joint ventures with their Iranian counterparts in cement, oil refinery, petrochemicals, leather products, ceramic wares and engineering industries.

Later, the Iranian delegation also met the leaders of Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium in the evening to exchange views on how both the countries can expand and deepen bilateral trade, investment and economic co-operation.

Speaking at the function, DCCI President Sayeeful Islam also urged the Iranian entrepreneurs to invest in Bangladesh either with cent percent ownership or in joint ventures in textile and backward linkage industries, leather and leather goods sectors, agro-based industries and light engineering industries.

In 2003-04, Bangladesh exported goods worth US$34.82 million to Iran and imported goods worth $19.45 million.