Iran has offered to provide cheap electricity to Pakistan that could also be extended to India like the proposed Iran-Pakistan-India (IPI) gas pipeline, local newspaper Dawn reported on Sunday.

The offer was made by Iranian Ambassador in Pakistan Masha Allah Shakeri in his meeting with Pakistani Federal Minister for Water and Power Liaquat Ali Jatoi.

During the meeting, the two countries agreed to extend cooperation in water and power sectors and to establish a joint investment company for achieving the objectives in the near future.

Regional and global situation along with bilateral trade relations particularly investment opportunities in power sector were also discussed in the meeting, according to the report.

Investment procedure in the power sector had been simplified which attracted foreign investment in power sector, Jatoi said, adding that the demand for electricity in Pakistan had crossed 18, 000 megawatt while the existing availability of power was 13,500 megawatt.

Jatoi invited the Iranian government to come forward and participate in the mega hydro power projects through International Competitive Bidding (ICB), including the Basha dam project.

The Iranian ambassador appreciated the growing economic development of Pakistan and offered Iranian investment in water and power sectors, particularly in the dams' construction.

He also suggested the establishment of a joint investment company to look into the exchange of expertise to pave way for investment opportunities in water and power sectors.

Source: Xinhua