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Iran, Qatar call for enhanced economic cooperation

Business Materials 11 June 2014 17:20 (UTC +04:00)

Baku, Azerbaijan, June 11

By Fatih Karimov - Trend:

Iran and Qatar have called for enhanced economic cooperation.

In a meeting between Iranian economy minister Ali Tayyebnia and Qatari economy minister Ahmed bin Jassim Al Thani, the two sides discussed ways to remove bottlenecks in order to boost bilateral ties, Iran's Mehr news agency reported on June 11.

Tayyebnia referred to Iran's high potential in technical and engineering services, saying that Iran can meet the lion's share of Qatar's need for agriculture and food products.

Qatar has requested to establish a joint free trade zone with Iran's southwestern port city of Bushehr.

On April 29, Akbar Torkan, a senior advisor to Iranian president, asked the province's officials to complete the preliminary studies for establishing a free trade zone in the province and submit the results to the government.

Torkan said that development of South Pars gas field in Bushehr province has yet to influence the society there.

"If the development plan doesn't affect local people's lives positively, it's not complete," he explained.

Iran's Bushehr and Khuzestan provinces enjoy the highest volume of foreign investment which mostly goes to the oil and gas sectors.

According to the Government of Iran, Iran needs up to $300 billion in foreign direct investment to meet the objectives of its Five-Year Economic Development Plan (2010-2015), and reach eight percent economic growth rate.

Turning to "Vision 2025", the plan has set an investment target of $3.7 trillion within two decades (2005-2025) of which $1.3 trillion should be in the form of foreign investment.

Edited by CN

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