Iran opened its first foreign-based commerce center in Shanghai, China on Friday.
The commerce center is run under the supervision of the Iran Chamber of Commerce, Industries and Mines, the Islamic Republic of Iran News Network reported.
Trade Promotion Organization of Iran Director Babak Afqahi, Chamber of Commerce, Industries and Mines Chairman Mohammad Nahavandian, and Iran-China Joint Chamber of Commerce, Industries and Mines Chairman Asadollah Asgar-Oladi participated in the opening ceremony.
The commerce center aims at streamlining joint investments between the Iranian and Chinese traders particularly on small and medium scales.
China and Iran enjoy an extensive economic relationship despite UN Security Council sanctions imposed on the Islamic Republic. Iran and China cooperate in many sectors, including energy, construction, trade, and tourism. China is helping Iran build dams, shipyards, ports, airports, oil and gas infrastructure, and develop mine industry.
With more than 100 Chinese state companies operating in Iran, Beijing wants to increase its presence in the Iranian market. According to the Iranian Chamber of Commerce, Industry and Mines, bilateral trade reached $27 billion in 2008, a 35% growth over 2007. Chinese trade in the energy sector is especially robust with Iran; China imported 408,000 barrels of oil a day during 2008, valued at $15.8 billion.