Iranian Finance and Economic Affairs Minister Seyed Shamseddin Hosseini has called for speeding up the establishment of the proposed Iran-Syria joint bank.
In a meeting with Syrian Minister of Economy and Trade Amer Husni Lutfi in Tehran the Iranian official said the current annual trade between the two countries is around $300 million but the potential exists to boost the two-way trade.
Hosseini added setting up a joint bank could significantly give rise to the bilateral economic relations, the Mehr News Agency reported.
He also suggested establishing joint insurance companies, financial institutes and credit fund to further expand economic cooperation.
In a separate meeting between Iranian First-Vice President Mohammad-Reza Rahimi and the Syrian minister, Rahimi expressed the hope that the setup of a joint Iranian-Syrian bank would be finalized soon.
"We hope to finalize the issue in my upcoming visit to Syria," Rahimi said Saturday, Press TV reported.
Tehran and Damascus agreed in 2008 on setting up a joint bank in the Syrian capital, with an initial capitalization of $30 million.
The agreement was reached by Iran''s former Housing and Urban Development Minister Mohammad Saeedi-Kia and Syrian Minister of Economy and Trade, Amer Husni Lutfi, and the governor of the Central Bank of Syria, Adib Mayaleh.
Saeedi-Kia said that some 49 percent of the shares of the joint bank will belong to Iran''s Bank Saderat and 51 percent to Syria.
He noted that the Iran-Syria bank will provide Iranian investors, businesspersons and pilgrims with varying services.
Currently, Iran is involved in implementing several industrial projects in Syria, including cement factories, car assembly lines, power plants, and silo construction.