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Official: Iran-Syria joint bank to launch activities in 8 months

Business Materials 22 January 2011 23:21
Iran-Syria Joint Private Bank will start its activities within the next eight months.
Official: Iran-Syria joint bank to launch activities in 8 months

Iran-Syria Joint Private Bank will start its activities within the next eight months, IRNA reported.

Head of Iran-Syria Merchants Council Hassan Javad made the remarks during a meeting with the Iranian businessmen touring the building for Syria's Center of Export Development.

He further noted the initial capital of the bank is $30 million.

Each side possesses 50 percent of the shares, he said.

Javad added that regular cooperation in the field of economy is essential.

'Holding exhibitions of the Syrian goods in Iran and vice versa and meeting between the two countries' businessmen were aimed at promoting investment and developing commercial ties,' he said.

Iranian merchants also in a meeting with their Syrian counterparts underlined development of economic cooperation with the country. The Iranian delegation was headed by High Advisor for Tehran Commercial Organization Hojjat Fazl Ali.

Fazl Ali also put the rate of current commercial exchanges between the two countries at $400 million and said it is expected to increase.

He further noted that development of economic ties will help counter the economic sanctions imposed against the two countries.

Iran is ready to expand mutual cooperation with the country, Fazl Ali concluded.

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