Iran introduces 400 investment opportunities at China exhibition

Business Materials 3 December 2012 12:55 (UTC +04:00)

Azerbaijan, Baku, Dec.3 /Trend F.Milad/

Iran has introduced 50 billion dollars' worth of investment opportunities at the fourth China Overseas Investment Fair, Iran's Deputy Economic Minister said on Monday.

The opportunities relate to 400 projects, the IRNA News Agency quoted Behrouz Alishiri as saying. The two-day event kicked off on Monday.

Alishiri had said on November 7 that energy, mineral resources, industries, advanced technologies, infrastructural facilities, environmental industries and monetary and financial policies are among the issues to be discussed during the conference which will be held concurrent with the exhibition.

The official said China is the world's third largest economy, adding it has invested more than $60 billion in various countries in 2011.

A large number of countries have participated at the exhibition to introduce their investment opportunities and prepare the ground for attracting foreign capital particularly from China.

"The exhibition is a suitable opportunity for investors to become acquitted with European, African and Asian companies," Alishiri said.

In 2009, the volume of trade between Iran and China was $20 billion, in 2010 it reached $30 billion and in 2011 it was $45 billion.

China, like Russia, has consistently opposed the US pressures on Iran and the West's economic sanctions imposed on the Iranian financial sector and petroleum products.

China has refused to comply with US requests to decrease oil imports from Iran and instead increased its trade with the country.

In June, the Iranian Ministry of Industries, Mines and Trade and China's Metallurgical Group Corporation (MCC) signed a memorandum of understanding to expand industrial cooperation with the economic giant.

The signing of the recent MOU adds 12 more projects to the ones already being implemented by MCC, one of the world's biggest engineering contractors, in Iran.

MCC and China Export & Credit Insurance Corporation (Sinosure) have jointly invested $20 billion in previous projects in Iran. With the addition of 12 more, the investment is estimated to increase to $30 billion.

Meanwhile, Beijing's Ambassador to Tehran Yu Hongyang lauded the growing ties between Iran and China and voiced his country's willingness to invest in different Iranian provinces, particularly the western province of Kermanshah.