Chinese investments in Iran hit $2 billion

Business Materials 4 December 2012 11:00 (UTC +04:00)

Azerbaijan, Baku, Dec.4 /Trend F.Milad/

Chinese firms have invested some two billion dollars in Iranian projects, Iranian ambassador to China said at the sidelines of the 4th China Overseas Investment Fair.

It is while the Chinese companies had invested only 124 million dollars in Iranian projects back in 2009, IRNA News Agncy quoted Mehdi Safari as saying.

Iran has introduced 50 billion dollars worth of investment opportunities at the 4th China Overseas Investment Fair.

The introduced opportunities are related to 400 projects, Deputy Economic Minister Behrouz Alishiri said on Monday.

The two-day event kicked off on Monday.

Behruz 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 which will be discussed during the conference which will be held concurrent with the exhibition.

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

A large number of countries have participated in 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 the investors to get 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 U.S. 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 has increased its trade with the country.

In June, 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 the MCC, one of the world's biggest engineering contractors, in Iran.

The MCC and China Export & Credit Insurance Corporation (Sinosure) have jointly invested $20 billion in previous projects in Iran. With the addition of 12 more projects, the investments are 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.