Baku, Azerbaijan, Jan. 23
By Umid Niayesh - Trend:
China will invest about $700 million in three construction projects in the Iran's northern Province of Gilan, governor of the Gilan, Mohammad Ali Najafi said, Iranian Tasnim news portal reported on Jan. 23.
Najafi made the remarks during a meeting with Chinese ambassador to Iran, Yu Hongyan.
Najafi went on to say that the Qazvin-Rasht section of the Astara-Qazvin-Rasht railway will be completed with Chinese financing. The Astara-Qazvin-Rasht railway is 205 kilometers in length. The length of the Qazvin-Rasht railway section is 164 kilometers.
Iran's $22 billion worth of assets has been frozen in China. The country is not able to transfer its exported oil money into the country due to international sanctions.
Earlier, Iranian media outlets quoted Speaker Ali Larijani as saying he has negotiated with Chinese officials to finance some $20 billion in development projects in Iran using oil money not transferred to the Islamic Republic because of international sanctions.
Iran and China have good bilateral economic and political relations, Najafi said, adding that the trade turnover between the two countries can be increased.
In recent years Iran-China trade has grown steadily commensurate with China's growing reliance on foreign energy and Western companies leaving the Iranian market.
Iran exported $4.062 billion worth of non-oil exports including condensate to China during the first eight month of 2013, while importing $5.791 billion worth of goods from China.
Bilateral trade including oil, petrochemicals, and gas condensates amounted to $35 billion in the last Iranian calendar year (ended on March 21, 2013).
Edited by C.N.