Tehran, Iran, June 18
By Milad Fashtami - Trend:
Seven foreign banks have declared their readiness to invest in Iran's free trade zones.
Iran has formed a special workgroup to pave the way for these banks to open up a branch in the country, Iran's IRIB News Agency reported on June 18.
Tehran plans to finish the necessary paperwork in regards to the issue by the end of the current Iranian calendar year (March 20, 2015).
Experts believe that the presence of foreign banks in Iranian free trade zones will help the country to absorb more foreign investment both from foreigners and Iranians expatriates.
The presence of foreign banks in Iran will also facilitate the money transfer.
It was reported previously that the country plans to provide the foundation for foreign banks and insurance companies to establish their offices on Kish Island.
Iranian Oil Minister Bijan Namdar Zanganeh has ordered the establishment of an international oil and gas center on the country's southern Kish Island, located in the Persian Gulf.