Iran, Singapore can boost ties in different economic fields

Business Materials 3 February 2015 17:41 (UTC +04:00)

Baku, Azerbaijan, Feb. 3

By Fatih Karimov - Trend:

Iran and Singapore can boost ties in different fields of economy, said Gholamhossein Shafei, the chairman of Iran Chamber of Commerce, Industries, and Mines.

He said the two countries have potential to boost ties in IT, car, tourism, petrochemical, and construction industries, Iran's Mehr news agency reported on Feb. 3.

Meanwhile, the two countries are working on signing an agreement to promote and support joint ventures, he added.

Singapore can be an access point for Iran to ASEAN(Association of Southeast Asian Nations) and Iran can facilitate Singapore's trade with ECO member states, he said.

Iran-Singapore relations have been developed since President Rouhani took office.

Bilateral trade exchanges exceeded $5.6 billion in 2011, but reduced to $2 billion in 2012 due to the West's sanctions on Iran.