Chinese banks to open branches in Iran
Tehran, Iran, Jan. 24
By Mehdi Sepahvand -- Trend:
A recently signed agreement allows Chinese banks to open branches in Iran, while others underline high-speed railroads, fiber-optic communication, etc., Deputy Chairperson of Iran-China Joint Chamber Fatemeh Bayat said.
The Export-Import Bank of China is also going to finance feasible projects in Iran, she said, Fars news agency reported January 23.
Iran and China have signed 18 contracts that cover areas as diverse as economy, culture, politics, security, military, and law.
The contracts are of first degree and in fact the most extensive and friendly contracts that can be signed by two countries, Bayat noted.
The contracts were signed during a Tehran visit by Chinese President Xi Jinping who had arrived a day earlier.
Meeting Jinping, Iranian President Hassan Rouhani said Iran and China aim to boost bilateral trade to $600 billion in 10 years.
Developing free and industrial zones has been another point of agreement, one of which is the Jusk area, Bayat stated.
She added China is going to sign usance contracts for export of raw material and machinery.
China was Iran's supporter in past years when the Islamic Republic was under harsh international sanctions.
The value of trade exchanges between Tehran and Beijing stood at some $52 billion in 2014. However, the figure dropped in 2015 due to decreasing oil prices.