Spain ready to provide insurance coverage for investment in Iran

Business Materials 10 May 2016 12:49

Baku, Azerbaijan, May 10

By Fatih Karimov - Trend:

Spain is ready to provide insurance coverage for investment in Iran, said Jaime Garcia-Legaz, the Spanish secretary of state for trade.

Certain Spanish insurance companies have expressed readiness regaridng the joint investment in Iran, Garcia-Legaz said, IRNA news agency reported.

Garcia-Legaz made the remarks during a meeting with Mohammad Khazaei, head of Iran's Organization for Investment, Economic and Technical Assistance (OIETAI), in Tehran.

Spain is ready to provide insurance coverage for investment in Iran without any limit and ceiling, he said.

Garcia-Legaz further said that the preliminary steps on the issue will be taken in October.

Spain gives priority for investment in petrochemical sector of Iran, considering the country's leading petrochemical companies operating in various countries including the US, he added.

Spain also has very good experience in tourism and its infrastructures, the Spanish official said, adding Madrid is ready to invest in Iran's tourism sector as well.

Khazaei for his turn expressed the Islamic Republic's readiness for cooperation with Spanish companies for investment in Iran.

He further announced that a Spanish banking delegation will visit Tehran to start "serious talks" on resuming banking ties, and facilitating financial transfer between the two countries.

Spain was one of the main Iranian trade partners in the EU in last Iranian fiscal year (ended on March 20).

According to the Iran Customs Administration, Iran exported $130.5 million of non-oil goods, mainly iron, saffron, grape and carpet, to Spain and imported $89.1 million of non-oil goods, mainly carbon electrodes, crane, printing ink and graph paper, from the country during a six-month period from March 2015.