Iran assures Spain of ‘fast investment profitability’

Business Materials 12 May 2016 15:16 (UTC +04:00)

Baku, Azerbaijan, May 12

By Fatih Karimov - Trend:

Investment in Iran will take a short time to be profitable, said Valiollah Afkhamirad, head of Iran's Trade Promotion Organization, at a meeting with visiting Spanish secretary of state for trade, Jaime Garcia-Legaz in Tehran, Tasnim reported May 12.

The Iranian official said Spanish companies can invest in Iran's car industry and clothing sector.

Afkhamirad further said that if Spanish firms invest in Iran's free trade zones they will enjoy tax exemption for 20 years.

Iran has big achievements in manufacturing car parts, he said, adding that Spanish companies' investments in the sector will benefit both parties.

Garcia-Legaz for his turn said that Spain's leading banks can help Iran develop banking ties with the world, adding a Spanish banking delegation will soon visit Tehran.

He also welcomed Iran's offer for cooperation in manufacturing car parts and in the clothing sector.

Earlier, Garcia-Legaz was reported to say that certain Spanish insurance companies expressed readiness regarding the joint investments in Iran.

Speaking on the sidelines of a meeting with Mohammad Khazaei, head of Iran's Organization for Investment, Economic and Technical Assistance (OIETAI), in Tehran on May 10, Garcia-Legaz said Madrid is ready to provide insurance coverage for investments in Iran without any limit and ceiling.

Spain was one of the main trade partners of Iran in the EU in the 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.