Iran, Italy need time to establish banking ties – envoy

Business Materials 23 November 2016 18:05 (UTC +04:00)

Baku, Azerbaijan, Nov. 23

By Khalid Kazimov – Trend:

Resolving problems regarding banking issues between Iran and Italy is a time consuming issue, Italian envoy to Tehran said.

Italian Ambassador to Iran Mauro Conchatori said that despite the fact that Iranian and Italian officials have reached some agreements on removing obstacles to expansion of banking ties, the sides need more time to realize the expectations, Tasnim news agency reported Nov. 23.

He added that proper opportunities for expansion of economic ties between the two countries have been created following the implementation of the Joint Comprehensive Plan of Action (JCPOA/nuclear deal).

Saying that Italian companies are interested in establishing ties with Iran’s private sector, he added that several economic delegations from the European country have visited Iran over the past several months.

He added that the level of economic ties between Iran and Italy does not satisfy expectations, but the sides are moving forward.

Earlier, Iran and Italy signed 36 deals for expansion of bilateral cooperation.

The annual volume of trade turnover between the two countries was 7.5 billion euros prior to the sanctions imposed on Iran in 2012, dropping to 1.4 billion euros thereafter.