Iran, Singapore Opt for Boosting Trade Ties

Iranian Minister of Labor, Cooperatives and Social Welfare Ali Rabiei and senior Singaporean officials in a meeting in Singapore underlined the need for the further expansion mutual cooperation between the two countries.

During the meeting in Singapore on Friday, Rabiei and Singaporean trade officials discussed ways for facilitating foreign investment in Iran's economic projects.

The Singaporean trade officials voiced their readiness to make a three-billion-dollar investment in Iran's projects.

In March, Singaporean Foreign Minister Vivian Balakrishnan and Deputy Prime Minister Tarman Shanmugaratnama said their country is ready for economic cooperation and investment in Iran.

They made the remarks in separate meetings with Iranian Foreign Minister Mohammad Javad Zarif in Singapore.

During the meeting, Balakrishnan stressed that his country seeks to resume investment and expand economic cooperation with Tehran, particularly in petrochemicals.

In similar remarks, Shanmugaratnama said Singapore is ready to open a new chapter for economic ties and cooperation with Tehran.

Zarif, for his part, said the two nations have the potentials for broader relations in trade and economy, and that they should begin the works.

In early March, Iran and Singapore signed an agreement on promotion and protection of investment deals between the two countries.

Speaking at a meeting with Singapore Minister for Trade and Industry S Iswaran, Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia said the Bilateral Investment Treaty will facilitate expansion of trade and investment relations.

Tayyebnia appreciated the measures taken by Singapore’s government and private sector during the post sanctions era for removing banking restrictions against Iran, and added, “The geographical position of Iran, as the most powerful and stable country in the region, in addition to Singapore’s strategic location in Eastern Asia, set the ground for realization of unprecedented cooperation between the two sides.”

“Iran’s main policy in the world and the region is to battle extremism and terrorism, as well as ensure security and stability,” underlined the official expressing hope that "the welfare of nations will be promoted in view of the existing security, stability and relations with other nations, especially with Singapore”.

Singapore Minister for Trade and Industry S Iswaran, for his part, said Iran is a stable, significant and influential nation in the region with great economic potentials. He then expressed hope that his trip would lead to reinvigoration of economic ties between the two sides.

Pointing to the arrangement of his accompanying delegation consisting of representatives from largest governmental and private companies, Iswaran said, “We aim to meet Iranian economic activists in order to identify investment opportunities as well as venues for greater bilateral collaboration.”

He said the Singaporean investors are interested in investing in Iran’s petrochemical, shipping, energy and transportation sectors, and emphasized the need to discover new investment opportunities after the lifting of sanctions.