Economy, Business And Markets

Japan Delegation Calls on CBI Governor

Japan Delegation Calls on CBI GovernorJapan Delegation Calls on CBI Governor

Japan's top trade and industry official and the accompanying delegation comprising executives from several industries, arrived in Tehran on Saturday to discuss ways to expand ties as a recently-reached nuclear deal paves the way for business as usual with Iran.

The landmark deal–struck last month between Iran and the six world powers–is aimed at limiting parts of Iran's nuclear energy program in return for a lifting of sanctions.

On the first day of the two-day visit, the Japanese delegation met the governor of the Central Bank of Iran, Valiollah Seif, who said Tokyo seems determined to explore and expand relations with Iranian industries, IRNA reported. He expressed hope that the new positive atmosphere would give both sides the impetus necessary to build cordial economic interaction.

"Iran has many investment opportunities for the Japanese to draw on. In cooperating with Iran, Japan will have access to larger regional markets should it start joint production with Iranian industries."

Seif hailed efforts by the Bank of Japan in the years when sanctions were undermining the economy and helping Iranian banks. He said they can continue banking cooperation as sanctions are being lifted. Iranian banks are willing and able to swiftly resume cooperation with Japanese partners, he told the visitors.

Daishiro Yamagiwa, vice-minister of economy, trade and industry, conveyed Tokyo's strong desire to quickly normalize economic relations with Tehran. He said he would communicate Seif's suggestions to the authorities in Tokyo.

Government representatives from France, Germany, Serbia and Italy have also traveled to Iran since the July 14 nuclear agreement, which has raised the prospect of banking and trade sanctions on Iran being lifted, possibly before the year is out.

Last month Tehran outlined plans to rebuild its key industries and trade relations after the nuclear agreement, announcing that it will soon offer oil and gas projects worth $185 billion to international energy firms. The Japanese team that includes executives from the oil, gas and petrochemical sectors was to meet energy officials before wrapping up the visit.