Economy, Business And Markets

Tayyebnia Positive on Growth Prospects

Tayyebnia Positive  on Growth Prospects Tayyebnia Positive  on Growth Prospects

Iran will see the highest economic growth in the Middle East and North Africa as of next year, Minister of economy Ali Tayyebnia said Thursday.  

He was speaking on the sidelines of the ministerial meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) in Istanbul. Tayyebnia said Iran’s growth prospects have been acknowledged by international economic think tanks and that the lifting of sanctions would provide ample opportunities for exporting Iranian products and attracting foreign investments.

“Relying on the economy of resistance, we will enhance domestic production to make the most of the country’s potential,” he said adding that tapping into international markets would augur well for economic growth.

The minister said once the sanctions are eased, Iran will be able to ramp up its crude oil production, while new opportunities in banking, insurance and marine transport would curb trading costs.

“All these factors will have a significant and positive impact on our economic growth and help us tackle the high inflation and recession.”

 Iran’s Active Role

Tayyebnia said Tehran will host COMCEC’s upcoming seminar on financing and Islamic banking in 2016.

COMCEC members also called for Iran’s active participation in the organization’s financial working groups, considering the country’s potential in the sector, MNA reported late Wednesday.

COMCEC officials also welcomed Iran’s proposal on holding a health tourism conference in 2016.

Tayyebnia headed the Iranian delegation to the 31st COMSEC meeting. The conferees also addressed the latest developments pertaining to efforts to improve cooperation among the member states.

 Trade Ties

On the sidelines of the gathering Tayyebnia met with Turkey’s development minister and discussed ways and means to raise two-way trade volume to $30 billion.

“Following the lifting of the sanctions there would be more space for enhancing the bilateral commercial cooperation,” IRNA quoted him as saying on Friday.  

Tayebnia also referred to the improvement in political and economic relations between the two neighbors, saying that he is hopeful about the future of ties between the two nations.

Cevdet Yılmaz, Turkey’s Development Minister noted that annual bilateral trade has reached $14 billion but put the target at $30 billion.  

COMCEC, established in 1981, is one of four standing committees of the Organization of Islamic Cooperation (OIC).

Chaired by the President Recep Tayyip Erdogan and powered by 57 members and five observer members, the 31st ministerial session of the COMCEC was held at Istanbul Congress Center from November 23-26.

The theme of this year’s session was designated as “Post-2015 Development Agenda and Development Challenges of the Islamic Ummah: Improving Basic Services Delivery” due to the fact that 2015 is a milestone for the international development agenda.

Within this context, delegates reviewed the potential for close collaboration and dwelled on the contributions the member states can make to the Post-2015 Development Agenda.