Economy, Business And Markets

Banking Ties With Sweden to Expand

Iranian delegation headed by Mohammad Nahavandian (C)  is working to further banking ties with Sweden.
Iranian delegation headed by Mohammad Nahavandian (C)  is working to further banking ties with Sweden.

Iran’s presidential chief of staff proposed that the Central Bank of Iran open an account with the Swedish National Bank in his recent meeting with the Nordic country’s finance minister.

“Opening an account for the CBI with the SNB would be a practical and effective step for facilitating economic ties between the two countries and I hope it will be done as soon as possible,” Mohammad Nahavandian was also quoted as saying by IBENA.

Referring to Iran’s regional and geopolitical importance, the official noted that the country covers a wider 300-400 million strong market in its neighborhood and called for mutual ties with Sweden to “reach a stable stage with a comprehensive plan”.

Nahavandian pointed to the fact that Iran managed to keep its economy afloat and achieve a decent economic growth under harsh circumstances such as falling oil prices.

A young educated generation and an abundance of resources in Iran have created golden opportunities for the country’s economy, said Nahavandian, adding that the Iranian economy presents a positive landscape for developing mutual ties.

Swedish Finance Minister Magdalena Andersson also welcomed expansion of economic collaboration between the two countries, saying her nation values its ties with Iran greatly. 

“Iran was Sweden’s biggest [regional] business partner before the sanctions and we must strive to revive these encompassing ties,” she added.

According to Andersson, many companies in Sweden are eager to start working with Iran and have been pressuring the government to prepare the grounds to expand economic ties. 

“It is our goal to widen our relations with Iran both in political and economic spheres,” she said.

Welcoming Nahavandian’s proposal for the Iranian central bank to open an account with its Swedish counterpart also known as Riksbanken, Andersson added that there are good opportunities for investment and cooperation on both sides, which are being explored by her .

“To ease economic interaction between Iranian and Swedish companies, we will review the possibility of opening branches of Iranian banks in Sweden in addition to having a joint account,” she said.

  Ties With Czech Republic

Iran’s Economy Minister Ali Tayyebnia concluded his two-day visit to the Czech Republic on Thursday, during which he met with a number of officials from the Central European country, including its Speaker of the Chamber of Deputies Jan Hamacek and Central Bank Governor Jiri Rusnok as part of Iran-Czech Economic Commission in Prague.

Tayyebnia stressed the importance of increasing collaborations between the two countries in economic arenas, given Iran’s potentials in business, energy, industries and mines. 

“Considering the history of positive efforts by Czech companies in Iran, we welcome investments in the aforementioned sectors,” he said.

He also demanded an increase in banking collaborations between the two countries as a prerequisite to the expansion of joint economic endeavors. 

Tayyebnia also met with Czech National Bank Governor Jiri Rusnok, pointing to Czech officials’ interest in boosting trade with Iran.

Rusnok said his bank considers no restrictions for Czech banks to work with Iran, adding that they would “support banks and companies in doing business with Iran”.

In his remarks at the joint economic commission, Tayyebnia said trade and business transactions between Iran and the Czech Republic  reached $52 million in 2015, “which is infinitesimal considering the high economic potentials and capacities of the two countries, which could reach  $500 million by next year because of serious bilateral efforts and cooperation”.

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