Indonesia, Iran Banks Expand Ties

Export Development Bank of Iran and Indonesia’s Eximbank signed an agreement to expand collaborations, on the sidelines of Indonesian President Joko Widodo’s visit to Tehran on Wednesday. The two lenders agreed to provide each other with information about business and investment opportunities in their respective country in line with plans to boost commercial relations of Iran and Indonesia, EDBI’s website reported. Indonesia-Iran trade volume is expected to reach $2 billion in a few years. Iranian and Indonesian officials on Wednesday signed four memoranda of understanding to boost mutual cooperation. Private sector companies of the two Muslim countries also signed eight cooperation documents on the same day. Iran exported $75 million worth of goods to Indonesia during the seven-month period ending October 21, whereas imports from the country stood at $89.5 million.