Economy, Business And Markets

Iran Deepening Ties With Brazil, Indonesia and Algeria

Massoud Karbasian (1R), sitting across his Indonesian counterpart Sri Mulyani Indrawati in Washington, DC.  
Massoud Karbasian (1R), sitting across his Indonesian counterpart Sri Mulyani Indrawati in Washington, DC.  

Iranian Minister of Economic Affairs and Finance Masoud Karbasian discussed issues of mutual interest with his counterparts from Brazil, Indonesia and Algeria on Monday.

On the last leg of his trip to Washington DC, Karbasian, met his counterparts on the sidelines of the annual meetings of the World Bank and the International Monetary Fund held during Oct. 13-15, the Economy Ministry’s website reported.

Heading a high-ranking delegation that also included Central Bank of Iran Governor Valiollah Seif and Mohammad Khazaei, director of the Organization for Investment, Economic and Technical Assistance of Iran, Karbasian left for Tehran late Monday.

Karbasian outlined the economic conditions of Iran for Henrique Meirelles, the Brazilian finance minister, and called for expanding relations in industrial, agricultural and trade fields.

Owing to the fact that the Iranian Economy Ministry is at the helm of the Iran-Brazil Economic Commission, he emphasized the role of the commission in further using opportunities in various fields.

The minister also pointed to recent measures by the Central Bank of Iran and a number of Iranian lenders to engage with their Brazilian counterparts, saying he hopes they would lead to Iranian banks opening branches in the Latin American country.

The Brazilian minister also stressed on developing economic ties and welcomed the entry of Iranian banks into his country.

In early September, Brazilian Executive Secretary of the Ministry of Agriculture, Livestock and Supply Eumar Roberto Novacki met private sector officials in Tehran to discuss banking hurdles among other things.

Days later, Rodrigo de Azeredo Santos, Brazil’s ambassador in Tehran, said Iranian banks will be able to open branches in Brazil after following due process like the banks of any other country.

In early October, Bank Melli Iran, the nation’s biggest bank, announced that it has succeeded in establishing correspondent banking ties with Brazilian banks and is fully ready to offer services required by those active in foreign trade with Latin America, without naming any of the banks.

In his meeting with Karbasian, Meirelles also underscored investments in agriculture, especially the production of medium to heavy machineries, and said he hopes for further air transportation cooperation between Iran and Brazil.

It was decreed that Iran-Brazil Economic Commission be held in Tehran in the next few months.

  Improving Economic Ties With Indonesia

Karbasian also met with his Indonesian counterpart, Sri Mulyani Indrawati, wherein both ministers spoke about the current state of economic ties.

The Indonesian minister focused on improving relations and announced the readiness of her country in advancing that mission.

She also called for boosting Iran-Indonesia cooperation in international conventions.

Karbasian noted that as part of the current approach of Iran to improve domestic production and increase foreign ties, his ministry is focused on expanding trade and financial ties with Muslim countries, especially Indonesia.

He also referred to bettering banking relations between Iranian and Indonesian lenders as an important factor in setting the tone for these expanded ties.

  Strengthening Links With Algeria

The Iranian economy minister also conferred with Abderrahmane Raouia, his counterpart from Algeria, who noted that a number of Iranian companies are active in the North African country and that it welcomes more.

Raouia added that he hopes to visit Iran in early 2018 and witness its economic progress first hand.

Karbasian elaborated on the state of the domestic economy and the role Iran plays in the security of the region while extending its open arms policy toward neighboring and Muslim countries.

Noting that the two nations are in the same World Bank category, the minister said Iran and Algeria should have closer cooperation.

  Trump’s Remarks Ineffective

Before his return trip from Washington DC, Karbasian said US President Donald Trump’s derogatory remarks and his decertification of the nuclear deal have had no adverse impact, as the foreign ministers and officials he has spoken with in the past few days have underlined development of mutual ties.

“I met with nine ministers of economy from European and Asian countries, and they all were of the belief that Iran has remained faithful to its commitments as part of the nuclear accord,” he told IRNA.

“In fact, they regarded Trump’s remarks as challenging and vowed to increasingly pursue closer economic and political relations with Iran.”


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