Economy, Domestic Economy

Ties With Spain

Ties With SpainTies With Spain

An Iranian trade delegation, led by head of Tehran’s Chamber of Commerce, Industry, Mines and Agriculture Yahya Al-Es’haq, which had traveled to Spain on Monday to take part in an economic conference organized by Spain’s Chamber of Commerce, returned home today.

The visit was aimed at exploring new avenues of mutual relations between Iran and the fourth largest economy in the euro zone. Al-Es’haq was accompanied by 30 business delegates in his visit to Madrid, Zaragoza, and Barcelona, Mehr news agency reported.

In his meetings with Spanish officials, Al-Es’haq discussed the current economic reforms by the Iranian government aimed at boosting foreign investment and facilitating foreign trade. He also introduced oil, gas and petrochemical projects worth $400 billion, inviting the Spanish enterprises to invest.

Oil and gas trade account for the biggest share of economic activities between Tehran and Madrid. Spain is one of the major buyers of Iran’s crude oil, importing 15% of its oil from Iran. Currently, nearly 1,500 Spanish companies work in different sectors in Iran, including electricity and renewable energy. Spain’s private sector has expressed interest investing in Iran.