News ID: 130206
Published: 0738 GMT November 03, 2015

Negotiations underway with Asian, European financiers

Negotiations underway with Asian, European financiers

By Sadeq Dehqan & Farzam Vanaki

A large number of European and Asian countries are in talks with Iran to explore fields of common interest for cooperation and modes of investment.

In an exclusive interview with Iran Daily, Arsalan Fat'hipour, the chairman of Majlis' Economic Commission, further said, most of the visiting delegations are from China, Japan, Germany and Switzerland.

He noted they are interested in financing projects pertaining to the production of automobiles, industrial dyes, industrial spare parts and chemicals as well as those in the oil, gas and energy sectors.

"Negotiations have hardly produced any practical results yet although talks are progressing well. Grounds are almost prepared for the expansion of cooperation and both sides are keen on boosting collaboration. In most cases, both have agreed to put off the signing of the agreements to the post-sanctions era."

He forecast that as of mid-March 2016, foreign investment in Iranian projects will witness an increasing trend, adding this will help stimulate domestic production and accelerate economic growth.

Fat'hipour stressed that foreign funds are required for projects that comply with the policies of 'resistant economy' notified by the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei.

"Rather than contributing to a rise in imports, increased presence of foreign companies in Iran should boost import of science, technical know-how as well as raw materials and thus spur domestic production."

Iranian companies are also required to invest in domestic projects to speed up the indigenization of modern technologies, he noted.

"The gauge for selecting or prioritizing financiers should be the requirements of the domestic economy rather than the degree of their enthusiasm; so that the partnership can help boost non-oil exports and facilitate transfer of technology."

He added although the government greatly supports domestic producers, it maintains that the presence of foreign auto-manufacturers in Iran's market will compel Iranian carmakers to diversify their products.

Fat'hipour said this will also help raise the quality of domestic cars and intensify the competition among Iranian manufacturers.

He stressed that the government, Majlis and judicial system will shore up foreign investors. "We are required to guarantee the security of their capital."

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