Iran, Singapore to cooperate in 25 economic projects

TEHRAN, May 21 (MNA) – Head of Iran’s Chamber of Commerce has said Iran and Singapore has discussed 25 proposals which would improve bilateral trade and business.

Mohsen Jalalpour who was speaking in Iran Investment and Trade Opportunities on Saturday provided a novel definition of Iran’s status in economy and trade; “during sanctions, Iran’s economy, mainly based on oil income, had been fledgling and weak, lacking due stability; in an economy relying heavily on imports and consumerism, production was sinking increasingly under sanctions which hit the economy badly; these situations only won for Iran net damage,” he told the meeting. “State-run economy and scrutiny of government economic bodies contributed to the lack of interest in working with these bodies and thus created instability in economic activity in general; plunging oil prices and deficit in budget, a large public sector, which amounted to 5-times that of international standards, and a body which engulfed 85 per cent of the public spending, government debts and sheer mismanagement of the Targeted Subsidy Plan and general economy inflicted the government with huge problems,” Jalalpour objected.

Jalalpour also provided conditions for companies candidates of working with Iran; “foreign partners should have a clean record in business; they should contribute to national economy by technology transfer and allowing 30 per cent of products to be exported,” he said. “Investment attraction is a priority from whatsoever sources.”

He then turned to discussions with Singapore where he said that 25 proposals had been made for improving bilateral cooperation in trade; “Singapore’s hi-tech banking systems and Iran’s petrochemical sector, shipping, joint ventures in developing Makran coasts, water desalination and other water transportation projects, maritime industries, biotechnology, nanotechnology, ITC, and chain production would provide both sides fields to work in,” Jalalpour told the meeting.  

“Cooperation in exploration and extraction of Iran’s rich mines, helping Iran’s renovation and optimization of general management systems, start-ups, establishment of major holding companies in Iran and third countries, working and developing of research and development with an emphasis on modernizing Iranian outdated industrial machinery are other fields where Iran and Singapore would work,” he further added.




News Code 116739


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