Banking problem, most significant obstacle facing Swedish firms in Iran

TEHRAN, Apr. 14 (MNA) – Head of Foreign Investment Center at Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Ferial Mostofi said that Swedish banks have either American shareholders or have partnership in US Stock Exchange Market and for this reason, Swedish bank are worrying about resumption of their cooperation with Iranian banks.

A Swedish trade and business delegation will visit Iran next week, he said, adding, “Iranian trade and business delegation, headed by Deputy Minister of Economy and Head of Organization for Investment, Economic and Technical Assistance of Iran Mohammad Khazaei, visited Stockholm, capital of Sweden, last month at the invitation of Stockholm Chamber of Commerce in order to mull over trade and economic ties between the two countries.”

In response to a question on observing standards such as IFRS (International Financial Reporting Standards) or Financial Action Task Force (FATF) by Iranian banking system as one of major concerns of Swedish banks, Mostofi said, “apart from international standards which are major concern of world’s giant banks for cooperating with Iran, the most important issue is this that these foreign banks have invested their capitals in the US stock companies.”

“We held constructive talks with the Swedish insurance firms,” he said and reiterated, “Swedish insurance companies are interested in covering insurance services to finance projects in Iran.”

The official in charge of TCCIMA went on to say that an expert-level meeting was held in the presence of about 150 Swedish companies, all of which expressed their readiness to attend Iran’s lucrative market for further cooperation.”

In conclusion, Mostofi said, “a Swedish trade and economic delegation composed of active companies [working in the fields of financial services, investment, insurance, health and treatment, renewable energies, manufacturers of ATMs, designing interior decoration, etc. will come to Iran next week to enhance bilateral cooperation.

MA/4270431

News Code 133357

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