Wednesday, October 5, 2022

Iran, China to Promote Banking Cooperation

Iranian and Chinese officials have called for expanding cooperation between the two sides’ banks in different fields.

In the latest round of talks between Iran and China over banking relations, the two sides called for establishing good cooperation between Iranian and Chinese bank brokers. They also emphasized the necessity to establish Chinese banks’ branches in Iran.

Iran, China to Promote Banking CooperationAccording to a Farsi report by ISNA, as one of the main economic power in Asia, China has been among the leading economic and banking partners of Iran particularly after the signing of the Joint Comprehensive Plan of Action (JCPOA) between Iran and the six world powers. China is also one of the main business partners of Iran in financing various projects inside the country.

In a meeting between the governor of Iran’s Central Bank and China’s ambassador to Tehran, the two sides discussed the banking relations between Tehran and Beijing with a focus on establishing banking brokerage, financing projects as well as setting up Chinese banks’ branches inside Iran.

Central bank governor Valiollah Seif said the branches make the Chinese bankers more familiar with the banking activities in Iran. “During the process, the current misunderstandings which hamper bilateral relations between the two sides would be removed,” he noted.

Iran, China to Promote Banking CooperationHe also said the proposal to establish branches of Chinese banks in Iran is a prelude to the entry of the European banks’ branches into the country.

Financing projects was among other topics discussed during the meeting between head of Iran’s central bank and China’s ambassador to Tehran. Seif noted that mutual cooperation along with financing joint projects can pave the way for further cooperation between Iran and China.

“We also explored ways to expand cooperation between our bank brokers but to achieve the goal the two sides need to adopt appropriate mechanisms and take good decisions to expand their banking ties,” he said.

In the early days after JCPOA, Iranian and Chinese banking officials held talks over ways to expand cooperation. Most of China’s great banks have already expressed their readiness to invest in Iran and establish cooperation with their Iranian counterparts. “China’s Bank” with an investment of 18 trillion Yuan was one of these banks. As China’s fourth largest bank at the international level, China’s Bank has expressed its interest in establishing branches in Iran.

Iran, China to Promote Banking CooperationWhile nuclear talks were underway between Iran and the six world powers, some Iranian banks began negotiations with international banks including Chinese banks to expand their cooperation with the outside world.

As China’s largest bank and one of the leading banks across the world, CBS has been among the banks which have announced their willingness to establish branches inside Iran and the free trade region of Kish.

Earlier, Iran and China reached a number of agreements on expanding cooperation in banking field. One of the agreements was reached with Exim Bank of China. As one of the main export and import banks of China, it is ranked as one of the main 1000 top banks across the world with a large financial and international network of brokers across the globe.

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