China to boost investment in Iran: Diplomat

Chinese Ambassador to Tehran Yu Hongyang has reaffirmed his country’s plan to ramp up its investment in Iran.

Speaking at a Friday conference in the southeastern Iranian city of Kerman, Yu pointed to the presence of over 100 Chinese companies in Iran and expressed optimism that Tehran-Beijing economic ties will flourish over the next five years.

The diplomat pointed to China’s plans to establish more state-run and private companies in Iran as a means to scale up investment.

According to Iranian officials, China can invest in various sectors in Iran, including steel, mines, transportation, agriculture, oil, gas and the petrochemical industries.

On March 3, Director of the Trade Promotion Organization of Iran Valiollah Afkhami-Rad said that Tehran and Beijing plan to raise their annual trade to USD 200 billion in 10 years.

Last week, a 100-member delegation of Chinese investors visited Iran to further explore investment opportunities in the country.

China is Iran’s biggest economic partner. The Islamic Republic is currently China’s third largest supplier of crude, providing roughly 12 percent of China’s annual oil consumption.

By Press TV


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