Singaporean delegation due in Iran on Friday

Kuala Lumpur, Feb 23, IRNA- In the wake of lifting of anti- Iran sanctions, a big Singaporean economic-trade delegation consisted of 67 people from Singapore Business Federation is scheduled to come to Iran to negotiate on developing bilateral economic and trade relations.

Iranian Ambassador to Singapore Javad Ansari told IRNA on Tuesday that the delegation will be headed by the Chairman of Singapore Business Federation Teo Siong Seng and the Minister for Trade and Industry S. Iswaran.

He said that the Minister for Trade and Industry of Singapore will meet Iran’s Minister of Economic Affairs and Finance Ali Tayeb Nia to negotiate and sign investment encouragement and protection agreements.

He said that Iswaran will also meet Iran’s Minister of Industry, Mine and Trade, Mohammad Reza Nematzade and will participate in meetings with businessmen.

Ansari said that these companies will negotiate on IT, building hotels, transportation, pharmaceutical industry and other capacities.

The Singapore Business Federation (SBF) is the apex business chamber championing the interests of the Singapore business community in the areas of trade, investment and industrial relations. It represents 22,500 companies, as well as key local and foreign business chambers.

In July 2001, the Minister for Trade and Industry introduced a Bill in Parliament to establish the SBF Act, which was passed by Parliament and became law on 5 Oct 2001.

The Federation was then established on 1 April 2002, with the aim of representing the business community’s interests both locally and overseas. Under the SBF Act, all Singapore-registered companies with share capital of S$0.5 million and above are members of SBF.