Singapore welcomes Iran’s reintegration to global economy

Kuala Lumpur, Feb 25, IRNA – Iran’s return to the global economy is a bright spark among uncertainties surrounding the global outlook, says a Singapore business official.

‘The reintegration of Iran into the world economy is a bright spark amidst the uncertain global outlook, especially during a period where some economies are experiencing drastic contractions,’ said Teo Siong Seng Chairman of the Singapore Business Federation on Thursday.

A big business and trade delegation from Singapore, headed by the SBF chairman is due in Tehran on Friday in a bid to look for new opportunities in Iran in the post-sanction era, Singapore’s Today Online news website said.

The city-state’s Minister for Trade and Industry, S Iswaran, will also accompany the 57-strong delegation to the Islamic Republic.

‘Some of Iran’s key industries such as oil and gas, aerospace and maritime logistics, are expanding significantly as Iran increases its capital investments in oil, gas and petrochemicals, and expands its fleet of airplanes and vessels,’ said Seng.

‘Iran is also expected to make substantial investments to its existing infrastructure in anticipation of growth,” he added.

Iran and Singapore are expected to negotiate ways to boost their cooperation on an array of spheres, including offshore energy exploration, Petrochemical industries, marine industries, ports development, construction, tourism, information technology, telecommunication, etc.

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.