SINGAPORE, Feb. 29 (Xinhua) — Singapore and Iran signed a Bilateral Investment Treaty (BIT) to grow bilateral trade and investment, said Singapore’s Ministry of Trade and Industry (MTI) on Monday.
The treaty was signed by Singapore Minister for Trade and Industry S Iswaran and Iran Minister of Economic Affairs and Finance Dr Ali Tayyebnia in Tehran, MTI said.
The Agreement on Reciprocal Promotion and Protection of Investments, also known as a BIT, comes at a time of renewed interest from the business community and underscores the commitment by both governments to grow bilateral trade and investment between Singapore and Iran. The agreement will protect investors’ interests from both sides and open up more business and investment opportunities, MTI added.
“As part of their internationalisation strategy, Singapore companies must venture beyond traditional markets to seize opportunities in new and emerging economies like Iran… With the signing of the Bilateral Investment Treaty, we look forward to strengthening bilateral economic ties with our businesses collaborating on opportunities of mutual interest in Iran and other markets,” said Iswaran at the signing ceremony.
In 2015, Iran was Singapore’s 11th largest trading partner out of 18 countries in the Middle East. And since the lifting of sanctions on Iran, Singapore companies have expressed interest in the oil and gas (offshore), petrochemicals, transport, info-communications technology and professional services sectors.