Iran, S African to form joint bank

TEHRAN, Apr. 24 (MNA) – Iran economy minister has announced that an Iranian bank is seeking to establish a joint bank in South Africa.

Following a meeting with South Africa’s Finance Minister Pravin Gordhan, Iran’s Minister of Economy Ali Tayebnia emphasized expansion of economic cooperation between the two sides saying “three agreements will be sealed on Sunday.”

“Iran and South Africa mark the largest and most powerful countries in the Middle East and the southern Africa,” noted the official asserting “despite the existence of positive and constructive political ties, the volume of trade turnover and economic cooperation is very low.”

Tayebnia expressed hope that the ties between the two sides will reach more than one or two billion dollars to which end all barriers need to be alleviated; “the launch of broker relations between Iranian and S

outh African banks remain as a vital requirement for boosting relations.”

The Iranian economy minster highlighted “one Iranian bank is seeking to set up a joint bank in South Africa.”

“Relevant contracts have been inked as broker relations will be launched between Iranian and South African banks,” he added.

The official touched upon the three agreements which are scheduled to be signed on Sunday adding “one deal pertains to a joint committee and investments between the two countries.”

“South Africa has had positive experiences with regard to investment in Iran,” reiterated Tayebnia expressing hope that the ties will get further boosted in future.

South Africa’s Finance Minister Pravin Gordhan, for his part, said “a cooperation agreement will also be signed between Iran and South Africa; the agreement will also include insurance collaborations.”

“Accordingly, increased cooperation between the two sides’ banks is a necessity to set the ground for more investment between the two countries,” stressed Gordhan concluding “Iran and South Africa enjoy historical relations the expansion of which is required to protect the interests of the two countries.”

By Mehr News Agency