Iran, Belarus to open credit line worth €5b to export products

MNA – Minister of Industry, Mine and Trade Mohammad Shariatmadari revealed the opening €50 billion worth of credit for exporting Iranian products to Belarus.

Speaking on the sidelines of 14th Iran and Belarus Business Forum, the minister of industry said, “the bilateral development between Iran and Belarus strictly hinges on removing banking problems.”

Fortunately, there is a good banking relationship between the two countries of Iran and Belarus, he said, adding, “issuance of guarantee letter, transfer of money and SWIFT (Society for Worldwide Interbank Financial Telecommunications) system have been established between banking industry of the two countries but the brokerage level is not yet satisfactory.”

To sell Iranian products in Belarus, €50 billion worth of credit will be provided by the Export Development Bank of Iran (EDBI) for domestic economic activists in order to have a strong presence in Belarusian markets.

Statistics show that mutual relationship between Iran and Belarus has jumped significantly in the past year particularly, he said, adding, “the two countries have longstanding history in the field of technical and engineering services.”

Elsewhere in his remarks, he pointed to the establishment of a joint pharmaceutical company in Belarus and added, “Iran and Belarus also have promised to enhance their level of cooperation in scientific, sanitary, hygienic and treatment fields.”

For his part, Belarusian Minister of Industry pointed to the growing trend of business between Iran and Belarus in recent years and said, “with the coordination made in this regard, bilateral trade volume between the two countries will top $500 million in coming years.”

In conclusion, Belarusian minister of trade reiterated, “Belarus is interesting in cooperating with the Islamic Republic of Iran in the field of manufacturing equipment, machinery, assembling and transacting relevant equipment as well.”