Delegates from Japanese banks that arrived in Iran on Saturday as part of a major trade delegation were given a proposal to open branches in the country.

The proposal was presented to them by Valiollah Seif, the governor of the Central Bank of Iran (CBI).

Seif told the delegation that Iran had a satisfactory cooperation with the Japanese banks over the past few years, specifically in light of the US-engineered sanctions against the Islamic Republic.

“Iranian and Japanese banks have already arrived at a perfect understanding of each other,” he said. “We hope that they will be able to promote their relations more than before”.

Seif emphasized that cooperation between Iranian and Japanese banks will help expand economic relations between the two countries.

“It is meaningless [for foreign banks] to fail to cooperate with Iranian banks that have not been targeted by the sanctions,” he said.

“Some basic economic activities can start with these very banks and this can expand further [to other banks] once the sanctions are lifted”.

Seif further stressed that Iran’s banking industry has seen many changes over the past years, adding that there are presently a number of private banks that are also capable of cooperate with their Japanese peers.

The Japanese delegation which is led by State Minister of Economy, Trade and Industry Daishiro Yamagiwa comprises trade officials and executives of major industries.

Their two-day visit to Iran is the first by a Japanese trade delegation in 14 years.

By Press TV