Cooperation with Iran, Asset for European Banks: Official

News ID: 1019763 Service: Economy
خزایی

TEHRAN (Tasnim) – An Iranian deputy economy minister on Saturday warned European banks against being cautious in restoring banking ties with Iran, saying that they would lose the opportunities in case of any conservatism.

Any conservatism by European banks would mean wasting their opportunities, Mohammad Khazaei, the head of Iran’s Foreign Investment Organization and a deputy economy minister, noted at the 2nd conference on Iran-EU trade held in Tehran.

Conservatism is the big enemy of opportunities and would lead to wasted chances, he added, stressing that Europeans’ cooperation with Iran is a win-win game.

Foreign bankers and investors should know that cooperation with Iran is an advantage for Europeans, Khazaei noted, adding that Iran has a great economic influence in the region and can make a great contribution to regional development and stability.

In similar remarks elsewhere in the conference, Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi noted that certain European banks need to stop their conservative attitude to trade with Iran, since too much delay in developing economic ties with Tehran will cause them to stay behind other financial institutions.

There is no obstacle to trade cooperation with Iran under the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), Takht Ravanchi said.

European banks should set aside excessive caution when it comes to economic cooperation with Iran, Takht Ravanchi added, describing as “unnecessary” the concerns that some international banks may feel about interaction with Iran.

“It is clear that there is no obstacle to trade and economic cooperation with Iran… There is no juridical and legal barrier to the expansion of ties (with Iran),” he added.

In separate comments at the gathering, Iran’s Ambassador to Germany Ali Majedi said fear of facing US punishment has prevented growth in banking relations between Iran and foreign countries after coming into force of the JCPOA.

There has been growing enthusiasm for closer ties with Iran after implementation of the nuclear accord, which took effect on January 16.

The deal has terminated all nuclear-related sanctions on Iran, reopened the doors of foreign investment to the country’s market, and prepared the ground for a much-anticipated economic boom.

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