Jul 27, 2014, 5:34 PM
News Code: 2732556
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Iran, china call for enhanced economic relations

Tehran, July 17, IRNA – Chinese ambassador to Iran Pang Sen and Iranian Minister of Economic Affairs and Finance Ali Tayybnia, in a meeting on Sunday, called for increased economic relations between Tehran and Beijing.

The Iranian minister said that annual trade between Iran and China has reached $27 billion from $500 million before the victory of the Islamic Revolution in 1979.

Tayyebnia said that Iran and China have capacity to boost bilateral cooperation even more than the current level using new methods.

Referring to Iran's strategic status in the region and its possession of the largest reserves of oil and gas in the world, Tayyebnia said relations with Iran would be crucial to China which is the world's second largest economy.

He called for China's direct investment in Iran's auto, oil and petrochemical industries.

Tayyebnia referred to agreements already signed between the two countries during a recent visit to Beijing by President Hassan Rouhani, according to which China has to invest nearly $70 billion in infrastructural and producing projects in Iran.

He called for an immediate implementation of these agreements.

Meanwhile, the Chinese ambassador underlined longstanding cooperation between Tehran and Beijing and voiced China's readiness to increase investment in Iran.

Pang said he will pursue the demands put forward by the Iranian economy minister.