World Business and Economic Analysis
World Business and Economic Analysis
Banking Sanctions on BMI Hong Kong Branch have been lifted since June 24 and the branch will soon resume its activities there.
Hong Kong Monetary Authority lifted restrictions on BMI in Honk Kong, Gholam Reza Panahi made the announcement here Tuesday.
Resumption of BMI Hong Kong Branch's activities needs systematic changes that are being made, said the official.
Since 2008, the European Union (EU) imposed sanctions on different foreign branches of BMI on the pretext of Iran's peaceful nuclear program.
Under the July agreement known as the Joint Comprehensive Plan of Action (JCPOA), anti-Iran sanctions were lifted on January 16, 2016.
Iran’s Economy Minister and Finance Ali Tayyebnia stressed that entrusting of the country’s development projects to the private sector as one of the main policies of the government.
According to the report, Tayyebnia made the remarks in the 59th government and private sector joint meeting.
“This year, the country’s Management and Planning Organization is committed to hand over 1000 development projects to the private sector” he said.
The minister believed that most of the country’s economic problems stem from low private sector activity rate and that merging Export Guarantee Fund with Bank Saderat would be a principled and effective solution to help and provide better services to the private sector.
He urged the private sector to help the government in identifying target countries in terms of economic cooperation and investment potential.
The minister also said, “We must focus on countries that are inclined to finance our projects through direct investment in Iran.”
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Iranian diplomat said on Monday that Minister of Cooperatives, Labor and Social Welfare Ali Rabiei would pay an official visit to Singapore on May 18.
Iran's Ambassador to Singapore Javad Ansari said the visit is aimed at fostering all-out mutual relations.
This is the third visit by an Iranian delegation at the ministerial level to Singapore in the past three months, said the ambassador.
Ansari underscored that Rabiei, heading a high-ranking delegation, would travel to Singapore on Wednesday (May 18) for a three-day visit which is to take place upon an official invitation by his Singaporean counterpart S. Iswaran.
While in Singapore, Rabiei is scheduled to hold talks with several high-ranking Singaporean ministers as well as the country's state and private sectors officials on reinforcing mutual cooperation.
The diplomat further added a memorandum of understanding (MoU) is to be inked, during the Iranian minister's visit, for promoting bilateral trade and petrochemical cooperation between the two countries.
'Following the removal of sanctions against Iran, the Singaporean government announced there is no limitation for expansion of trade cooperation with Iran,' he said.
Anti-Iran sanctions were lifted on January 16 following the implementation of the Joint Comprehensive Plan of Action (JCPOA) which was made between Iran and the world six major powers on July 14, 2015.
Touching upon the two countries relations in oil, gas and petrochemical sectors, the Iranian diplomat said Iran and Singapore share a strong will for enhancing mutual cooperation in those fields.
Pointing to high-capacities of Singapore's power plants, Ansari said thanks to removal of the anti-Iran sanctions, Tehran is ready to supply more oil for the Asian country.
Iran-Singapore trade volume was over than 5.5 million dollars in 2011. The figure decreased to 2.1 million dollars in 2012 due the unilateral sanctions of Western countries against Iran.
After removal of the sanctions in the post-JCPOA era, officials of both countries are trying to increase trade volume between the two nations.
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