Russia to invest $40b in Iran’s exports infrastructures

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Advisor to Communications Minister and head of Ministry’s Secretariat for Joint Commissions said that based on bilateral agreements Russia will invest $40b in Iran infrastructural sector.

Speaking in a meeting here to discuss ways of accelerating non-oil exports, Mahdi Mohtashami said on Monday that $5b of this investment has been implemented with the activation of the line of credit (LOC) to create rail infrastructures an example of which is the electrification of Garmsar- Incheh Borun railway project.

Mohtashami added that the amount of import in Russia is $500b in current situation and regarding sanctions imposed on Russia by Western countries and its conflict with Turkey, Iran would be able to find a good substitute.

On issuing exports certificates to Russia for nineteen Iranian companies, Mohtashami said that based on the bilateral agreements between Iran and Russia, these companies will be able to export products such as dairy, chicken, meat and other products to Russia.

Regarding the Green Corridor with exports target countries, he said that lifting sanctions created a ground for Iran to reinforce joint commissions with sixty other exports target countries.

He mentioned Turkey, Russia and Azerbaijan as countries with which agreements on creating Corridor has been signed.

Based on Green Corridor agreement between Iran and Russia which was inked during a trip by Vice President of Federal Customs Service of Russia to Tehran, Russia put clearance of Iranian Perishable agricultural products into action.

Furthermore Iranian products will be placed in Russia Green Corridor and Iran would be responsible for sending information and customs value of these products.

On facilitating the issuance of Russia trade visas, he said that Iran-Russia Joint Commissions announced visa facilitation agreement as the most important one saying that the least amount of time to travel to Russia was ninety days in the past which will be reduced as a result of this agreement.

On shifting Russian transit products from Turkey to Iran, he said that regarding the conflict between Russia and Turkey, Moscow is willing to shift $20b-transit of its export products to Iran.

On issuing foreign banks permits in Iran, he reiterated that the permit for launching Russia, Azerbaijan and Turkey’s banks in Iran have been issued.

Creating Iran-Azerbaijan joint bank is regarded as another program of developing financial relations with trade target countries.

Iran has Joint Economic Commissions with sixty target countries.

Ministry of Communications and Information Technology is in charge of heading Iran’s joint economic commissions with Russia, Turkey, Azerbaijan, UAE, Malaysia, the Philippines and Indonesia.

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