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Singapore agrees to finance Iran's marine projects

Staff writer |
Singapore's Kim Hong Holdings signed a memorandum of understanding (MoU) with the Fund to Develop Iran's Marine Industries to provide a 400 million euros finance to Iran in several phases.

The MoU was signed by managing director of Iranian Marine Industries Development Fund Mehrdad Mozaffari and Regional Manager of Singapore's Kim Hong Holding in Tehran.

The Iranian and Hong Kong sides have agreed to cooperate on manufacturing of marine facilities.

In early March, Iran and Singapore signed an agreement on promotion and protection of investment deals between the two countries.

Speaking at a meeting with Singapore Minister for Trade and Industry S Iswaran, Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia said the Bilateral Investment Treaty will facilitate expansion of trade and investment relations.

Tayyebnia appreciated the measures taken by Singapore’s government and private sector during the post sanctions era for removing banking restrictions against Iran, and added, “The geographical position of Iran, as the most powerful and stable country in the region, in addition to Singapore’s strategic location in Eastern Asia, set the ground for realization of unprecedented cooperation between the two sides.”

Singapore Minister for Trade and Industry S Iswaran, for his part, said Iran is a stable, significant and influential nation in the region with great economic potentials.

He then expressed hope that his trip would lead to reinvigoration of economic ties between the two sides.

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