Madrid to Guarantee Spanish Investments in Iran

Spanish Secretary of State for Trade Maria Luisa Poncela said Madrid will guarantee all investments by that country's investors in Iran.

"The Spanish government has announced that it will cover export and investment in Iran under the insurance guarantee, regardless of any restrictions, in order to protect the Spanish companies to participate in the Iranian market and investing in various infrastructure sectors. Therefore, the Spanish investors will not be concerned about this," she was quoted as saying by Fars News Agency in a meeting with Iranian Deputy Industries, Mining and Trade Minister Mojtaba Khosrotaj in Madrid on Tuesday.

With $3.14 billion, the Spanish have been the leading foreign investors in Iran’s industrial sector since President Hassan Rouhani took office in August 2013, director general of the Ministry of Industries, Mining and Trade’s FDI Office, Afrouz Bahrami, said.

Khosrotaj, who also heads Iran's Trade Promotion Organization, was on an official visit to Spain at the head of a 60-member trade delegation.

The first Iran-Spain Economic Commission was held in Madrid at the Spanish Ministry of Economy, Industry and Competitiveness.

High-level economic committees of the two countries reviewed the areas of economic development in different sectors, including in oil, gas, petrochemical, renewable energy, water resources management, science, technology and banking.

Earlier in September, a 30-strong trade delegation headed by President of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholamhossein Shafei travelled to Madrid and met with the heads of CESCE, the European nation's export credit agency, to resolve banking and insurance issues impeding the development of bilateral trade.

Spain is among European countries that were quick to forge trade and economic ties with Iran in the post-sanctions era.

Iran's trade with Spain has been on the rise since March 2013-14 to reach $593 million in the last Iranian year (March 2016-17) when Iran exported $244 million worth of commodities to the European country and imported $349 million.

Recent data from Iran Customs Administration show that Iran's exports to Spain reached $68.79 million, marking a 57.75% decrease in value during the seven months to October 22 compared to last year's corresponding period. Imports rose by 14.48% to reach $215.63 million.

source: Financial Tribune