China Aims to Expand Long Term Economic Ties with Iran

Iran recently witnessed second wave of economic sanctions from US which targeted Banking, Insurance and Shipping industry of Iran.

Many of the countries has suspended their trade with Iran, which has affected the Iranian economy badly. Various efforts have been made by Iran and other countries to continue their business effectively.

Recently, Mr. Pam Sen, Chinese Ambassador to Iran has expressed his country’s willingness for expansion of long-term economic relations with Iran. He said, “China is interested in expanding its strategic and long-term relationship with the Islamic Republic of Iran, and in this regard negotiations and planning are on the agenda of the Chinese government and various political and economic institutions.”

Mr. Abdolnaser Hemmati, Central Bank of Iran (CBI) Governor, emphasized the need for expansion of the banking and financial relations between the two countries. He said “Despite the efforts made by the United States to cut Iran’s banking and financial relations with the world, several countries have offered various solutions to maintain and develop their banking relations with Iran.”

Recently, China announced that they are resuming their banking relations with Iran.

Iran a Major Iron Ore and Chrome Ore Exporter to China

Iran is one of the major iron ore exporter to China, the nation has exported 21.13 MnT iron ore to China in CY’17. In CY’18(Till Nov), Iran has already exported 14.39 MnT iron ore to China.

China continued to be the largest importer of Iranian iron ore for Nov'18 at 1.27 MnT, contributing 96% of total Iranian export share. The export to China witnessed 14% decrease on monthly basis as against being 1.49 MnT a month before.

Iran exported 0.37 MnT chrome ore to China in CY’17, during CY’18 Iran has exported 0.22 MnT to China.

source: SteelMint