Iran and Turkey in The News

Iran Market and Turkish Investors

Turkish companies are so much interested making investments in the Iranian market.

Turkish companies are more inclined to invest in Iran than any other foreign companies.

Also Turkish investors have had a big presence in various provinces of the country over the past decade.

It is said that the country welcomed investments of Turkish companies and throws its weight behind the investment of Iranian firms, especially technology-based firms, in Turkey.

“Turkish companies made relatively good investments in Iran over the past decade; as many as 100 Turkish mid- and large-sized industrial companies invested in various projects of the country, especially in Azerbaijan and Aras.”

“The Turkish government has announced officially that his country will not comply with US sanctions on Iran and does not accept the replacement of Iran’s oil and gas energy with that of other countries.”

It is hoped that bilateral ties between Iran and Turkey will experience a significant rise.

In July, a Turkish company signed an agreement for making a $100-million investment to build a large residential-recreational complex in the Persian Gulf island of Kish, in southern Iran.

The complex will include 1,000 bedrooms equipped with advanced residential facilities for guests, grand reception halls, meeting rooms, a number of restaurants, sports grounds, a water park, swimming pools and amusement parks.


National currency in bilateral trade

Iranian and Turkish banks are going to establish a financial channel between the two countries based on national currencies, in a bid to evade US sanctions against Tehran.

Transactions are going to be made using national currencies as Iran is currently experiencing the toughest sanctions in its history, which is a major problem in the way of mutual cooperation.

Iran and Turkey are planning to define new areas of cooperation in the upcoming 27th Joint Iran-Turkey Economic Commission in Ankara next week as well.

The 27th Joint Iran-Turkey Economic Commission meeting will deal with the latest situation of economic, trade, financial and banking relations between Tehran and Ankara.

Given the political resolve of the two countries’ leaders for promoting bilateral ties, suitable actions have been made, as a top-ranking delegation from Turkey visited Tehran recently.

Due to big varieties on economic and commercial cooperation, the establishment of five financial, banking, energy, transit and health working groups has been set up so far in order to monitor developments unfolding in the respective sectors and settle the problems facing them.

Late in June, Iran gave priority to economic cooperation with the neighboring states and currently the friendly neighbors of Iran make up for 95 percent of Iran’s foreign trade.

From July, Yerevan is working on plans to establish new trade relations with Tehran based on national currencies, too.