TEHRAN - The economies of Iran and China are intertwined and complement each other, Chinese Vice Premier Wang Yang said in a meeting with Iranian economy minister Ali Tayyebnia in Beijing on Wednesday.

Iran is one of the main suppliers of energy to China and Beijing intends to bolster economic ties with Tehran, IRNA quoted the Chinese official as saying.

Tayyebnia, for his part, said that Iran is willing to expand cooperation with China in rail transport, banking and brokerage as well as finance.

The two sides also emphasized the need for long-term joint ventures, especially in infrastructure and energy projects.

China was the leading trading partner of Iran in the first four months of the current Iranian calendar year, which began on March 20. China imported $2.93 billion of non-oil goods from Iran and exported $2.94 billion of non-oil goods in the 4-month period, according to the Iran Customs Administration.

Tehran, Beijing ink economic co-op agreement

Tayyebnia and Chinese Commerce Minister Gao Hucheng signed an agreement in Beijing on Tuesday to bolster economic cooperation between the two countries.

The agreement was signed at the end of the first day of the 16th meeting of the Iran-China Joint Economic Committee, IRNA reported.

On the sidelines of the meeting, Tayyebnia noted that Iran and China can start a new chapter in their relations following the removal of sanctions against the Islamic Republic.

The Iranian minister also highlighted the significance of establishing brokerage relations between the two countries’ major banks on the way to bolster economic growth.

Financing projects in the long-run, seizing opportunities for collaborating in various fields including railway, energy, power plants as well as issuing permits for re-opening branches of Iranian banks in China were among the issues addressed by Tayyebnia in the meeting.

Hucheng, for his part, referred to the taken measures on the way to enhance bilateral economic relations admitting that there are still untapped areas for tightening common ties in the future.

Tayyebnia, leading an economic-cultural delegation, arrived in the Chinese capital on Monday.

Iran’s finance ministry, China Development Bank ink MOU

The Iranian Finance and Economic Affairs Ministry and China Development Bank (CDB) penned a memorandum of understanding (MOU) on financing economic projects, in particular infrastructure ones, on Wednesday.

The MOU was signed by the Iranian deputy finance minister Mohammad Khazaei and the CDB executive vice president Zhang Xuguang in Beijing.

HJ/MA/MG