Iran, Syria discuss expansion of economic cooperation

July 10, 2008

DAMASCUS (IRNA) -- Iran’s Minister of Housing and Urban Development, Mohammad Saeedi-Kia held talks with Syrian Prime Minister Syrian Prime Minister Mohammed Naji Atri on issues of mutual interest.

Saeedi-Kia, who is in Damascus at the head of a delegation, is due to confer with Syrian officials on joint economic cooperation.
At the meeting, in which Syrian Minister of Trade and Economy Amer Hossni Lotfi was also present, Saeedi-Kia emphasized the need for establishment of Iran-Syria joint bank and supporting credit and monetary transactions.
The two sides voiced their respective countries’ readiness for expansion of bilateral ties in all fields.
Earlier, chairman of the Iran-Syria Joint Chamber of Commerce noted that that the Tehran and Damascus have come to terms for setting up joint bank and insurance institutions.
Hassan Javad added that the joint bank will be furnished with dlrs 30 million, of which the two countries will provide dlrs 10 million each, with the rest dlrs 10 million being secured through issuing bonds.
The joint insurance institution’s capital will be dlrs five million, of which the two countries will provide dlrs 1.5 million each and the rest dlrs 2 million will be secured through issuing bonds.
""Iran-Syria Joint Chamber of Commerce has planned to augment trade to dlrs 800 million from the current dlrs 200 million,"" he said.
The Syrian officials have called for more cooperation between the Iranian and Syrian private sectors for expansion of bilateral economic relations.
Currently, Iran in involved in implementing several industrial projects in Syria including cement factories, car assembly lines, power plants, and silo construction.