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Iran-Europe credit line for agricultural products

Iran-Europe credit line for agricultural products
ID : N-1231 Date : 2018/02/07 - 11:59

(Persia Digest) – At a meeting with the Head of Tehran’s Chamber of Commerce, the Bulgarian Ambassador proposed a credit line for Iranian agricultural products between this country and Europe and asked for the support of the private sector in this area.

The Bulgarian Ambassador, whose country has been heading the European Union presidency from the start of 2018 in January, pointed to the sister cities of Tehran and Budapest and said the high volume of economic activities in Tehran is a good opportunity for expanding ties between the two countries.

Christo Polendakov added: “I have met with many entrepreneurs in small and medium businesses and we are looking to increase interaction between Bulgarian and European businesses with Iranian firms.”

Polendakov pointed to trade relations between the two countries which is over USD 70MM per year, and stated: “The real volume of trade between the two countries is much more than this. But, most of it is carried out through third countries, such as the UAE and Turkey. If banking and customs issues are facilitated, trade can take place directly.”

He continued: “Iran and Bulgaria can revive and continue their traditional economic ties. Both countries conducted a great volume of business together and can still cooperate in various sectors.”

Head of Tehran Chamber of Commerce, Massoud Khansari, also pointed to the low volume of bilateral trade, stressed on the need to expand banking ties and resolving its issues, and said: “If banking problems are resolved between Iran and Europe, economic ties can grow increasingly. Solving banking issues is the key to developing economic relations between the two countries, as well as with the European Union.”

The Bulgarian Ambassador to Iran also spoke about banking issues: “Presently, the UniCredit Bulbank of Bulgaria is working with Iran. It is hoped that trade will be facilitated with the development of Iranian-European banking relations, such as with Italy and the establishment of a credit line there.

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