Iran stresses will to expand economic relations with Algeria

Algiers - Visiting Iranian Economy and Treasure Minister reiterated here Monday in a meeting with his Algerian counterpart current satisfactory political relations call for further expansion of economic ties.

According to a Monday night report by Public Relations of the Economy and Treasure Ministry, Sayyed Shaseddin Hosseini emphasized during the meeting over the need that for comprehensive expansion of bilateral relations, particularly in economic field.

He added in the meeting in Algiers, "Expansion of economic relations should be pursued seriously as a top priority in the agenda of the two countries' tie."

Hosseini reiterated, "There are various fields for consultations and bilateral talks. Iran is currently enjoying a good status in industrial, construction and other economic and commercial fields and Algeria is one of Iran's partners in our foreign trade strategy."

He added, "The Iranian engineers, too, with their rich scientific and experience background, are quite interested in participation at construction and infrastructure projects of Algeria, while the Iranian merchants are willing to do business with the Algerian tradesmen, which is why letters of agreement are prepared to be singed by the two countries' concerned officials."

Hosseini added, "The important point is that when the level of the political relations is satisfactory, it is necessary to spot the reasons for the insufficient economic ties and we have consulted the Iranians residing in Algiers in that respect, finding out that that suffer from the lack of a bilateral banking system and network."

He said, "That was why it was decided that the Export Promotion Bank would open a branch in Algeria, but the initiative faced administrative problems here, which was discussed with high taking officials, who promised to solve it soon."

Hosseini added that the two countries economic relations and cooperation should not be limited to the opening of an Export Promotion Bank branch in Algiers, since the other Iranian banks, too, are willing to be present in Algeria, which would expand the banking network between the two countries, which would in turn lead to expansion of bilateral relations."

The Algerian Treasure Minister, too, in the meeting expressed delight over Hosseini's visit, stressing, "There should be no restriction over further expansion of economic ties and President Bouteflika, too, stresses the need to identify the reason why our economic ties are so low."