Banking hurdles impair Iran, Spain trade: Envoy

There is ample potential for boosting economic and trade relations between Iran and Spain in diverse fields, but banking hurdles have harmed economic ties between the two nations, said Hassan Qashqavi, Iran’s ambassador to Spain.

22 June 2021
ID : 32922
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There is ample potential for boosting economic and trade relations between Iran and Spain in diverse fields, but banking hurdles have harmed economic ties between the two nations, said Hassan Qashqavi, Iran's ambassador to Spain.

Speaking at virtual meeting of the Spain-Iran Business Forum, he said that the volume of trade between Iran and Spain is at about 300 million Euros. According to the Iranian envoy, agriculture, petrochemicals, oil and gas equipment are the main fields of bilateral cooperation between the two countries.

"Our main problem is the banking ties," Qashqavi said. “If this would resolve, the Iranian and Spanish businessmen know how to work together,” he added.

Mohammad Taheri, head of Iran-Spain Joint Chamber of Commerce said that the cooperation between the two nations dates back to 400 years ago. Since then, political and economic cooperation between the two countries has continued, he said.

“After the lifting of sanctions, several trade delegations from Spain visited Iran, he said. Re-imposition of US sanctions, however, halted measures to boost trade between the two countries,” he added.

Taheri further expressed hope that new round of negotiations in Vienna would revive relations between Iran and Spain.

He said that trade betwen Iran and Spain could reach 5 billion US dollars if sanctions are removed.

Taheri further expressed Iran’s private sector readiness for joint investment with Spanish companies. 

Meanwhile at the meeting, Antonio Estévez Marín, Spain’s Counselor for Economic and Commercial Affairs in Tehran, expressed his country’s readiness to actively participate in doing business with Iran.

He also emphasized on a numbers of sectors in which Iran and Spain can develop mutually beneficial cooperation.

Renewable energy, railroad network, petrochemical industry, automobile and agro industry are the potential fields for bilateral cooperation between Iranian and Spanish private sectors, Estévez Marín said. 

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