President of Iran Chamber of Commerce (ICCIMA) Gholam Hossein Shafei referred to four powers on the four sides of the Shanghai Cooperation Council – Russia in the north, India in the south, China in the East, and Europe in the West – and noted that, given its geo-economic position, Iran can serve as a linking bridge between the four key economies of the Organization which he terms as an emerging new Eurasia.
Shafei made the remarks in an address to an online meeting of ICCIMA board members which was also participated by Minister of Industry, Mine and Trade Reza Fatemi Amin.
He said that Iran’s full membership in Shanghai Cooperation Organization was the most significant political event of the country over the past few months following a landmark strategic deal with China.
Shafei however noted that tough sanctions on Iran and the uncertainty in Iran’s nuclear case are hindering the country from taking the opportunity of joining SCO.
A meeting of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Board of Representatives in Tehran October 17, 2021.
He said that Iran can make use of SCO financial resources to complete the North-South corridor.
The Iran chamber president also said that Iran can link with two major programs – the Eurasian Economic Union and Belt and Road Initiative.
Although not so much active yet, the SCO energy club is a mechanism that is in line with Iran’s interests, Shafei said, adding that Iran’s partnership in this club can be part of the country’s economic diplomacy priorities.
Elsewhere in his remarks, he cited recent statistics by the World Bank which predicted that Iran, which is already suffering from “hyperinflation”, will have an inflation rate above 40% over the next three years.
Shafei noted that as long as the production inflation is not controlled, the consumer inflation cannot be managed.