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Monday 29 Feb 2016 - 19:10 Makkah mean time-20-5-1437
Crossed flag pins Iran-Singapore
Tehran (IINA) – Singapore and Iran signed an agreement on reciprocal promotion and protection of investments, also known as a Bilateral Investment Treaty (BIT) to grow bilateral trade and investment, Xinhua reported quoting Singapore's Ministry of Trade and Industry (MTI).
The treaty was signed here on Monday by Singapore Minister for Trade and Industry S Iswaran and Iranian Minister of Economic Affairs and Finance Dr Ali Tayyebnia, MTI said.
The agreement comes at a time of renewed interest from the business community and underscores the commitment by both governments to grow bilateral trade and investment between Singapore and Iran. It will protect investors' interests from both sides and open up more business and investment opportunities, MTI added.
"As part of their internationalization strategy, Singapore companies must venture beyond traditional markets to seize opportunities in new and emerging economies like Iran... With the signing of the Bilateral Investment Treaty, we look forward to strengthening bilateral economic ties with our businesses collaborating on opportunities of mutual interest in Iran and other markets," said Iswaran at the signing ceremony.
In 2015, Iran was Singapore's 11th largest trading partner out of 18 countries in the Middle East. And since the lifting of sanctions on Iran, Singapore companies have expressed interest in the oil and gas (offshore), petrochemicals, transport, info-communications technology and professional services sectors.
AB/IINA
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