Joint Bank Planned With Iraq, Turkey

Iran, Iraq and Turkey are discussing plans to set up a joint investment bank at Iran-Turkey border, an Iranian provincial official announced.

“A joint investment bank will be established at Iran-Turkey border following the endorsement of a relevant agreement by the Turkish, Iraqi and Iranian sides,” Governor-General of Iran’s northwestern province of West Azarbaijan Vahid Jalalzadeh said, Fars News Agency wrote.

“Considering the fact that an industrial town is due to be established at Iran-Turkey border, setting up a joint investment bank in the region is viewed as among the most urgent goals,” Jalalzadeh stated.

Iran and Turkey enjoy excellent ties at present, “and the two countries’ cooperation in different sectors has experienced remarkable growth”, he stressed.

Asked about the exclusive features of a joint industrial town to be established at Iran-Turkey border, Jalalzadeh said, “Transfer of the technical and engineering know-how and technology as well as increased investment, prosperity of the region and entrepreneurship are among the most important goals pursued by the establishment of the joint industrial border town.”

In March 2010, Maku’s Governor Hamid Ahmadian announced that Iran and Turkey are due to construct an industrial town in Iran’s northwestern border city of Makou.

“Based on the agreements made (during a visit) by the Islamic Republic’s officials to Turkey, the industrial zone and town is due to be established at Iran-Turkey joint borders,” Ahmadian said. Iran and Turkey have in recent years boosted their cooperation in different fields of economy, security, trade, education and culture.

Earlier in May, Turkish Minister of Agriculture and Village Affairs Mehmet Mehdi Eker had announced that the volume of trade exchanges between Iran and his country has increased to $5.5 billion.

Also in March, Iranian and Turkish officials signed a Memorandum of Understanding (MoU) to expand mutual cooperation in different industrial fields, particularly in textile, auto-manufacturing and power industries.

The agreement prioritizes cooperation in a number of fields, namely auto-manufacturing and supply of spare-parts, construction industry, agricultural machinery and equipment industries, and wood and paper industries.

Also in the document, Iran and Turkey stressed the necessity for supporting private sector and international trade in a bid to make reciprocal investments and investment in third countries.

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