Presence of 360 Italian Investors in Iran

With the visit of a 360-member economic delegation from Italy to Tehran and meetings and negotiations with Iranian economic and banking officials, four cooperation agreements were signed in various sectors of tourism and trade, and it was decided to establish a $5 billion banking credit line between the two countries. According to a report published on Monday, December 9, in the state newspaper Iran, 700 discussions took place between Iranian and Italian companies over the weekend; a country that had a trade exchange of about 7 billion euros with Iran in 2011, which has dropped to 1.5 billion dollars due to sanctions. At the Iran-Italy business conference, officials from both countries spoke about the bright future of cooperation and noted in their discussions with Iran's newspaper that "Iran has changed significantly from what we previously knew, and this has increased investors' motivation to be present in this country." Carlo Calenda, Italy's Deputy Minister of Economic Development, told the newspaper's reporter: "We pursue cooperation with Iran at three strategic levels: exporting machinery, investing in infrastructure and heavy industries such as steel, oil, and gas, as well as creating new financial lines." In the Iran-Italy business conference, Mohammad Reza Nematzadeh, Minister of Industry, Mine and Trade, also pointed out that the volume of trade between Iran and Italy has reached its lowest point in recent years, stating: "Even the small figure of 1.5 billion dollars indicates that even under sanctions, both countries are interested in cooperation, and companies from both sides have continued their relations even at a very low level." Mr. Nematzadeh also announced the presence of 10 Italian banks in the current delegation from Italy in Iran and stated: "The extensive presence of Italian bank managers and officials from Italy's export insurance company SACE indicates that Italians are eager and serious about developing relations with Iran." Establishment of a $5 billion banking credit line On Monday, December 9, negotiations between the Italian business and banking delegation and the Central Bank officials took place with the presence of 360 members, including 200 companies, brokers from the automotive, medical equipment, and services sectors, 22 unions from various trades, and 11 banks at the Central Bank of Iran. According to the Tasnim news website, it was stated in this meeting that the $5 billion banking credit line between Italy and Iran would be established one day after the implementation of the JCPOA. The Deputy Minister of Economic Development of Italy also pointed out that this delegation is the largest Italian business and economic delegation that has traveled abroad in the past two years, saying: "Next year, we will bring three large business delegations to Iran." Carlo Calenda noted that the 11 banks present in Iran account for more than 50% of Italy's banking activities and announced: "The Italian Trade Development Group, like SACE, is ready for any cooperation with Iran to enhance banking and economic relations." According to this Italian economic official, "SACE is seeking to sign a memorandum so that by January next year, all delays in monetary exchanges will end." High-level Hungarian delegation in Tehran Following the visit of the Italian delegation to Tehran, Hungarian Prime Minister Viktor Orban arrived in Tehran on Monday, December 9, leading a high-level delegation that included five cabinet ministers. According to Fars news agency, Prime Minister Orban arrived with five cabinet ministers and over 120 economic activists, company managers, and merchants to sign eight agreements and memoranda of understanding in the fields of economy, politics, culture, tourism, and research and technology. During the meeting of Iranian and Hungarian officials and traders at the Iran Chamber of Commerce, Prime Minister Orban stated: "We have come to Iran to change an illogical situation; 27 years ago, the Prime Minister of Hungary visited Iran, which is against common sense." Viktor Orban noted that "1,116 Iranian students are studying in Hungary, and 4,000 Iranians have obtained bachelor's degrees from universities in this country," stating that "this level of relations can be a good starting point." The Hungarian Prime Minister, who met with Iran's First Vice President on Monday, will also meet with Hassan Rouhani and Akbar Hashemi Rafsanjani on Tuesday, and will visit Ali Khamenei, the Supreme Leader of the Islamic Republic of Iran.