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Indonesian bank opens credit for Iranian businessmen

Tehran, July 19, IRNA Indonesian Ambassador to Iran Ocatvino Alimudin acknowledged here on Wednesday cooperation of an Indonesian bank with 10 Iranian banks and opening Letters of Credit (LCs) up to 200 million dollars for businessmen of both countries.

Alimudin made the remarks in meeting with Head of Tehran Chamber of Commerce, Industry, Mine and Agriculture Masoud Khounsari.

Alimudin said Indonesian government intends to regulate financial exchanges between the two countries in rials and Rupees.

He added that currently trade exchanges between Iran and Indonesia is around 340 million dollars, but it will be five folded until the end of this year.

Following implementation of the Joint Comprehensive Plan of Action (JCPOA) Indonesia increased its amount of oil and gas purchase from Iran and added that many Indonesian companies are interested in investment in Iran.

He also pointed to Indonesian companies' interest in investment in oil and gas in Iran and added that Indonesia is ready to invest up to 7 billion dollars in Mansouri Oil Field south of Iran and in spite of declaring the issue to Iran's Petroleum Ministry officially, there is no response yet.

Khounsari expressed Tehran Chamber's readiness for cooperation and interaction with Indonesian embassy in Tehran for development of economic relations.

He said the two countries have high economic and industrial capacity for cooperation and added that the private sectors of Iran and Indonesia could be frontiers in development of economic ties.

Foreign Investment Services Center affiliated to Tehran's Chamber is ready to create ties between foreign investors and domestic corporations and to that end cooperation between the Chamber and Indonesian embassy in Tehran could be very helpful for Indonesian investors.

According to Iran's Customs Office figures for first 10 months of last year (March to December 2016) Iran's export to Indonesia was worth 126,435,044 dollars and imports from Indonesia stood at 149,494,834 million dollars in value.

Source: Islamic Republic News Agency

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