Mon Mar 3, 2014 9:15AM
Installations at an Iranian petrochemical plant (file photo)
Installations at an Iranian petrochemical plant (file photo)

Iran and China plan to increase their annual trade to USD 200 billion, according to the director of the Trade Promotion Organization of Iran.

Based on the targets set by the presidents of Iran and China, trade transactions between the two countries should reach USD 200 billion per annum in 10 years, said Valiollah Afkhami-Rad on Sunday.

The establishment of joint venture companies can contribute to the promotion of trade ties between Iran and China, he further said.

 According to Afkhami-Rad, Chinese can invest in various sectors in Iran, including steel, mines, transportation, agriculture, oil, gas and the petrochemical industry.

The Iranian official further said that China plans to construct 36 million housing units in Iran by 2015.

He also said Tehran-Beijing trade reached USD 40 billion in 2013.

A 100-member delegation of Chinese investors is currently in Iran to further explore investment opportunities in the country.

In an address to the Iran-China investment opportunities forum on Sunday, Iran’s Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said Tehran and Beijing enjoy great potential to increase mutual trade transactions, calling for the promotion of bilateral economic exchanges.

The Chinese trade delegation’s visit is a good sign for the improvement of trade relations between the two countries, added the minister.

China, as Iran’s biggest economic partner, is of great importance in Iran’s foreign policy. The Islamic Republic is currently China's third largest supplier of crude, providing roughly 12 percent of China’s annual oil consumption.