Iran, Belarus urged to boost financial exchanges using local currencies

TEHRAN – Head of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Samad Hasanzadeh have stressed the need for enhancing bilateral financial exchanges through joint mechanisms and the use of local currencies.

In a meeting with Dmitry Koltsov, Belarusian Ambassador to Iran, on Tuesday, Hassanzadeh emphasized the significance of joint investments and innovative financial arrangements such as barter trade and local currency usage to reduce reliance on the US dollar.

The trade volume between Iran and Belarus, amounting to approximately $400 million, does not reflect the true potential of both countries, Hassanzadeh said. He highlighted various sectors, including oil, petrochemicals, energy, advanced technologies, engineering services, machinery, construction materials, transportation equipment, chemicals, steel, food products, agricultural goods, and pharmaceuticals, as areas ripe for enhanced cooperation.

Hassanzadeh noted that Iran has been importing part of its needs for agricultural and livestock inputs from Belarus, expressing a willingness to expand cooperation in these sectors. He invited Belarusian investors to explore joint ventures in pharmaceuticals, medical equipment, livestock, and dairy products, citing Iran’s secure environment for investment.

Tourism was also spotlighted, with Hassanzadeh urging measures to facilitate tourist and business visas and establish direct flights between the two nations to promote people-to-people ties.

Ambassador Koltsov echoed the sentiments, noting the strong political ties between the two countries. He outlined plans to expand economic collaboration, including the establishment of a joint trade house in Minsk as part of the two countries’ joint economic commission.

Koltsov also mentioned the need to update and implement a previously signed cooperation agreement between the chambers of commerce in Iran and Belarus, expressing optimism about fostering closer ties between the business operators of both nations.

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Photo: ICCIMA Head Samad Hassanzadeh (c) and Belarusian Ambassador to Iran Dmitry Koltsov (L) met and held talks in Tehran on December 3.