News & Reports News Year 2012 June ,2012 Iran Encourages Chinese to Make Investment Southwestern Port City

Iran Encourages Chinese to Make Investment Southwestern Port City


TEHRAN (FNA)- Governor of Iran's Southwestern port city of Abadan Bahram Ilkhaszadeh said that the city plans to encourage Chinese investment in the city's development projects.
Speaking to FNA, Ilkhaszadeh mentioned that Abadan has signed a sister-city agreement with Chinese Karamay city in the Northwestern province of Xinjiang, and said based on the agreement Iran will encourage the Chinese make investment in Abadan.

He added that the policy is in line with the development of the region in different fields as well as introducing Abadan with its long history of oil activity.

To that end, a high-ranking Iranian delegation visited China at the invitation of the Chinese Foreign Ministry and paved the ground for the agreement, the governor went on to say.

China is Iran's top trade partner, with economic ties expanding in recent years after the withdrawal of Western companies in line with sanctions against the Islamic Republic over its peaceful nuclear program.

Beijing has also significantly increased its presence in Iran's oil and gas sector by signing a series of contracts worth up to 40 billion dollars in the past few years.

According to a report from Joseph Farah's G2 Bulletin in March 2012, trade and security ties between China and Iran have reached a point that their leadership is declaring the relationship to be "strategic," a development that no doubt will further complicate relations between Washington and Beijing.