Iran-EU Forum Goals Outlined

EghtesadOnline: The Fourth Iran-Europe Banking and Business Forum is to focus on investment opportunities in Iran and banking system improvements in the post-sanctions era, the head of Iran's Monetary and Banking Research Institute said.

News ID: ۷۷۵۷۰۱

24 April 2017

"First will be Iran's banking and financial improvements after the implementation of the Joint Comprehensive Plan of Action [the formal name of Iran's nuclear deal with world powers] a year ago and the second concerns investment opportunities in Iran," Ali Divandari also said in his press conference to publicize the event on Sunday.

He pointed to the useful outcome of three previous forums and said Iran has been conforming to global standards in terms of banking system supervision in order to reconnect with foreign banks.

"Expanding correspondent relations is on our to-do list, which is expected to pick up pace since [Iranian]  banks are establishing new branches in foreign countries and old branches resume their overseas operations, some of which will take place in the coming months," Financial Tribune quoted him as saying.

The official noted that specialized panels on bank, insurance and foreign exchange market are being planned, in which representatives from Belgium, England, France, Italy, Netherlands and Switzerland will participate.

"Other panels will assess supervision on banks and policymaking, resumption of the activities of Iranian banks' foreign branches, non-performing loans, distressed assets and financial transparency," he said.

"TARGET 2, which is an important interbank payment system throughout the European Union, and the implementation of IFRS are necessary for linking up with the global banking system and will also be on the agenda."

The official noted that boosting foreign investments in Iran will also be a major topic of the forum since a number of companies in attendance are global players in the field of financing, thus introducing investment opportunities in housing, roads, urban development and energy sector is in the offing.

Divandari said foreign banks and credit lenders play a significant role in facilitating foreign investments to Iran and in financing oil, gas and petrochemical projects, which will also be discussed in the forum.

Tehran is to host the Iran-Europe Banking and Business Forum, organized by the Monetary and Banking Research Institute with representatives from 35 European banks, companies and financial institutes, on April 29-30.

Iranian Foreign Minister Mohammad Javad Zarif and Governor of the Central Bank of Iran Valiollah Seif have been invited as special guests. The forum is organized biannually in Frankfurt and Tehran.