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Iran, UAE to review investment, trade ties

Dubai, May 15, IRNA-Iran and the United Arab Emirates (UAE) will review their investment and trade relations in the monthly meeting of Iranian Trade Council in Dubai.

The meeting which will focus on issues of mutual interests in investment and trade relations between the two counties will be held with the participation of the Iranian ambassador to the UAE Mohammad Ali Hadi.

Iran trade center was inaugurated in Dubai last week in the presence of Iranian Commerce Minister Mohammad Shariatmadari and UAE's Economic and Planning Minister Sheikha Lubna Al Qassemi.

The official reports indicate the bilateral trade stood at dlrs seven billion in 2004.

Shariatmadari said that the center should have a significant impact on growing investment and trade ties between the two nations.

The center's aims are in line with the goals of Iran Development Exports Organization (IDTO) to boost Iran's non-oil exports.

Iran has constantly ranked as important reexport partner with other Persian Gulf emirates including Dubai and Sharjah in the recent years.

Abu Dhabi's re-exports to Iran stood to dlrs 10 million in the first three months of the year.

UAE Minister of Economy and Planning said increase in contacts between Iranian and United Arab Emirates (UAE) businessmen are important for mutual trade. Al Qassemi said cordial ties between the two nations is a desirable goal of the states.

Iran attaches importance to its products showcased at international exhibitions who have the International Seal of Standards, the minister said.

The presence of Iranian exporters at the International Trade Center in Dubai is indicative of Iran's good quality products, the UAE's economy minister added.

She also said that the bilateral ties in all areas, notably investments and trade, are cordial and expressed hope that the center will facilitate the expansion of relations between the two Persian Gulf nations.

Meanwhile, Deputy Commerce Minister for international trade rejected in January the ban on reexport from the Persian Gulf port of Dubai as a means to curb smuggling of consumer goods and boost economic activities in free trade zones.

Khosrowtaj said that the country should capitalize on the potentials of Dubai market, which facilitate and provide economical trade opportunities to Iranian entrepreneurs.

"A halt to reexport ties with Dubai is uneconomical and will increase the costs of our purchases," the official said.

Khosrowtaj added that proper policies should be taken to reduce costs and ease financial burden of trade.

He further said that exporters prefer to purchase inexpensive goods from cheaper sources, adding that Iran's trade with UAE suffers from mismanagement.

He put the number of Iranian companies active in Dubai at 2,000, adding that unofficial statistics indicate that over 4,500 Iranian firms have invested in this Persian Gulf port.

... Payvand News - 5/15/05 ... --

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