TEHRAN, Mar. 8 (Mehr News Agency) - Iran invested $940 million in Malaysia's industrial sector in 2007, making it the third leading investor in the country's industrial sector after Japan and Germany and ahead of the U.S., Singapore, India, and China, according to a report by the Malaysian Industrial Development Authority (MIDA).
The largest joint venture underway by Iran and Malaysia is construction of an oil refinery costing three billion dollars and the daily feed of 250,000 barrels of crude oil.
For the second year in a row, Japan and Germany named the two major investors in Malaysia with 1.97 billion dollars and 1.15 billion dollars investment respectively.
Mahmud Salahi, secretary of Iran's free trade zones and Atef Abdul-Khaleq Abdulhussein managing director of Iraq's free trade zones emphasized on creating the required infrastructures for mutual investment by the two sides' traders in free trade zones, ISNA reported on Sunday.
Cumbersome trade laws are not applied in free trade zones and industrial projects are tax-exempted for a period of ten years, the Iraqi chief stated.
For his part, Salahi remarked that investors are free from paying tax for 30 years and there is no limitation in investment in Iran's free trade zones for foreign entities and that Iran attaches priority to the neighboring countries, particularly Iraq, in trade affairs.
In a joint session held in Modena Chamber of Commerce, Alberto Mantovani, President of the Chamber of Commerce of the northern city of Modena, Rosario Alessandro the chairman of Italy-Iran Chamber of Commerce and Mr. Zohrevand the ambassador of I.R. of Iran to Roma stressed on the need for easing the trade laws and regulations between the two countries.
"We consider Iran as one of our main trade partners and a country which enjoys high status in economic arenas across the globe," the chairman of Italian chamber of commerce stated.
One of the senior banking managers of Italy, for his part, advocated the activity of Italian companies in Iran and boasted of favorable banking relations with state-run and private banks of Iran.
Turkmen President Gurbanguly Berdimuhamedov asked his country's oil and gas complex to sign a contract with Iran's Pars Energy Company in order to develop the country's oil and gas industry, IRNA reported.
The contract is reported to worth 29.325 million dollars and the Iranian company will commence the project in April.
... Payvand News - 03/08/08 ... --