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Wednesday, December 21, 2005
Iran pours funds into RP for petrochemical projects
THE Iran Government has infused some US$100 million in funds in the petrochemical sector, its first major investment in the country.
Iran's Deputy Petroleum Minister Gholamreza Nematzadeh visited the Philippines recently to witness the signing of the US$100 million petrochemicals joint venture agreement.
Foreign Affairs Undersecretary Franklin Ebdalin welcomed the investment but urged Iran to also look at other investment areas in shipbuilding and ship repair in Mindanao, following bilateral talks last week with Tehran's Mehdi Safari, deputy foreign Mmnister for Asia Pacific and Commonwealth of Independent State Affairs, who led the Iranian delegation.
Ebdalin headed the Philippine delegation composed of Assistant Secretary for Middle East and African Affairs Norberto Basilio, Director Alex Lamadrid and Philippine Chargé d'Affaires, in Tehran Renato Dueñas.
Other Iranian delegates were Ambassador Nematollah Izadi, director general for East Asia and Pacific, and Mehdi Honardoost, director of the First East Asia Department of the Iranian Foreign Ministry.
During the talks, both sides agreed that there was room for expansion of trade and investment between the two countries
While total bilateral trade reached more than US$800 million in 2004, the Philippine delegation noted that most of it was due to Iran's oil exports to the Philippines.
The Philippine delegation urged Iran to consider sourcing consumer products from the Philippines in order to equalize the trade imbalance and welcomed the substantial increase in Iran's imports of bananas from the Philippines.
Also during the talks, the Philippine Government expressed its appreciation for Iran's staunch support to the Philippines' bid for observer status in the Organization of Islamic Countries (OIC), while they continued bilateral cooperation on issues of human rights, campaign against terrorism, and peaceful use of nuclear technology. (ECV/Sunnex)
(December 21, 2005 issue)
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