Official: Iran, UAE economic complementary for each other

Head of Iran's Chamber of Commerce, Industry and Mines in Dubai. United Arab Emirates, said the existing potentials in the industrial sectors of Iran and the United Arab Emirates (UAE) can be complementary to each other.

Mohammad Nahavandian in a conference dubbed as "Privatization, Iran's investment opportunity, trade cooperation with the UAE" here on Monday said, "Existing huge natural and human resources in Iran can assist both countries to achieve the goal."

Concerning joint projects between Iran and UAE, Nahavandian said "These two countries can have close cooperation with each other to promote economic relations among Islamic countries by using each other's abilities in implementing joint economic projects."

Referring to the trade exchange level between the two countries, the Iranian official said, "Currently UAE is the first trade partner of Iran and its exchange level reaches more than 12 billion dollars annually, although this is a desirable level, but it needs more efforts to increase the bilateral cooperation level." Active private sectors of Iran and the UAE in the trade exchange indicated their interest and intention to expand bilateral cooperation in all fields, he said.

Meantime, Head of Tehran's Chamber of Commerce, Industries and Mines said yesterday Iran's economy that was centralized at state rule for 80 years is to be privatized in accordance with Constitutional Article 44 now. Yahya Ale-Es'haq said that the Iranian private sector is thus going to take the lead of the Iranian economy for the first time in eight decades.