Iran and Italy Chamber of Commerce announced that Italian business sector’s willingness to increase investments in various industrial and commercial fields in Iran.

Mr Pier Luigi d Agata secretary of Iran and Italy Chamber of Commerce said that trade relations between the 2 countries is very good. Despite the global financial crisis Italy is Iran’s number one trade partner in the EU with EUR 6 billion transactions.

Mr Agata stated that work and Investment Opportunities in Iran for Italian Companies which was held in Italy last Tuesday with over 120 businessmen was a great success and showed the importance of the Iranian market for Italian firms.

Italy traded more with Iran than any other member of the EU in 2007; bilateral trade between the 2 totaled well over USD 7.5 billion. Much of Italy’s trade with Iran comes from investments made by Italy’s energy company, Eni in Iran’s oil and gas reserves. Beyond cooperation over hydrocarbon extraction, Italy and Iran have cooperated in the commercial industry.

Iran has expressed interest in increasing its cooperation with Italy’s banking sector but the extensive UN Security Council and EU sanctions would hamper any potential banking cooperation between the 2. Despite extensive sanctions against Iran’s nuclear program, many of which Italy has voted in favor of both in the UN and the European Union, Italy continues to be a strong bilateral trade partner of the Islamic Republic.

In March 2009, Mr Alberto Bradanini Italian Ambassador to Tehran called on Iran and Italy to expand economic cooperation. He said that the Persian Gulf Mining & Metal Industries Special Zone was a major possible center of future foreign investment.

In April 2009, Mr Gholam Hossein Nozari former Iranian oil minister announced that the beginning of studies on the construction of a new gas pipeline between Iran and Europe which would Link Iran to Italy and Greece.

(Sourced from Mehr News Agency)