Singapore for more trade with Iran

Kual Lumpur, Jan 26, IRNA -- An official with international trade department in Singapore Business Federation (SBF) called for promotion of trade relations of this city-state with Iran. On the eve of a visit to Iran by a big trade delegation from Singapore, Chairman of SBF's international trade department Kudi Lee told IRNA that imposed sanctions against Iran have placed restrictions on development of economic relations with Tehran, but it is hoped that with the reduction and lifting of the sanctions, the ground would be prepared for more trade ties. A group of Singaporean tradesmen will travel to Tehran next week to study the opportunities of investment in the country. Kudi Lee said the delegation comprises representatives of some 20 Singaporian firms. They will also pay a visit to Isfahan. The delegation, led by vice president of Singapore Business Federation, will meet Iranian businessmen to discuss promotion of ties. They will stay in Iran until February 5. Iran-Singapore relations have been developed since President Rouhani took office. Iran-Singapore Parliamentary Friendship Group paid a visit to the city state in December and met with Singapore's high-ranking officials. Bilateral trade exchanges exceeded $5.6 billion in 2011, but they reduced to $ 2 billion and 100 million in 2012 due to the West's unilateral sanctions. Singapore, with a total area of 718.3 skm, exported over $407 billion and imported over $376 billion in 2013.