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Larijani Urges Boost in Economic Ties with Singapore

Service : Economy
TEHRAN June 7 (ICANA) – Iranian Parliament Speaker Ali Larijani in a meeting with Singaporean Trade and Industry Minister Lim Hng Kiang called for the further expansion of economic relations between the two countries.
Tuesday, June 07, 2011 8:17:34 PM
Larijani Urges Boost in Economic Ties with Singapore

"At present the level of economic ties between Iran and Singapore stands at $2bln annually but there is a possibility for increasing the amount," Larijani said during the meeting in Singapore.

He also underlined that Iran holds a positive view on the further development of relations and cooperation with Singapore.

During the meeting, Kiang welcomed Larijani's visit to Singapore, and said the trip creates a good opportunity for the Singaporean businessmen and capital holders to become acquainted with Iran's potentials and capacities.

Earlier, Singaporean Foreign Minister George Yong-Boon Yeo, who was in Iran for the 9th ministerial meeting of the Asia Cooperation Dialogue (ACD) in November 2010, had stressed that new ways of economic cooperation with Iran could be found despite the UN Security Council and western sanctions against Tehran.

"Of course, sanctions may create some problems but there are ways to set them aside," Yong-Boon Yeo said.

"Sanctions cannot stop economic development," he added.

Despite the rules enshrined in the Non-Proliferation Treaty (NPT) entitling every member state, including Iran, to the right of uranium enrichment, Tehran is now under four rounds of UN Security Council sanctions for turning down West's calls to give up its right of uranium enrichment.

Yet, after the UN Security Council approved the fourth round of sanctions on Iran on June 9, the United States and the European Union started approving their own unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors.

Tehran has dismissed West's demands as politically tainted and illogical, stressing that sanctions and pressures merely consolidate Iranians' national resolve to continue the path.

Political observers believe that the United States has remained at loggerheads with Iran mainly over the independent and home-grown nature of Tehran's nuclear technology, which gives the Islamic Republic the potential to turn into a world power and a role model for other third-world countries.

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