Tehran is hoping for investment: Iran and China forge close cooperation

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Tehran is hoping for investment
Iran and China forge close cooperation

Tehran and Beijing are getting closer: the states are planning an agreement to work together more intensively – economically, politically and militarily. Iran is hoping for billions in projects in its own country. China also benefits significantly from the stronger ties to the oil-rich country.
According to Tehran, Iran and China want to sign a comprehensive and long-term cooperation agreement this Saturday. The 25-year agreement contains “political, strategic and economic” agreements, said the Iranian Foreign Ministry’s spokesman, Said Chatibsadeh, on state television.

The agreement is to be signed on the occasion of the current visit by China’s Foreign Minister Wang Yi to Tehran. Yi had arrived in the Iranian capital the day before. According to Chatibsadeh, he and his Iranian colleague Mohammad Jawad Zarif should sign the cooperation agreement around noon.

It should pave the way for Chinese billion-dollar investments. In return, Iran wants to deliver oil at low prices. According to information from Tehran, cooperation in the military field is also planned. President Hassan Ruhani spoke of a strategically important project for economic growth in Iran as well as stability and peace in the region.

Iran suffers from economic crisis

Chatibsadeh emphasized that the agreement could “very effectively contribute to deepening Sino-Iranian relations”. The spokesman recalled the visit of Chinese President Xi Jinping to Tehran five years ago, during which the foundation stone for the comprehensive cooperation agreement was laid.

Xi and his Iranian colleague Hassan Ruhani decided to strengthen bilateral relations between their countries. As a result, both sides agreed to work together in the transport, energy and industrial sectors, among other things.

Because of the penalties imposed by the USA in 2018, Iran is in an economic crisis that has been exacerbated by the corona pandemic. Since the new US President Joe Biden does not want to lift the sanctions in the short term, the government is orienting itself more towards China and Russia. The agreement is not well received by the population. After the 2015 Vienna nuclear deal, the Iranians had hoped for more cooperation with the West. Chinese goods are not very popular in the country’s markets.





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Tehran hoping investment Iran China forge close cooperation

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