TEHRAN, Nov. 11 (Xinhua) -- Austria plans to open several bank branches in Iran to facilitate mutual trade activities, an Austrian trade official was quoted by Press TV as saying on Friday.
Key banks such as Bank Austria and Raiffeisen Bank International are interested in cooperating with their Iranian partners, Helmut Steurer, head of the Chamber of Commerce of Austria's Vorarlberg region, said.
Iran and Austria have already signed several investment protection pacts that will help prepare an appropriate base for the expansion of investment activities in Iran in the future, Steurer said.
There is a huge potential in Iran for investments by European partners, he said, adding that Vorarlberg can also help enterprises in Germany, Switzerland and Lichtenstein bordering this region step into the Iranian market.
Austrian Ambassador to Tehran Friedrich Stift said Monday that banks of Austria are ready to open branches in Iran in the near future to facilitate financial cooperation.
"The Austrian banks intend to return to Iran, and an Austrian bank has already voiced its preparedness to launch its branch in Iran," Stift said addressing a conference on developing Iran-Austria trade cooperation.
"In some junctures in the past, the trade balance between the two countries hit 800 million euros (about 885 mln U.S. dollars), and Austrian imports hit 400 million euros from Iran, but now the level of the economic relations has been reduced," he said, underlining the need for the expansion of mutual ties.
In his visit to Austrian capital Vienna in June, Iranian Economy Minister Ali Tayyebnia discussed bilateral ties, particularly in the economic and banking fields, with Director General of the Austrian Control Bank Rudolf Scholten and emphasized the need for the enhancement of collaboration.
The Iranian economy minister pointed to the measures taken in Iran to fight money-laundering and stressed readiness for further cooperation in the specified financial and banking sectors.
