TEHRAN (CBI PR dept) – To strengthen Iran and Luxembourg relations, both nations need banking ties which can be realized through opening of representative offices and bank branches in both countries. In this way, the banking ties will expand gradually.

In a meeting with Deputy Prime Minister and Minister of Economy of Luxembourg, the CBI governor Dr. Seif welcomed the idea of opening bank branches and agencies in Iran and expressed Iranian banks’ willingness to  establish branches and representations in Luxembourg and said: “Banking relations will develop concurrent with the establishment of correspondent relations. Iran and Luxembourg economies are complementary to each other. Since Luxembourg is seeking new consumer markets and investment opportunities, and Iran needs to attract foreign investors, it is necessary for both sides to take advantage of the economic potential.

“The proper banking relations are prerequisites for relations between the two countries. If we look at the future positively, mutual cooperation will improve. Now Iranian banks are moving towards international standards and accordingly, there is no problem for interactions between Iranian banks and their European counterparts.” Seif insisted.
Head of Money and Credit Council proposed more consultations between bankers in Iran and Luxembourg in order to explore new ways of enhancing banking cooperation and said: “Meeting between two groups of bankers could be an opportunity to exchange experiences; it also helps to resolve possible ambiguities about JCPOA.”
He pointed to the experience of Islamic banking in Iran and said: “Iran has abundant experience in the field of Islamic banking. Meanwhile, appropriate measures have been taken about Islamic financial instruments in recent years. Taking advantage of the experience of Luxembourg banks in the field of financial instruments, both nations can deepen their relations.”
“There is an immense capacity between the two nations and both Iran and Luxembourg can benefit from potential common interests. Iran's rich natural resources and its educated skilled young workforce together with a significant consumer market constitute a unique opportunity for entrepreneurs and investors but, at the same time, it necessitates strong banking relationship.” He added

Deputy Prime Minister and Minister of Economy of Luxembourg expressed his satisfaction with the continued cooperation between the two sides and said: “Fortunately, cooperation between the two countries can improve after lifting sanctions and there is no barrier in trade collaboration between the two countries. Now we are at the beginning of the formation of trade relations, in the meantime it should be noted that Luxembourg has 30 years of experience in the field of Islamic banking.
Schneider informed that Luxembourg is ready to exchange training expertise between the two countries and said: “Luxembourg is one of the most successful countries in the field of Banking Training. We welcome educational exchanges. I also hope that a delegation of bankers will expand Luxembourg's banking and business relations with Iran in near future.”
During this meeting the Deputy Prime Minister and Minister of Economy of Luxembourg invited the Governor of CBI to pay a visit to that country and meet his counterpart to discuss areas for mutual cooperation.