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The Director of the Trade Promotion Organization of Iran (TPOI), Hamid Safdel confirmed that Iran and China can boost mutual trade by establishing a joint bank and using national currencies for their transactions. He also said that the two countries’ joint economic committee would help expand bank relations and ease opening letters of credit as well as establishing commercial firms. The Chinese ambassador, Yuhong Yang, told for his part that soon an economic delegation from his country would visit to Iran. The president of Iran-China Joint Chamber of Commerce has predicted that the annual trade between the two countries will reach $50 billion in the next 5 year.1
Meanwhile, Iran has successfully test-fired its newest version of Sayyad (hunter) anti-aircraft missiles. Sayyad 2, the domestically-made missile will be delivered to the military forces in the near future. Sayyad defense system is able to be used in electronics warfare as well. Sayyad 2 is a great deal more powerful compared to Sayyad 1 and can help improve the country’s anti-aircraft systems.2
- 1. “Iran proposes setting up joint bank with China,” Tehran Times, April 14, 2011, at http://www.tehrantimes.com/index_View.asp?code=238625
- 2. “Iran test-fires newest anti-aircraft missile,” Mehr News, April 16, 2011, at http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1290271