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The Ningbo Municipal Council for the Promotion of International Trade and the Iranian Port Abbas Chamber of Commerce Signed a Memorandum of Cooperation
- Details
- Category: Governmental News
- Published: Monday, 22 November 2021 12:39
Recently, the Municipal Council for the Promotion of International Trade and the Iranian Port Abbas Chamber of Commerce signed a memorandum of understanding on economic and trade cooperation through online means to promote cooperation between Ningbo and Iran enterprises and enhance the level of facilitation of Ningbo-Iran trade and investment.
Ningbo and Iran have frequent economic and trade exchanges. According to statistics, from January to August this year, Ningbo’s import and export volume with Iran was US$1.108 billion, a year-on-year increase of nearly doubled. Imported commodities mainly include primary shapes of plastics, crude oil, steel billets and rough forgings, and export commodities mainly include textile yarns. , Fabrics and products, motors, generators and auto parts, etc.
Iran is also actively investing in Ningbo. As of the end of August this year, Iran had approved 56 projects in Ningbo with a contractual foreign investment of US$12.7 million, an increase of 10% year-on-year. The main industries for investment include paint manufacturing, international trade and business consulting.
