Norway export credit institute sees Iran trade opportunity

04 March, 2017
Source: Financial Tribune

Officials from Export Guarantee Fund of Iran and Norwegian Guarantee Institute for Export Credits (GIEK) discussed expansion of ties during a meeting held in Tehran.

The Norwegian export credit agency aims to familiarize itself with Iran’s business ambiance in order to support Norwegian exports.

“Several Norwegian firms active in various businesses have shown interest in doing business with Iran,” Wenche Nistad, GIEK’s chief executive, told Financial Tribune on the sidelines of the meeting.

“However, oil and gas is of high importance to us. Drilling vessels, drilling rigs and offshore services are what Norway has been exporting. I know seafood and fish could also be exported to Iran, but they are not normally among goods that we support.”

Nistad noted that GIEK basically deals with long-term finance.

“To learn more about Iran’s banking system and its operations is also among the main objectives of the trip,” she said.

“I know how sanctions prevented the development of Iran’s banking system. There are lots of regulations for banking operations in EU. I think Iranian banks need to learn how to deal with these regulations.”

The GIEK chief executive stressed that both sides have to learn more about each other.

Commenting on Norway’s $1 billion credit line for covering trade with Iran, Nistad said, “The plan is still in its early phases; more time is needed for starting such projects as we need to learn more about each other, know more about doing business with Iran and get familiar with Iran’s banking system.”

The credit line was granted to lran earlier in August during the visit of Borge Brende, Norwegian foreign minister, to Tehran.

Back then, EGFI and GIEK signed three memorandums of understanding to provide funds for development and infrastructure projects agreed between the two sides. The two agencies also agreed to expand ties in insurance, co-insurance and business data sharing.

“We also had the chance to discuss ties during Berne Union annual meeting,” she said.

Ivar Slengesol, director for lending at Export Credit Norway, and Anna Musiej Aanensen, senior vice president at Export Credit Norway’s Marketing Department, were also present at the meeting.

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