TEHRAN (Iran News) –Iranian Finance and Economic Affairs Minister Ehsan Khandouzi has announced launching a joint bank and insurance company with Syria, the ministry’s portal Shada reported.

Khandouzi made the announcement after meeting with Syrian Communications and Technology Minister Iyad Mohammad al-Khatib and the country’s Economy and Foreign Trade Minister Mohammad Samer al-Khalil in Tehran on Monday.

According to Khandouzi, the insurance company is a consortium of Iranian and Syrian insurance firms and the joint bank is also shared, with Iran owning 60 percent and Syria 40 percent of the shares.

He noted that the mentioned bank and insurance company have been launched mainly with the aim of facilitating the activities of Iranian businessmen and traders in Syria.

“We hope that with more cooperation between the two countries, especially in the fields of taxation and customs, we will witness a new chapter in economic relations between the two countries,” Khandouzi said.

The Syrian market is a very green market that can provide an excellent opportunity for Iranian companies, manufacturers, investors and businessmen, he added.

According to the minister, the ease of using investment and trade opportunities in the Syrian market following the agreements made, can be attractive to many Iranian companies, since it can increase their export potential and revenues and also deepen their influence in neighboring countries.

“Of course, we are also ready to welcome Syrian investors and businessmen in Iran. It seems that the institutionalization of the financial and insurance sector, as a necessary prelude to advancing business and investment goals, can be considered good news for the economic operators of both sides,” the official said.

Following a visit of Iranian President Ebrahim Raisi to Syria in May, a delegation of the country’s senior officials traveled to Tehran on Sunday to meet with Iranian counterparts and explore avenues of cooperation and also follow up on the agreements reached during President Raisi’s visit to the country.