In this period, trade between the two countries reached $487 million. This is evidently to restore bilateral trade relations to the level prior to the intensification of cruel Western sanctions on Iran.

Increasing the capacities for economic cooperation as well as making joint investments were among the targets of officials of Iran and Singapore to expand trade relations by removing the obstacles.

“We are attempting to work out an effective solution to establish banking relations between the two countries,” said the head of Iran Chamber of Commerce, Industries, Mines and Agriculture, Gholamhossein Shafe’i earlier, in a meeting with Singapore’s non-resident ambassador to Tehran, Ong Keng Yong.

Prior to the tightening of sanctions, Singapore cooperated with Iran in the oil and energy sectors as well as providing techno-engineering services. At present, the country seeks an active presence in the Iranian market given the new atmosphere in the Middle Eastern state and its foreign relations in the post-JCPOA era.

Efforts by Iran and Singapore aimed at expansion of economic cooperation in the post-sanctions era are expected to result in greater participation of the latter’s investment companies in projects of the former’s renewable energies sector as well as closer collaborations between the two states and increased joint activities in the fields of oil and gas production, information technology as well as development of port and ship building industries, he concluded.