Iran plans to increase trade with China to $60 billion a year

Almaty. March 12. Silkroadnews - Iran plans to increase trade with China to $60 billion a year, informs the Iranian News Agency (IrTAG), referring to the chairman of the Iran-China Chamber of Commerce Assadulla Askarouladi.
According to him an extremely important role in increasing trade between Iran and China is the private sector, which should have done a great job and actively cooperate with Chinese companies in the creation of new joint ventures and joint projects in various sectors of the economy.
Moreover, the head of the Chamber of Commerce, said that over the past three months, China has opened for Iranian companies a credit line for $4 billion. He also added that in the current month it is planned to increase this amount to $5 billion.
Today, China is the main trading partner of the Islamic Republic, and economic ties between the two countries continue to grow steadily. So, in late February, Iran was visited by a delegation consisting of more than 100 investors from China who got acquainted with the country's large-scale projects, particularly in the petrochemical industry.
As previously reported, China has a debt to Iran for the supply of Iranian oil in the amount of about $20 billion. According to some sources, these funds have been frozen in accounts of foreign banks after in 2012 the US government unilaterally imposed additional sanctions on the Central Bank of IRI. Subsequently, it was reported that Tehran and Beijing agreed to repay this debt through financial participation in the development of China's petrochemical industry in Iran.