TEHRAN - The head of Iran’s Trade Promotion Organization (TPO) said the country has established a SWIFT-like financial system to do business with several countries in national currencies.

Iran has currently established direct financial interactions with 10 countries through their national currencies, Mehdi Zeyghami stated.

Speaking on the sidelines of the inaugural ceremony of the 6th Export Potentials Exhibition of the Islamic Republic of Iran (Iran Expo 2024), the deputy minister of industry noted that 103 countries are partaking in the exhibition.

In this exhibition, Iran will showcase its export capabilities and potential to both domestic and foreign visitors in various fields including steel, technical and engineering services, petrochemicals, machinery, foodstuff, medical equipment, knowledge-based products, etc, he stated.

A high-ranking trade and economic delegation from North Korea has traveled to Iran to visit the country’s export capabilities, he added. 

The exhibition is hoped to pave the way for other countries to get more familiar with the export potentials of the Islamic Republic of Iran, the official said.

Various contracts are expected to be concluded by the private sector in this exhibition and it is hoped that Iran’s private sector companies will hold constructive talks with their foreign counterparts, he added.  

Iran Expo 2024 kicked off in Tehran on Saturday.

Addressing the opening ceremony, President Ebrahim Raisi described sanctions as a symbol of oppression.

Sanctions are a kind of war, but not a military one, a war that deprives a nation of what it can achieve, he said.

In the battle of wills, the Iranians decided to overcome the sanctions by trusting in God and relying on domestic capabilities, he said, adding that the spokesman of the White House announced that the maximum pressure on the Islamic Republic had shamefully failed.

The Iran Expo 2024 shows that Iran is invulnerable to sanctions and that sanctions have never been successful against this country, he stressed.

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