TEHRAN - The chairman of Iran-Syria Joint Trade Committee said the Iranian trade center in Damascus is going to be opened within the next three months, ILNA reported on Wednesday.

“Equipping the trade center is in the final stages and it will be opened in the next three months, maximum,” Keyvan Kashefi said.

“Many businesses and companies have signed up to have booths in the trade center, and now the maps for the center have been prepared and we have presented the map to all applicants to lease the units based on in the form of annual contracts,” Kashefi said.

The official also mentioned a suggestion for opening a new $1 billion credit line for Syria by the Central Bank of Iran, saying “Iran Chamber of Commerce has proposed to the central bank to allocate a second credit line worth $1 billion to Iranian companies active in Syria and the line’s structure is so that all Iranian companies active there would be able to use this credit line provided that they are approved by the chamber.”

Iran and Syria agreed on establishment of an Iranian Trade Center in Damascus free zone back in January.

The decision was made during a visit by an Iranian economic delegation to Syria.

In late August, the two countries held their first joint trade committee meeting in Damascus, during which the two sides stressed their willingness for further expansion of economic ties.

Iran and Syria have been exchanging numerous trade delegations in the past few months and Iranian private companies are investing in different areas like providing construction materials especially cement and working on several reconstruction projects in Syria.

In August 2018, a delegation comprised of Iranian economic experts traveled to Syria to explore investment opportunities and finalize the reconstruction plans of the war-stricken country.

Also in January, the 14th preparatory meeting of Iran-Syria high joint technical committee of economic cooperation was held in Damascus.

EF/MA