TEHRAN - Imam Sadiq University’s Institute of Economic Diplomacy held the first National Conference of Iran’s Economic Diplomacy on Thursday in which the opportunities and challenges of expanding economic relations with the neighbors and with the world were discussed.

Organized in collaboration with Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), the conference was attended by the representatives of various trade and economy-related organizations and institutions including the TCCIMA Head Masoud Khansari and the chamber’s Secretary General Bahman Eshqi, the TCCIMA portal reported.

Speaking at the conference, Khansari described the development of political diplomacy and economic progress as the two wings needed for success in economic diplomacy and said: "In order to succeed in diplomacy, first of all, economic stability must be established and sustained within the country in its true sense."

Emphasizing that the proper use of economic diplomacy in the country requires using the capacities of the private sector and trusting the country’s businessmen and entrepreneurs, Khansari added: "Constructive interaction with the world with the aim of maximum benefit and securing national interests is the main condition for success in economic diplomacy. Therefore, in order to achieve this, attracting foreign investment and transferring the latest technology to the country will be doubly important.”

He referred to the economic situation of the country and reminded that during the last three years, the ratio of investment growth to capital depreciation has been negative.

"Developing practical and integrated solutions to return stability to the country's economy today is necessary and vital,” Khansari stressed.

He further mentioned the government’s goals for prioritizing the expansion of trade with the neighboring countries and said: “Studies show that the share of Iran's neighbors in the global economy is about five percent and this share has not changed much in the last 70 years. Thus, in its mere interaction with its neighbors, Iran actually interacts with five percent of the world economy.”

EF/MA