TEHRAN – Iranian Industry, Mining, and Trade Minister Abbas Aliabadi has said the One Belt One Road (OBOR) initiative is going to facilitate both Iran and China’s economic development, IRNA reported.

Speaking in an Iran-China business forum held on the sidelines of the 6th China International Import Expo (CIIE), Aliabadi said: “China's One Belt One Road initiative offers many opportunities to develop our country's infrastructure, such as ports, railways, etc., which can facilitate the economic development of the two countries.”

Pointing out that fundamental measures should be taken to develop Iran-China trade, he noted: “In 2022, China's non-oil imports from Iran were 6.35 billion dollars, most of which were petrochemical products, mineral and metal products, medicine, agriculture, and fishery products.”

“China's export to Iran was 9.44 billion dollars, most of which were electronic, electrical and power plant equipment, transportation, various industrial and metal goods and equipment, chemical products, plastic goods and products, and textiles,” he added.

Iran has significant experiences and achievements in the field of petrochemical and refinery products and some knowledge-based products, which can be attractive to Chinese businessmen, the official said.

Pointing out that the relations between Iran and China have more opportunities to grow today than ever before, Aliabadi said the long-standing relations between Iran and China go back several centuries and have always been pursued in a positive atmosphere.

The Belt and Road Initiative (BRI), also known as the OBOR or the Silk Road Economic Belt and the 21st-century Maritime Silk Road, is a development strategy adopted by the Chinese government involving infrastructure development and investments in 152 countries and international organizations in Europe, Asia, West Asia, Latin America and Africa.

"Belt" refers to the overland routes for road and rail transportation, called "the Silk Road Economic Belt"; whereas "road" refers to the sea routes, or the 21st Century Maritime Silk Road.

The Chinese government calls the initiative "a bid to enhance regional connectivity and embrace a brighter future". Some observers see it as a push for Chinese dominance in global affairs with a China-centered trading network.

EF/MA