The Forum for Partners in Iran's Marketplace

January 2017, No. 82

Trade & Business

Tehran, Sarajevo Mull Visa-Free Regime

Iran and Bosnia-Herzegovina have signed a memorandum of understanding (MoU) on promotion of business cooperation and mutual investment.

The document was signed by the countriesí officials in the presence of Iranian President Hassan Rouhani and the visiting chairman of the Presidency of Bosnia-Herzegovina, Bakir Izetbegović, during a ceremony at Tehranís Sadabad Complex (Oct. 25).

It envisages expansion of cooperation between the countriesí enterprises and industrial parks. The agreement also calls for cooperation between small and medium-sized enterprises.

President Rouhani and Izetbegovic held a joint press conference after their meeting, highlighting the importance of expanding relations.

ďThe relations between the two countries have always been friendly since the independence of Bosnia-Herzegovina and this trip [Izetbegovicí visit to Iran] will be a starting point to expand relations,Ē Rouhani explained.

Bosnia-Herzegovina can facilitate Iranís entry into the European markets, said Izetbegovic, adding that the JCPOA (Joint Comprehensive Plan of Action or Iran nuclear deal) has provided good grounds for development of bilateral ties between the two nations.

He further said that Tehran and Sarajevo must take steps to facilitate grounds for mutual investment.

A joint commission, to be held in the Bosnian capital of Sarajevo in December, is to examine and finalize the list of the areas of bilateral cooperation, the Iranian chief executive said. 

Bosnia-Herzegovina can facilitate Iranís entry into the European markets, said Izetbegovic.

Visa Free Travels 

Iran Majlis Speaker Ali Larijani and President Izetbegovic discussed plans for lifting visa requirements for the two countriesí travelers.

In a meeting with the Bosnian president, Larijani highlighted the role of tourism in the expansion of economic relations between Tehran and Sarajevo.

He underlined that lifting visa requirements for travels between Iran and Bosnia-Herzegovina would greatly help the two countries unleash the potential for economic interaction. 

Iran Oil Import 

Bosnia-Herzegovina was expected to hold a new round of negotiations to import oil and byproducts during the visit of Izetbegovic to Tehran.

Diversification of oil export markets is a declared policy of the Iranian government in the post-sanctions era and Eastern Europe is a top emerging market.

Over the past nine months, Iran managed to expand crude exports to Hungary, Poland and Romania under spot contracts.

State-owned National Iranian Oil Company is said to have conducted talks with Russian oil and gas firm Zarubezhneft on oil sales to Bosnia. Zarubezhneft specializes in exploration, development and operation of oil and gas fields outside Russia.

According to Ali Kardor, NIOCís new managing director, Zarubezhneft owns a refinery in Bosnia and Iran can supply the refineryís total crude oil demand. 

Meeting with Leader, EC Chairman, Speaker 

Leader of the Islamic Revolution Ayatollah Ali Khamenei expressed the Iranian governmentís full readiness to improve cooperation with Bosnia-Herzegovina in various political and economic sectors and boost bilateral coordination in international communities. He made the remark in a meeting with Izetbegovic, in Tehran (Oct. 25).

The Bosnian official also hoped that relations between Tehran and Sarajevo would result in effective economic cooperation and serve common interests of both sides.

Izetbegovic arrived in Tehran (Oct. 24) at the invitation of the Iranian President. He held separate talks with Rouhani, Larijani, and Chairman of the Expediency Council Akbar Hashemi Rafsanjani.


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  January 2017
No. 82