Thursday, February 10, 2005

Iran Daily: British Bank to Open Kish Branch

Iran Daily: "British Bank to Open Kish Branch

TEHRAN, Feb. 8--A Kish Free Trade Zone Organization (KFTZO) official said here Monday that the Standard Charter Bank of Britain will begin operating in the island from next month, IRNA said.
The Deputy Head of KFTZO for economic affairs Mohammad Ali Najafi said the entity is the second foreign-based bank after Iran-Europe Commercial Bank which started its operation in Kish last month.
Iran-Europe Bank is a joint investment between Iranian investors and German banks.
Najafi added that preliminary talks are underway on the project to establish an oil exchange. He added the oil exchange will be launched by a consortium made up of Kish Free Trade Zone Organization (KFTZO), Oil Ministry as well as the Ministry of Economic Affairs and Finance.
He hoped that Kish Island will soon turn into a regional hub for oil transactions.
Noting that part of the logistical services at Asalouyeh area are rendered from Kish island, he noted, "By establishing appropriate infrastructure in the area we have paved the way for involvement of foreign oil companies."
Through proper use of the skilled manpower favorable infrastructural facilities have been provided to turn the area into a major tourist, trade, monetary, banking and ICT hub.
A report released by KFTZO Public Relations Department said that 108 oil enterprises have already been registered at Kish Free Trade Zone, of which 50 percent have become operational.
It said that the trend of activities of industrial units in the KFTZ is satisfactory. "We are striving to draw exports oriented industries to the area.""

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