Japan’s Banks Plan Stronger Presence in Iran

Katsuyuki Kawai, a senior adviser to the Japanese premier, held a meeting with Governor of the Central Bank of Iran (CBI) Valiollah Seif in Tehran on Tuesday.

Highlighting Japanese banks’ enthusiasm for stronger presence in Iran, Kawai demanded that Tokyo receive the necessary information from Iranian banks that are willing to promote cooperation with Japanese ones.

For his part, Seif hailed Japan as Iran’s “big economic partner in East Asia”, saying the ground is set for the expansion of trade ties between the two countries.

Back on January 22, Japan lifted its key sanctions against Iran, including bans on making new investments in the oil and gas sector using export credits.

Tokyo’s decision came a week after implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The JCPOA, which came into force on January 16, has terminated all nuclear-related sanctions on Iran, reopened the doors of foreign investment to the country’s market, and prepared the ground for a much-anticipated economic boom.