Reported by HPMM Group according to FINANCIAL TRIBUNE ;     Lack of banking ties is a major issue concerning Iran’s relations with Sweden as it is with most other countries.

According to a senior member of Tehran Chamber of Commerce, Industries, Mines and Agriculture, not much progress has been made in easing banking ties with Iranian banks, because Swedish banks are linked with the US financial system.

“In addition to conforming to international standards, which is a concern for all major banks wishing to work with Iranian banks, the most import issue for [Swedish banks’ representatives] was that they had either invested in the US capital market or had American investors,” Ferial Mostofi also told IBENA.

Mostofi was referring to negotiations and meetings that were held last month at the invitation of the Stockholm Chamber of Commerce. She had travelled to Sweden as part of a delegation including Mohammad Khazaei, director of the Organization for Investment, Economic and Technical Assistance of Iran.

According to the official, during talks with a slew of officials and business representatives, including officials of Sweden’s Trade Ministry, Sveriges Riksbank, the nation’s central bank, and insurance companies, the main perceived problem in forming further ties with Iran was lackluster banking relations.

“About 150 Swedish companies were present in meetings with the Iranian delegation and all of them were interested in entering Iran’s markets.”

Mostofi, who also heads TCCIM’s Center of Investment and Consultancy Services, was speaking ahead of further meetings on April 18 that will take place when a Swedish delegation travels to Tehran.