SBF Business Mission to Iran enhanced Singapore-Iran business relations

The Singapore Business Federation (SBF) led a business mission to the Islamic Republic of Iran from 2nd – 8th October 2009 with an 18-member delegation comprising of companies from the oil and gas, engineering, construction, marine offshore, shipping, township solutions and IT solutions industries. The business delegation was also joined by Non-Resident Ambassador of Singapore to Iran, Ambassador Ong Keng Yong and representatives from the Ministry of Trade and Industry and its economic

agencies.

The business delegation had fruitful briefings and meetings with the public and private sectors such as the Organization for Investment, Economic and Technical Assistance of Iran, KPMG, Bank Eghtesad Novin (the first private bank in Iran), Iranian National

Shipping Lines (they have an office in Singapore) amongst others.

A highlight of the mission was the ‘Singapore Day’ Business Forum which SBF co-organized with the Iranian Chamber of Commerce, Industry & Mines. It showcased Singapore to the Iranian business community via presentations by the Singapore economic agencies. The business matching session that followed generated very positive response. Business sales, over the next 12 months, attributable to the mission are expected to be S$85 million, where the oil and gas sector projects being the major contributors.

During the mission, a four-party Memorandum of Understanding (MOU) was also signed by a publicly listed Singapore Exchange maritime company, a Germany company, and two Iranian companies to conduct feasibility studies to evaluate a suitable business concept for cooperation. The initial idea proposed is to establish a holding company and three subsidiaries.

On matters relating to business transactions and exchanges, both the Iranian and Singapore business communities noted challenges concerning trade financing and visa issues. Both sides underscored their commitment to seek help from the relevant authorities to resolve these issues in a timely manner.