IRNA – Iran is the island of stability in the region, the Deputy Minister of Economic Affairs and Finance Mohammad Khazaei said in Vienna on Friday in an international forum on development of Iran’s petrochemical sector.

The issue of snapback of sanctions has been completely resolved and Iran’s economy is entering a new phase of its development, the official noted.

He referred to transfer of investment to Iran because of instability in certain regional states in recent years and noted that Iran issued bonds for around 12 billion dollars of investment in 2016 which is unprecedented in Iran’s history.

Iran welcomes foreign investment and cooperation through Public-Private Partnership models, Khazaei added.

He underlined importance of establishment of credit lines between Tehran and the European capitals to facilitate cooperation, adding that most European countries have already taken important steps towards making the credit lines with Iran.

Iran will ink new credit line agreements with Denmark, Italy, UK, Germany, China, South Korea and Japan in the near future, Khazaei said.

He pointed to advantages of Iran’s petrochemical sector including availability of continuous and accessible feeds and easy access to domestic and international markets and noted that ground is now ready for foreign investment in Iran and using it as a hub for production and export of goods to the region.

Khazaei hailed the country’s economic progress since 2013 and in particular after implementation of the nuclear deal reached between Iran and G5+1 in 2015.