Iranian President Visits Turkey First Time in 18 Years

By Selcan Hacaoglu Jun 9, 2014 9:42 AM ET

Iran and Turkey moved to strengthen business ties as Hassan Rouhani, the first Iranian president to visit Turkey in 18 years, seeks to re-engage his country in the world economy as sanctions ease.

The two governments reached agreement to link the railway network between the neighbors and improve cooperation in banking, Rouhani told a news conference with Turkish President Abdullah Gul. Rouhani is accompanied on the trip by more than 100 businessmen, seven ministers and central bank Governor Valiollah Seif, according to his Twitter account.

While Iran and Turkey support opposing sides in Syria’s war, Gul hailed Rouhani’s visit “as a turning point in economic relations.” The two countries seek to double annual trade to $30 billion by 2015 in the event of “unfair” sanctions against Iran being lifted, Turkey’s Development Minister Cevdet Yilmaz said June 3.

The prospect of a final nuclear accord between Iran and world powers is encouraging more governments and companies to prepare for a possible lifting of sanctions, which would unlock trade with the Persian Gulf’s most populous country.

‘Potential Partner’

“The economic sanctions due to its nuclear program are bleeding the Iranian economy and increasing discontent among ordinary Iranians,” said Ozgur Unluhisarcikli, director of the German Marshall Fund of the United States in Ankara by e-mail on June 6. “Turkey, which appears to be a regional rival, is ironically also a very important potential partner that could help Rouhani,” in breaking Iran’s diplomatic isolation and easing economic sanctions, he said.

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http://www.bloomberg.com/news/2014-06-08/rouhani-visits-turkey-to-boost-trade-discuss-sanctions-lift.html