Norwegian FM Børge Brende said a one-billion-dollar credit line has been opened for companies who are eager to cooperate with Iran.

Børge Brende, Minister of Foreign Affairs of Norway, met and talked with Iran’s Economy Minister Ali Tayebnia on the sidelines of World Bank-IMF Annual Meetings 2016 in Washington DC.

An export credit line worth one million dollars has been allocated to Norwegian companies 400 million dollars of which have been used to export advanced technologies to Iran

“Norway encourages its companies, banks and monetary institutions to launch cooperation with Iran,” said Brende adding “DNB ASA, Norway’s largest financial services group, has plans to participate in the Iranian market and welcomes partnership in marine, fisheries, oil and gas sectors.”

The Norwegian official said Iran could make an excellent trade partner given its high stability and political security as well as the upward trend of its economic growth.

“An export credit line worth one million dollars has been allocated to Norwegian companies 400 million dollars of which have been used to export advanced technologies to Iran,” he continued.

Also at the meeting, Iran’s Tayebnia said “despite existence of great potentials for further cooperation, the current economic ties between the two sides are far from satisfactory.”

The official referred to Iran’s achievements in economic areas asserting “great progress has been made in oil sales and reaching agreements with other states though certain difficulties still persist over reinvigoration of ties with Europe which will hopefully be resolved in near future.”

He further enumerated possible venues for collaboration between Tehran and Oslo including oil, gas, fisheries as well as financial arenas.

“Norwegian firms previously had an effective presence in development of energy fields in Iran though their activities were almost suspended during cruel sanction years,” said Tayebnia.

He further called for signing of fundamental deals between the two countries like the agreement of avoidance of double taxation as well as customs and investment contracts.

“Initiating banking ties between Iranian and Norwegian banks would also facilitate escalation of bilateral economic ties,” concluded Iran’s economy minister.