In the middle of May 2005, Alderman Michael Savory “Lord mayor of London City” has entered Tehran as the head of a high-ranking financial- monetary mission in order to negotiate with country’s economic authorities, responsibles and brokers, about how to develop the economic relationship between the two countries. In addition to his meeting and negotiation with Dr. Sheybani, Director General of Central Bank, with Minster of Financial and Economic Affairs, Minister of Industry and meeting with a group of merchants in Iranian Chamber of Commerce, Industries and Mines on Wednesday, he has attended a one- day seminar organized by the Islamic Republic of Iran’s Shipping Line (IRISL).

Attending this one- day seminar, Lord mayor of London City negotiated with the General Manager of IRISL about cooperation in marine, financial and legal services between Tehran and London. Referring to the successes of Iranian transport industry, such as the prize for Best Marine Personality 2005 granted to Engineer Ali Ashraf Afkhami, Lord Savory said: marine transport and, generally speaking, Iranian navigating, should develop to Middle East and Far East in a way that this promotion could be done in two directions of financial market and foreign investment. It is obvious that the cooperation between Tehran and London could enjoy a considerable place and play an effective role in this respect.

Michael Savory added: Islamic Republic of Iran’s Shipping Line should consider the perspective of globalization and clarifies necessary guarantees for foreign investors in order to develop its crew, so that it would not undergo any loss. However this would not be achieved unless this topic is regarded from an extra national view and IRISL opens its arms for welcoming foreign investors.

He has continued: London welcomes the establishment of active offices of IRISL. He has clarified: the developing countries should accept the cooperation of private section because this is a frame from which all foreign developed countries and those with high economic growth are enjoying.

Lord Mayor of London City said: in the current year, the investment of London in Asia has reached the number 55 billion dollars and London would like to make it more. He considered privatization, as the main stimulant of Iran’s economy and said: this procedure should develop in its maximum because the effectiveness and competition would make trade and investment develop.

Michael Savory announced the readiness of English banks for cooperating in shipping and other economic sections in Iran.

Ali Ashraf Afkhami, General Manager of IRISL, has also said: the IRISL with its 15 ships, 1 dependent company, 2 billion dollars turnover per year and 6900 staff and 12 offices in the world is now cooperating with 110 different agencies from all over the world.

He added: this crew has 13 Panamax ships, 7 Handymax and 3 regional offices in Asia, Europe and Middle East; meanwhile it would shortly establish some offices in Algeria and Libya for more cooperation.

Afkhami said: during the last two years, the crew of IRISL has succeeded in buying 15 new container ships, 2 Panamax, one Handymax and a General Cargo, and is taking actions upon its strategic programs for the purchase of 64 new types of ships till 2008. He clarified: we are constructing 4 other ships in Bandar Abbas and will receive the first ship by the end of the Iranian year, besides the contract for the construction of 5 Panamax in China and 10 container ships in Korea has been signed and a memorandum for the construction of 16 ships for a price of 450 million dollars is being signed.

General Manager of IRISL expressed his hopes that the shares of this company could be offered in the stock market by the end of the Iranian year.

Afkhami said: during the last 5 years, the amount of the shipment of goods has reached 900 thousand TEU, while this amount has recently reached 10 million TEU. He said: the quantity of shipment in 2003 by our crew has been 16 million tons and reached 10 million tons by 2004 but with potential possibilities, the capacity of shipment for 50 million tons is also available.

Afkhami has announced the spent of 20 billion dollar for the improvement of the conditions of Imam Khomeini and Khorramshahr Ports and said: we are now investing in Assaluyeh Port and we count on it as a good opportunity.

Afkhami has requested London for the insurance coverage, investment and assessment of financial source for the crew of IRISL.

In this meeting Edmondus, Expert in Legal Affairs in London has also said: privatization means transferring ownership to private sector in order to have a better management which means that the control of government would be removed from the economic activities and the government could have a limited supervision. He added: the risk of investment should be transferred to those who have better management in a way that this action could be the power engine for the economic activities of a country.

Mathieu Gold, Chargé d’affaires of British Embassy in Tehran has also said: the private sector in Iran should have better ideas for its activities and, in between, England could be a suitable consultant and assistant in this atmosphere.

It is notable that in this meeting, Michael Savory negotiated with Engineer Khamoushi, President of the Iranian Chamber of Commerce, Industries and Mines and talked about the development of economic relationship between the two countries which has always been a key to open all the doors, the privatization of banks, reform of financial- monetary politics and how to develop the commercial relationships between the two countries.