Switzerland to invest in power generation in Iran

Switzerland plans to invest $1mln in the province to generate some 100 megawatts of wind electricity. The Swiss investor and executive-director of Mistral Company said in a meeting with the East Azarbaijan's Governor-General that if the conditions are satisfactory, they will persuade other investors to undertake project in the province, the Islamic republic news agency reported. East Azarbaijan's Governor-General Ahmad Alireza Beigi, for his part, said that the project will help develop bilateral ties and win both sides' confidence to undertake greater works in future. He also said that the investors come to Iran and find out that the propaganda against the country is not realistic. Earlier, the Swiss Foreign Ministry dismissed the US-led West's oil and financial embargos against Iran, and announced that the Central Bank of Iran can continue business activities in Switzerland. Iran's central bank, under siege from the US and European Union, which froze its assets in January, can keep doing business in Switzerland because of its systemic importance to the Persian Gulf nation's economy, said a spokesman for the Swiss Federal Department of Foreign Affairs. Switzerland will also leave the door open to Iranian oil imports, the spokesman, Rudolf Christen, said according to Bloomberg.