Iranian Saderat Bank's branch in Turkmenistan will issue letters of credit to Turkmen businessmen, according to a statement from the bank's representative.The announcement was made during a pre-departure orientation dinner for the upcoming Turkmen-Iranian exhibition in Mashad, scheduled for June 17, 2023.
The event took place on Saturday at the Industrial and Commercial Exhibition Complex of Iran in Ashgabat.
Iranian ambassador Gholam Abbas Arbab Khales, embassy officials and Iranian and Turkmen business representatives attended the pre-departure dinner.
A letter of credit is a cashless form of payment when money is transferred from the buyer to the seller not directly, but through a bank. The monetary document allows entrepreneurs to receive financial support and expand their businesses, which in turn helps increase trade and investment between the countries.
The branch's representative added that Saderat Bank has been working in Turkmenistan for 30 years and provides entrepreneurs with letters of guarantee on payment. A letter of guarantee on payment is a document that allows the customer to defer payment for goods, works, or services without breaking the delivery deadline.
Sixteen Turkmen businessmen will embark on a business trip on June 12 beginning at the Howdan-Bajgiran border checkpoints, where they will be greeted by Iranian officials, the Embassy of Iran in Turkmenistan informed.
The business trip will continue on to Bojnourd in North Horasan province and Gorgan in Golestan province, where the Turkmen delegation will meet with Iranian colleagues for B2B meetings and exhibitions. The final destination of the journey is Mashad, where the Iran-Turkmenistan business forum will take place on June 17.