Iran’s President Mahmoud Ahmadinejad described the failure of the existing global economic system as a historic opportunity to develop a new economic management model for the world

Iran's President Mahmoud Ahmadinejad described the failure of the existing global economic system as a historic opportunity to develop a new economic management model for the world.

“Today, the economic order and the capitalist administration dominant over the international arena have failed,” said the Iranian president during a Tuesday meeting with visiting Kyrgyz Finance Minister Akylbek Japarov in Tehran to discuss a further expansion of ties between Kyrgyzstan and the Islamic Republic.

President Ahmadinejad also expressed satisfaction over the recent developments in the Central Asian country, which led to the “rule of the people” and said, “The move towards progress by the government and nation of Kyrgyzstan is clearly evident.”

Referring to the historical, cultural and civil ties between the two nations, the Iranian president underlined that there is no limits in the way of expanding relations between Tehran and Bishkek.

For his part, the Kyrgyz finance minister made a reference to the existing agreements signed by authorities of both nations and expressed optimism that the volume of bilateral trade would reach a billion dollars “within a short period.”

Japarov further described the Islamic Republic as “a great and influential country in the region and the world” that can be an ‘appropriate model’ for other nations in many fields.

He also stressed on the need to use local currencies in bilateral trade deals between Tehran and Bishkek, adding that the global economic crises demonstrate that the financial policies dictated by the dominant powers are no longer relevant.