Iran, Russia strike cooperation deals

Business Materials 1 December 2009 12:10 (UTC +04:00)

Iran and Russia signed four cooperation deals at the end of the eighth meeting of their joint economic commission in Tehran on Monday.

Iran''s Foreign Minister, Manouchehr Mottaki and Russia''s Energy Minister, Sergei Shmatko inked the deals, the Mehr news agency reported.

The deals are related to the joint economic commission, cooperation between energy ministries, state telecommunication companies, and two other telecom firms from the two sides.

The officials expressed satisfaction over holding of the joint commission meeting which would help bolster bilateral cooperation in the fields of transportation, telecommunication, energy, commerce, economy and banking.

"This is a very good opportunity for both sides to further exchange views and broaden mutual relations and cooperation," Mottaki said.

Shmatko also met with Iranian Oil Minister, Masoud Mirkazemi and agreed to establish a joint investment company in a bid to facilitate the cooperation in the field of energy.

Iran and Russia have expanded trade ties in many non-energy sectors of the economy, including a large agriculture agreement in January 2009 and a telecommunications contract in December 2008.

Reflecting Russia's growing economic relationship with Iran, the Russian minister of agriculture called Iran a "strategic partner" of Russia after the two signed the agricultural agreement in Moscow in January 2009.

Russian involvement in the Iranian telecommunication market continued to expand in August 2009, when Russia's third largest mobile phone operator, Megafon, pledged to invest more than $4.5 billion to expand coverage in the Islamic Republic.