The Iranian minister of housing and urban development stated that the annual trade between Iran and Syria is on the rise reaching about $336 million last year from some $14 million in 1997.
In a meeting with Syrian Minister of Economy and Trade Amer Husni Lutfi in Tehran on Saturday, Ali Nikzad said that the Islamic Republic of Iran has over $1.6 billion worth of projects in hand in the Syrian Arab Republic.
The Islamic Republic of Iran Broadcasting (IRIB) quoted Nikzad saying that the construction of a cement factory, a car manufacturing plant, 10 silos, two power plants, tunnels, water canals, bridges, refinery boilers, a glass factory, manufacturing and repairing a variety of wagons and exporting electric transformer and posts comprise some of the projects.
He pointed out that custom's agreements and the exchange of high-ranking delegations between the two countries show Tehran and Damascus' determination in strengthening ties.
The Syrian Minister said that participation in the two countries exhibitions is necessary, adding that due to the cordial relations between the two countries he feels at home in Iran.
He said that the presidents of the two countries are closely watching and following up on economic and political developments of the two countries.
In recent years, Syria and Iran have made plans to enhance their already significant financial cooperation.
In January 2008, Iranian Press TV reported that the two countries planned to speed up the construction of a joint oil refinery.
The $2.6 billion contract, which involved Malaysia and Venezuela as well as the two Middle East countries, will have the capacity to refine 140,000 barrels a day, noting this would provide Iran with the ability to refine much more of its own crude oil, giving Tehran greater flexibility by weaning it off refined oil imports from neighboring states.
Tehran and Damascus cooperation also extends to the banking sector. The two agreed in July 2008 to establish a joint bank in Damascus with assets initially worth $30 million