Iran and Lebanon inked a memorandum of understanding at the end of their follow-up committee meeting of the sixth joint economic commission in Tehran, IRNA News Agency reported on Wednesday.
Deputy Iranian Housing and Urban Development Minister Seyyed Ali Lotfizadeh and the Director of Economic Affairs of Lebanon's Foreign Affairs Ministry Mustapha Hamdan signed the MOU.
According to the signed MOU the follow-up committee meetings will be held in the capitals of the two countries every 4 months.
An Iranian trade delegation will also visit Lebanon in August.
Iran has enormous competence in many fields and is ready and willing to give a hand in all sectors to its close and brother nation Lebanon, Lotfizadeh said.
The sixth Iran-Lebanon joint economic commission was held in Beirut about a year ago.
In the past Iranian calendar year (ended March 20, 2010) trade between the two countries stood at $180 million, of which $85 million went to goods exported from Lebanon.
Lotfizadeh pointed out that the Islamic Republic of Iran was prepared to carry out projects in education at all levels and fields, open Lebanese banks' branches in Iran, open fairs, exhibitions and shopping centers, and establish air, land, rail and sea transportation.
In addition, Iran wants Lebanon to make use of the credit line granted to Beirut by Tehran and cooperate in setting up joint commercial councils as well as establishing a consular committee between the two states, he said.
"Furthermore, Iran is eager to remove diplomatic and government visas for the officials of the two countries," the official explained.