Iranian, Chinese businessmen sign cooperation MOU

Business Materials 23 October 2012 15:54 (UTC +04:00)

Azerbaijan, Baku, Oct.23/ Trend G.Mehdi/

The China Council for the Promotion of International Trade and the Chamber of Commerce, Industries, and Mines of Iran's Alborz Province signed a memorandum of understanding in Beijing on Tuesday to expand cooperation, IRNA reported.

Xiong Jiuling, chairman of the Chinese council, and Hossein Toosi, the chairman of the Iranian Chamber of Commerce, signed the agreement.

According to the MOU, the two sides agreed to launch a joint venture and investment plans and facilitate commercial and industrial ties between private sectors of the two countries.

Dispatching trade delegations and exchanging technical services between the two sides were among the topics of the MOU.

Iranian Ambassador to China, Mehdi Safari said in August that the Islamic Republic and China plan to increase the value of bilateral trade to $70 billion in five years.

Safari commented on Iran's opportunity to attract Chinese investors and said that over the past two years the Chinese investment in Iran had risen from $120 million to $650 million.