Lebanon welcomes implementation of industrial projects by Iranian companies

Iran Materials 25 September 2012 18:33 (UTC +04:00)

Azerbaijan, Baku, Sep.25/ Trend F.Milad/

Iranian companies are determined as the top priority for implementation of industrial projects in Lebanon, the Lebanese industry minister has said.

In a meeting with Iranian Ambassador to Lebanon Ghazanfar Roknabadi in Beirut, Vrej Sabonjian said that Lebanon is ready to expand industrial cooperation with Iran, the IRNA news agency reported.

In his turn, Roknabadi, expressed Iran's readiness to establishment of industrial estates in Lebanon.

Lebanon and Iran are mulling a free trade area, Lebanese Economy Minister Nicolas Nahas said on May 4, welcoming the step as a boost to bilateral trade between the two countries.

"We are currently developing the agreement that would include phasing out customs and fees on imports and exports between the two countries [in the free trade zone]," he said.

Iran's First Vice President Mohammad-Reza Rahimi said that annual trade between the countries currently amounts to around $150 million, noting that the two countries have decided to increase the level of their bilateral transactions by 14 times against the current level.

Rahimi added that based on a $1.5 billion investment plan, Iran is set to build three 500-megawatt power plants in Lebanon, adding that further agreements have been made for the construction of six 25-megawatt plants at the value of USD 150 million as well as transfer of 50 megawatts of electricity to Lebanon through the Iraqi and Syrian territories.