Italian private sector digs deeper into Iran, signs more deals

Baku, Azerbaijan, April 13

By Khalid Kazimov - Trend:

A group of Italian private companies and representatives from Iranian governmental companies as well as a group of members of Iran Chamber of Commerce, Industries, Mines and Agriculture, have inked over 10 documents on cooperation in various sectors of energy, steel, communication, aviation, airports and medical.

The documents were signed during Iran-Italy trade meeting this morning with the participation of Italy's Prime Minister Matteo Renzi and Iranian industry Minister Mohammad Reza Nematzadeh, in Tehran, IRNA news agency reported.

According to the report, Iran's Engineering & Construction Companies Association and Italy's ANIMP signed a memorandum of understanding (MoU) for cooperation in designing and launching new project in oil and gas sectors in Iran and neighboring countries.

Italy's SMI (Sistema Moda Italia) and Tehran garment union also signed an agreement for expansion of cooperation in trade and industries regarding fashion and textiles.

Italy's IMQ, Fata SPA, Italtel, Itway, Belleli Group, Vitali SPA, Stefano Boeri, Dimensione SPA and Danieli were among other major companies who signed documents for cooperation with Iranian side this morning.

Earlier Iran and Italy signed 36 deals for expansion of bilateral cooperation during President Hassan Rouhani's visit to Rome in January and Italian PM Matteo Renzi recent visit to Tehran

President Rouhani visited Italy in January for two days during which the two countries signed deals worth up to 17 billion euros ($18.42 billion).

The annual volume of trade turnover between the two countries amounted to 7.5 billion euros, prior to sanctions being imposed on Iran in 2012, which dropped to 1.4 billion euros after the sanctions.