Tehran and Yerevan inked four Memoranda of Understanding (MoUs) on the enhancement of mutual economic cooperation during the visit of an Armenian trade delegation to Iran’s Northwestern province of East Azarbaijan.
The MoUs were signed during a meeting between East Azarbaijan’s provincial officials and Governor-General of Armenia’s Syunik province Suren Khachatrian and his accompanying delegation in Tabriz.
East Azarbaijan and Syunik provinces will expand their mutual cooperation and bilateral ties through implementation of the MoUs.
Based on the agreements, the two provinces will increase their interactions in the fields of cattle-breeding, veterinary, and establishment of joint agro companies.
Also according to the agreements, Iran will supply Armenia with combine-harvesters, tractors, and fertilizers to Armenia.
Armenia is a member of the World Trade Organization and its Gross Domestic Product hits $9.4bln.
Armenia’s per capita income is $5,700 and the volume of foreign investment in the country is $570 million.
, Iran and Armenia announced that “they are planning to set up a new zone for joint economic interactions”.
The issue was raised in a meeting between Governor-General of Iran’s Northwestern province of East Azarbaijan Alireza Beigi and Governor-General of Armenia’s Syunik province Suren Khachatrian in Tabriz on Tuesday.
“Establishment of a joint economic zone to share the two sides’ different capacities was underlined in our recent visit to Armenia,” Beigi said.
He noted that Syunik province can utilize the capabilities of Iran’s private industrial units in a bid to facilitate meeting its needs and also pave the way for the presence of East Azarbaijan’s industrial products in the Russian markets.
Last month, it was announced that Iran is studying a plan to set up a new zone for joint economic interaction with its Northern neighboring states of Armenia and Azerbaijan.
The issue was raised during a meeting between Iranian Foreign Minister Ali Akbar Salehi and the East Azerbaijan’s Governor-General.