logo logo

Iran, Cuba sign investment, trade MoU

Tehran, April 24 2006, IRNA

Iran, Cuba sign investment, trade MoU

Tehran and Havana signed here Saturday an economic cooperation agreement at the end of Iran-Cuba joint 11th Economic, Scientific and Technical Cooperation Commission.

Heads of the commission Iran’s Agriculture Jihad Minister Mohammad Eskanari and Cuba State Minister Ricardo Cabrissas were signatories to the agreement.

The two sides also agreed, at the end of the three-day meeting, to increase the Iran Exports Promotion Bank’s credit to 200 million euro, from the current 20 million euros.

Eskandari said that there are further potentials for bilateral projects in the transportation sector and the share of railroad cooperation was significant in the overall agreement.

Also after years of inactivity the two sides also agreed to cooperate in building and modernizing refineries and in oil exploration activities.

Iran and Cuba also have plans to finalize a preferential trade agreement to boost mutual trade exchange.

Tehran and Havana are interested in joint projects in agriculture and industry.

The major share of the additional credit will be allocated for selling of 500 train wagons, low usage light bulbs and refrigerators to Cuba, he added.

The Cuban official also characterized the meeting as a "success", given the agreement on increasing credit and purchase of wagons from Iran.

There are other areas which were incomplete and which the two sides should follow through to finalize them.

One of the uncompleted issue is the increase in the level of credit to 500 million euros which would facilitate the finalization of mutual commitments, he added.

 source: IRNA