Ikarus, CIMD Group sign cooperation agreement

A cooperation document was signed between the Hungarian Ikarus and Iran’s City Industries and Mines Development Group, a subsidiary of Shahr Bank.

(SHADA: TEHRAN) -- In a meeting with Hungary’s Minister of National Economy Mihaly Varga, the Minister of Economy of Iran Massoud Karbassian noted that the signing of this document indicates the determination of the two countries to expand cooperation, calling for the development of trade relations between Iran and Hungary.

He referred to the appropriate capacity of free zones for foreign investment in Iran and said: Good progress is being done in free zones and it can be a good platform for developing business and economic cooperation between Iran and Hungary.

Iran’s Minister of Economy added that in the field of bilateral co-operation, there has been a good deal of work, including the successful experience of the Iranian Export Development Bank with an Hungarian bank, which helps businessmen and craftsmen more easily trade their businesses.

He further noted that the agreement to avoid double taxation has also been approved by the Iranian Parliament and is now applicable.

Karbassian also emphasized the need to pursue a trilateral health and food security partnership between Iran, Hungary and the Netherlands.

The coordination with the Chamber of Commerce, Industries and Mines of Iran has been carried out to provide the necessary cooperation with the private sector, said the Minister of Economy, referring to the suitable fields for joint investment and production.

Karbassian also called for the establishment of the Joint Chambers of Commerce, adding: We need to create the necessary facilities for the expansion of the private sector of the two countries.

The Minister of National Economy of the Republic of Hungary Mihaly Varga, for his part, said: Hungary has begun its diplomatic relations with Iran since 1939, and the first Iranian embassy in Hungary was founded in 1951; this indicates Hungary is keen to strengthen cooperation between the two countries.

After the JCPOA, the Hungarian prime minister was the first person traveled to Iran with a delegation, and so far the trip has been very beneficial for both countries, he noted.

The volume of trade between the two countries stood at $350 million in the past, which during the sanctions period was less than $30 million, but after the Hungarian prime minister's visit to Iran, it has increased.

He announced his country’s readiness to establish and expand cooperation with the Islamic Republic of Iran in the construction of cooling towers for power plant, electric buses, pharmaceuticals, medical equipment, mobile laboratories in the field of biology, airlines, tourism and banking.