TEHRAN (FNA)- An agreement on reciprocal persuasion and support for investment was signed between Iran and Czech Republic on Monday.

The agreement was signed by Head of Organization for Investment Economic and Technical Assistance of Iran Mohammad Khazaei and Czech Republic Ambassador to Iran Svatopluk Cumba.

Iranian Economy Minister Massoud Karbasian said on the sidelines of the signing ceremony and after meeting with Deputy Minister of Finance of Czech Republic Ondrej Landa that signing cooperation agreement with Czech Republic prepares the ground for expansion of cooperation with other European Union member-states.

He said that signing the agreement is a good ground for investors and economic activists of the two countries in order to continue and expand mutual cooperation.

Karbasian said that next joint economic commission meeting is to be held in Tehran early next year.

The two sides also had discussions on banking cooperation to be able to expand direct brokerage relations.

Karbasian said power plant equipment, pharmaceuticals, car-making and spare parts are among suitable grounds for mutual cooperation.

Ondrej Landa told reporters that Iran is a country with appropriate infrastructures for developing mutual cooperation and executing joint venture projects.

He said that the signed agreement is supportive for investors of both states.

In a relevant development in October, the Industrial Development and Renovation Organization of Iran (IDRO) and the Czech Ministry of Industry and Trade signed a memorandum of understanding (MoU) to expand mutual cooperation.

The MoU was signed between Iranian Deputy Industry Minister Mansour Moazami and his Czech counterpart Eduard Muricky in a ceremony in Tehran.

Addressing the ceremony, Moazemi said Czech Republic has begun investments in Iran following the implementation of the Joint Comprehensive Plan of Action (JCPOA).

The Iranian deputy industry minister voiced his country’s willingness to reinvigorate mutual cooperation with the European side.

Muricky, for his part, underlined that the two countries had voiced readiness to bolster ties in various fields, including oil and gas, auto industry, transportation and training of managers.

Czech Ambassador to Tehran Svatopluk Čumba who was also attending the singing ceremony said that the two countries have the needed capacities to deepen their cooperation.

Senior Iranian and Czech officials have recently voiced their readiness to maintain cooperation in several areas such as railway industry and banking.

IDRO’s objective is to develop Iran’s industry sector and to accelerate the industrialization process of the country and to export of Iranian products worldwide.

Karimi & Associates Law Firm

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