TEHRAN, Oct. 27 (MNA) – Iran and Bolivia signed five memorandums of understanding in Tehran on Wednesday, based on which they will establish a joint bank and open credit lines.

Senior officials from the two sides inked the related documents. According to the MOUs, the two countries will expand relations in consular, banking, mining and industrial fields as well.
Bolivian President Evo Morales referred to Iran as a great and developing nation and added that expanding all-out ties with Iran is of high importance for his country.
The agreements will guarantee the transfer of technological know-how from Iran to Bolivia in agriculture, dairy and textile industries, he added.
President Mahmoud Ahmadinejad, said for his part, that the MoUs would greatly develop economic, scientific and political relations between the two brotherly nations.
On Tuesday, Iranian Industries and Mines Minister Ali-Akbar Mehrabian met with Bolivian Economy Minister Luis Arce Catacora in Tehran, discussing possible ways to expand industrial cooperation.
Mehrabian said that his country pursues establishing a strategic relation with Bolivia which has the potential to become an industrial hub in Latin America, the Islamic Republic of Iran Broadcasting reported.
Managing Director of Tabriz Tractor Manufacturing Company Abolfath Ebrahimi Monday said in Tabriz city that the company is ready to set up a tractor production line in Bolivia, according to the report.
""We are also prepared to train Bolivian experts and transfer necessary technology to that country,"" Ebrahimi was quoted as saying.
The Bolivian president called for transfer of Iran's tractor producing technology to his country.
Morales also ordered to purchase some 1,000 tractors from Tabriz Tractor Manufacturing Company.
The Bolivian president paid a three-day visit to Iran and left the country on Wednesday.
In 2007, President Mahmoud Ahmadinejad became the first Iranian chief executive to visit Bolivia. During the trip, the two countries signed an agreement on conducting joint projects worth $1.1 billion dollars over the next five years, according to Press TV.
MG/SJ MNA EN