TEHRAN – Iran and Luxembourg chambers of commerce signed a memorandum of understanding (MOU) to expand banking cooperation and invest in the development of small and medium-sized enterprises.

Jeannot Erpelding, the director of International Affairs of the Chamber of Commerce of Luxembourg, and Gholam-Hossein Shafe’i, the chairman of the Iranian Chamber of Commerce, Industries, Mines, and Agriculture, signed the MOU in Tehran on Tuesday, the Fars news agency reported.

Erpelding, heading a 40-member delegation, said that the visit to Iran aimed to explore new investment opportunities and to boost economic cooperation with Iran, especially through small and medium-sized enterprises.

He added that launching flights between the two countries can be a step to increase bilateral ties.

Shafe’i, for his part, said that Luxembourg can be more active in the Iranian market and can boost participation in Iran’s infrastructure projects.

Western companies are one after the other engaged in talks with Iran to resume their delayed activities or make new investments in the Islamic Republic.  

The recent developments came as world powers and Iran reached a framework agreement in the Swiss city of Lausanne in early April. Iran and the P5+1 group of countries have reached a mutual understanding on ironing out their differences over Tehran’s nuclear program and reaching a final deal by the end of June.  

On May 9, Iran’s Vice President Es’haq Jahangiri pointed to the growing number of Western companies attempting to return to Iran following the possible removal of sanctions against the country and said Tehran would rather support foreign investment.