TEHRAN - Iran and Turkey have finalized a plan to establish a joint industrial estate in a border area in a bid to expand economic ties, the IRNA News Agency reported on Wednesday.

 

In a meeting between Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari and Turkish Development Minister Cevdet Yilmaz in Tehran, the two sides announced readiness to put the finalized memorandum of understanding into effect to establish the joint industrial estate.

 

Supporting private sectors of the two neighboring countries and participating in international exhibitions of the two sides were also highlighted in the meeting.

 

Iranian First Vice President Mohammad Reza Rahimi in a meeting with Turkish Prime Minister Recep Tayyip Erdogan in March said that the two countries had agreed to increase the volume of bilateral trade to 30 billion dollars within the next three years.

 

The value of trade between Iran and Turkey surpassed 16 billion dollars in 2011.

  

“Today we became determined to boost this rise to 100 percent and achieve the 30 billion dollar target as soon as possible,” Rahimi stated.