TEHRAN – Iran and Hungary signed a memorandum of understanding (MOU) for the expansion of economic cooperation on Thursday, IRIB reported.

The MOU was signed by Iranian Finance and Economic Affairs Minister Ehsan Khandouzi and the visiting Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó on the sidelines of the two countries' second Joint Economic Committee meeting in Tehran.

The MOU covers a variety of areas including cooperation in the fields of water treatment, seeds, power plants, animal feed and construction materials, and joint investment opportunities.

During the meeting, the two sides also discussed the facilitation of visa issuance procedures for the two sides’ businessmen and the Hungarian official promised to follow up on some issues that the Iranian transportation fleet had for transiting through Hungary.

Cooperation between a Hungarian bank and the Export Development Bank of Iran was another issue agreed upon during the two countries' Joint Economic Committee meeting.

Speaking at this event, Khandouzi expressed hope that Hungary would take steps to facilitate banking cooperation and foreign exchange between the two countries to expand trade.

He put the current level of trade between the two countries at about $40 million and said: "Today, a customs cooperation agreement was also signed between Iran and Hungary, which is a positive step towards expanding economic relations between the two countries."

Referring to the existing capacities for cooperation between the two countries in the field of construction materials, agriculture, and health, Szijjártó for his part described the negotiations of the Economic Committee meeting as successful and added: “Hungarian traders have identified good potential in Iran to expand cooperation.”

Prior to the Joint Economic Committee meeting, Szijjártó had held talks with Iran’s Foreign Minister Hossein Amirabdollahian and had called for Tehran and Budapest to prepare a roadmap for the promotion of bilateral ties.

Amirabdollahian had also said the promotion of trade and economic cooperation is among Iran’s main priorities in relations with Hungary.

He criticized a delay in the implementation of the previously-signed agreements and stressed the importance of doubling efforts to remove the obstacles in this field.

EF/MA

Photo: Iranian Economy Minister Ehsan Khandouzi (R) and Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó meet in Tehran on Thursday.