TEHRAN- Iran and Uzbekistan signed a memorandum of understanding (MOUI) at the end of the first day of the two countries’ Joint Economic Committee meeting in Tehran on Sunday.

The MOU, signed by Iran’s Industry, Mining and Trade Minister Reza Fatemi-Amin and Uzbekistan's Deputy Prime Minister and Minister of Investment and Foreign Trade Umurzakov Sardor Uktamovich, is on cooperation in economic (joint investment, customs, free zones, etc), transportation, energy, science and technology, health, cultural, and tourism cooperation.

The Uzbek high ranking delegation visiting Tehran to attend the 14th meeting of Iran-Uzbekistan Joint Economic Committee, which kicked off on Sunday and will wrap up on Monday, will have meetings with the Iranian officials as well as traders and businessmen.

Given the significance of the cooperation between the two countries’ private sectors, a business forum on investment opportunities of the two sides will be also held at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Monday.

Iran-Uzbekistan trade stands at less than $500 million at present, while the presidents of the two countries have anticipated an outlook of $1 billion.

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PHOTO: Iran’s Industry, Mining and Trade Minister Reza Fatemi-Amin (R) and Uzbekistan's Deputy Prime Minister and Minister of Investment and Foreign Trade Umurzakov Sardor Uktamovich ink co-op MOU on Sunday