TEHRAN – Iran and Luxemburg agreed to sign a deal by the end of October on mutual investment and double taxation avoidance.

The decision was made during a meeting between Iranian Finance and Economic Affairs Minister Ali Tayyenbia and the visiting Luxembourg Economy Minister Etienne Schneider in Tehran on Monday, IRNA reported.

As reported, the Luxembourger minister also visited Central Bank of Iran Governor Valiollah Seif on Tuesday. 

Expressing satisfaction over the opportunities provided for both sides to foster economic ties after the removal of sanction in January 2016, Schneider said that the path to bolster bilateral relations is smooth now.

In November 2015, Luxembourg Foreign Minister Jean Asselborn made a trip to Tehran, where he conferred on expansion of mutual banking cooperation with Seif.

During the meeting, Seif referred to Iranian bankers’ interest in bilateral cooperation and said that “we are ready to collaborate with Luxembourg in various banking areas including management of reserves, gold trading, short and long-term activities in financial markets or credits.”

He further expressed willingness for the Iranian banking community to take advantage to Luxembourg’s consulting and training services in the banking system.

Asselborn, for his part, maintained that exchange of banking delegations between the two countries will lead to the improvement of economic relations.

HJ/MG