TEHRAN – Iran and Zimbabwe signed a memorandum of understanding (MOU) at the end of the ninth meeting of the two countries’ Joint Economic Committee in Tehran on Sunday to expand economic cooperation.

The comprehensive document was signed by Iranian Labor and Social Welfare Minister Solat Mortazavi and Zimbabwe’s Foreign Affairs and International Trade Minister Frederick Shava, IRNA reported.

The ninth meeting of the Joint Economic Committee between Iran and Zimbabwe kicked off on February 1 and was concluded on Sunday.

Based on the MOU, the two sides pledged to strengthen their cooperation in various sectors including trade and commerce, insurance, industry and mining, customs, oil, water, energy, and tourism.

Speaking in the meeting, Mortazavi said that Iran is fully ready for the expansion of economic and trade cooperation with Zimbabwe.

He emphasized that Iran and Zimbabwe’s shared stance in the international arena is the main factor for the expansion of comprehensive bilateral ties.

The official mentioned a program for using barter trade in order to remove the U.S. dollar from the commercial and economic exchanges of the two countries and said: “A 900 percent increase in economic and trade relations between the two countries is on the agenda for the coming years.”

The Iranian labor minister reiterated that during the Islamic Revolution Leader's visit to Zimbabwe when he was the president of the Islamic Republic of Iran the foundation stone for these ties was set.

Shava for his part said that the business and economic delegations' visits are the keys to further strengthening bilateral relations, adding that also the parliament members and governors of the central banks of the two countries have exchanged visits in recent years.

He further appreciated Iran's support for Zimbabwe during the period when that nation was fighting for independence, adding: "After the Islamic Revolution, Iran-Zimbabwe relations increased in energy, agricultural and health fields, and they can still further expand in many other fields."

Shava said that one of the major challenges faced by the Zimbabwe economy is the lack of the presence of foreign investors, noting that the "Zimbabwe Sustainable Economy Program was launched in 2020, and the most important chapter of this program is about the expansion of trade and economic cooperation with the friendly country of Iran."

EF/MA

Photo: Iranian Labor Minister Solat Mortazavi (3rd R) and Zimbabwe’s Foreign Affairs and International Trade Minister Frederick Shava (3rd L) pose with signed MOU documents in Tehran on Sunday.