TEHRAN – Iran and China have signed a memorandum of understanding (MOU) for development cooperation on the sidelines of the Indian Ocean Rim Development Cooperation Forum, IRNA reported.

According to Iran's Ministry of Economy, the third session of the forum was held on December 15-16 in Kunming, Yunnan Province, China, with the participation of officials from more than 20 Indian Ocean rim countries.

Iran was represented by a delegation led by Abolfazl Koudei, Deputy Minister of Economic Affairs and Finance and Head of the Organization for Investment, Economic, and Technical Assistance of Iran.

During the event, Koudei met with the deputy director of China's International Development Cooperation Agency to discuss enhancing economic exchanges, particularly the implementation of projects in Iran using resources from the South-South Cooperation Fund and China’s Global Development Initiative.

The two sides approved the implementation of two projects in Iran, formalized through the signing of the MOU. It was agreed that financing for these projects would be facilitated via the South-South Cooperation Fund and the Global Development Initiative, with the MOU marking the start of their execution phase.

As a keynote speaker at the forum, Koudei outlined bilateral and multilateral cooperation opportunities among Indian Ocean rim countries and China. He proposed joint investments, emphasizing the importance of a maritime economy, blue economy capacities, and new technologies to leverage regional cooperation opportunities and boost trade exchanges.

The Global Development Initiative, alongside other recent Chinese projects such as the Belt and Road Initiative, Digital Silk Road, Health Silk Road, and Global Security Initiative, has provided a platform for regional cooperation and joint projects between Iran, China, and other countries in the region.

On the sidelines of the event, bilateral meetings were also held with deputy ministers from Pakistan, Bangladesh, Thailand, and officials from the Asian Infrastructure Investment Bank to explore cooperation opportunities in the Indo-Pacific region.

EF/MA