Iran, Armenia to embark on joint ventures

Minister of Industry, Mine and Trade hails his visit to Armenia as constructive, saying Tehran and Yerevan agreed on launching joint ventures.

“We have clinched new agreements with Armenian officials on joint production of pharmaceutical products and home appliances based on which the raw materials or parts will be imported to Armenia. The joint products will be made in Armenia and exported to other countries,” Reza Fatemi-Amin said on Friday.

He had already announced that the visit to Armenia was aimed at expanding bilateral trade ties via joint investments.

“This visit is focused on deepening ties between Iran and Armenia via joint ventures, said Reza Fatemi-Amin upon arrival in the Armenian capital of Yerevan on Thursday.

Facilitating bilateral trade

Fatemi-Amin also described the meetings with Armenian officials as helpful, saying they would facilitate bilateral trade between the two neighboring countries.

“During the two-day visit we had helpful meetings with Armenian officials aimed at paving the way for the joint activities by Iranian and Armenian companies in trade transit, marketing and sales activities,” said the Iranian Minister of Industry, Trade and Mine.

Such visits are also aimed at facilitating trade by Iran’s private sector in neighboring countries and tackling issues impeding business activities.

Dozens of the CEOs of Iranian private companies accompanied the Iranian delegation during the visit to Armenia.

Developing infrastructure

According to Fatemi-Amin, Iran and Armenia also agreed on launching Infrastructure projects in Armenia.

“During the meetings with Armenian Minister of Economy Vahan Kerobyan and Minister of Territorial Administration and Infrastructure Gnel Sanosyan and the Armenia deputy PM, we made preliminary agreements on a range of issues such as building dams and roads by Iranian companies in Armenia,” the Iranian Minister of Industry, Mine and Trade said.

“We agreed on building a transit road to complete the infrastructure projects in Armenia in the long run. Iranian companies will also participate in the relevant tenders,” he noted.

Tariff reduction

Iranian and Armenian officials also agreed on cutting transit tariffs as part of the joint effort to boost bilateral trade.

“Regarding transit of goods, we had two short-term and long-term agreements with Armenia. We agreed to slash tariffs for transit trucks in short term,” Fatemi-Amin said.

The Republic of Armenia and the Islamic Republic of Iran share a 44-km border.

The value of Iran-Armenia trade volume stood at $304 million during the last Persian calendar year (March 21, 2020- March 20, 2021), with both sides planning to beef up bilateral trade.

SS