TEHRAN – Trade ties between Iran and Austria could hit 1 billion euros by 2020, Austria’s chamber of commerce chief Christoph Leitl said in a press conference in Tehran on Tuesday.

He added that seven Austrian trade missions to Iran were scheduled for the second half of the year.

Austrian President Heinz Fischer at the head of a 240-member delegation, comprising business executives from companies including Andritz, OMV, Lenzing, Raiffeisen and Erste Bank, arrived in Iran on Monday.

Austria’s Foreign Minister Sebastian Kurz as well as Vice Chancellor and Economy Minister Reinhold Mitterlehner accompanied Fisher on his trip to Tehran.

During a meeting between Fischer and his Iranian counterpart Hassan Rouhani, it was announced that the two countries have agreed to work on drafting a roadmap for their bilateral trade in 2020, with an emphasis on infrastructure, energy, industry, transport, as well as science and culture.

“We expect to boost our volume of trade to 300 million euros in the short term, and we then look forward to markedly increasing our economic relations,” Fischer said.

Fischer's visit follows the signing in July of a landmark accord between Iran and world powers on the country’s nuclear program, after talks held in Austria.

On the sidelines of the meeting, Rouhani referred to ample opportunities in Iran’s energy, rail and road, banking and insurance, and technology, adding that the Islamic Republic has made significant progress in scientific, medical, technological, and aerospace industries and the country is ready to expand cooperation with Austria in these fields.

He also said that his administration will provide support for the private sector and will facilitate its trade with their Austrian partners.

---Four MOUs signed

At the end of the meeting between Iranian and Austrian presidents, the two sides signed four memoranda of understanding to boost cooperation in economic and environment protection fields.

Iran’s Department of Environment and Austria’s Federal Agriculture, Forests, Environment, and Water Management Ministry signed one of the MOUs. Meanwhile, an MOU was signed by Iranian Industry, Mining, and Trade Minister Mohammad Reza Ne’matzadeh and Austrian Economy Minister Reinhold Mitterlehner to hold the 8th joint economic committee meeting.

Iran’s Ministry of Foreign Affairs and Austria’s Federal Ministry for Europe, Integration, and Foreign Affairs signed the third MOU. Also, the head of the Islamic Culture and Relations Organization of Iran and the foreign affairs minister of Austria signed the fourth MOU.