TEHRAN - Iran and Kyrgyzstan signed a memorandum of understanding, including 15 articles, at the end of their 10th joint cooperation meeting in Tehran on Tuesday.
Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari and Kyrgyz Finance Minister Akylbek Japarov signed the MOU, the IRNA News Agency reported.
The two sided agreed to form joint companies and streamline customs affairs in a bid to boost the two-way trade. They also called for the bilateral trade to rise to $2 billion within three years.
The two sides expressed readiness to expand cooperation in the fields of agriculture, industry, mining, service and tourism.
Iran mainly exports clothing, nuts, paints and flooring to Kyrgyzstan and imports meet, grain and steel scraps instead, Ghazanfari said.
He also said that the previously signed preferential trade agreement can be turned to free trade agreement by the two sides.
Kyrgyz Ambassador to Iran Medetkhan Sherimkulov has called on Iranian companies to have a greater role in different economic, agriculture, industrial and cultural fields in Kyrgyzstan.
He said 180 industrial units are currently operating in Kyrgyzstan, adding that both Iranian and Kyrgyz traders have established these units through joint venture, with the Iranian companies accounting for 70 percent of the investment, according to Press TV.
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