TEHRAN (IRNA) -- Industries and Mines Minister Es'haq Jahangiri has said that Iran is planning to export as much as 20 million dollars worth of industrial products to Cuba in two years, the press reported here on Wednesday.

In a meeting with the visiting Cuban Minister of Foreign Trade Ricardo Cabrisas Ruiz, Jahangiri said that Iran is pursuing serious plans to promote mutual economic ties with Cuba considering the significant progress of that country in recent years, particularly in the area of biotechnology.

Iran and Cuba are cooperating in various fields, particularly in areas such as agriculture and biotechnology.

The two countries are cooperating in a project to transfer the technology for production of Hepatitis-B vaccines in Tehran's Pasteur Institute.

Furthermore, the Exports Development Bank of Iran (EDBI) has extended a loan of $20 million to Cuba to develop its agricultural sector.

Meanwhile, Iran’s Agriculture Jihad Minister Mahmoud Hojjati and Cabrisas Ruiz here on Wednesday signed a memorandum of understanding on cooperation between the two countries.

The memo, inked after the ninth Tehran-Havana Economic Cooperation Commission meeting, calls for biotechnological cooperation, particularly in the transfer of technology for production of hepatitis vaccine to Iran by Cuba sugar cane.

It also agreed to extend the deadline for repayment of the 20 million euros to Iran by Cuba up to 720 days from 360 days.