TEHRAN – Investors from the United Arab Emirates (UAE) are encouraged to invest in Iran’s pharmaceutical and steel sectors, the Persian service of ISNA news agency said on Wednesday.

The Islamic Republic of Iran offers special incentives to the UAE investors to invest in its various economic areas in particular in the pharmaceutical and steel sectors, Vice Chairman of Iran’s Chamber of Commerce Mohammad Sadeqi noted.

A delegation from Iran’s Chamber of Commerce on Tuesday, in Dubai, met with officials of the UAE Chamber of Commerce to discuss the avenues for expansion of economic and trade cooperation between the two countries, he announced.

During the meeting, the two sides also agreed on the formation of joint ventures and reciprocal investments in either country.

The volume of trade and economic relations between Iran and the UAE has been on the rise since 1992; non-oil trade between the two nations hit $12.5 billion and $13.9 billion in 2004 and 2005, respectively, he explained.