TEHRAN – Iranian Finance and Economic Affairs Minister Shamseddin Hosseini and Cypriot Minister of Commerce, Industry, and Tourism Andonis Paschalides signed an agreement here on Tuesday to support mutual investments.

In the signing ceremony, Hosseini said that although Cyprus is a small country, but it is powerful in the field of tourism and has great potential for investment.
The signed agreement will take effect once it receives approval from the sides’ parliaments, according to IRINN.
Iranian Commerce Minister Masoud Mirkazemi who also attended the ceremony said that Iran’s trade in the last Iranian calendar year (ended March 19, 2008) stood at $140 billion.
Referring to Iran’s potentials and abilities in the fields of oil, petrochemicals, auto-making, home appliances, medicine, construction materials, agriculture, and technical-engineering sectors, he added that Iran and Cyprus should make the most of their capacities to promote bilateral trade and economic relations.
Paschalides put stress on boosting the private sector’s investment in the joint venture projects especially in tourism industry.