Italy bolsters trade, economic partnership with Iran

April 13, 2016 - 19:56

TEHRAN - Representatives from Italy’s private sector signed 12 memorandums of understanding with their Iranian counterparts, boosting ties in various sectors including energy, steel, telecommunications, aviation and medicine.

The MOUs were signed in the presence of Italian Prime Minister Matteo Renzi and Iranian Industry, Mining, and Trade Minister Mohammadreza Ne’matzadeh in Tehran on Wednesday, according to the IRNA news agency.

From among the pool of the inked bilateral accords it can be referred to:

- The deal between Iran’s BIS Co. and Italy’s Danieli steel company on supply of industrial equipment and services for construction of a 1.5-million-ton steel plant worth €350 million in the Islamic Republic

-  The contract between BIS Co. and Italian FATA SPA on supply of the required equipment and services for construction of a 450-megawatt power plant valued at €237 million in the Iranian southeastern province of Kerman

-  The accord between Iran’s Mobarakeh Steel Company and Italy’s Marcegaglia steel company on the purpose of manufacturing final products

-  The agreement between Telecommunication Company of Iran and Italtel Group on implementation of telecommunication projects in Iran

-  The MOU penned between Itway Group and PATASA Investing Company of Iran on cooperation in different information technology projects

-  The deal between Iran’s Jahanpars Group and Italy’s Belleli Group on implementation of engineering, procurement and construction (EPC) projects in energy and infrastructure sectors

-  The agreement between Iran’s Airports and Air Navigation Company and Italy’s Vitali Group on renovation of Kerman Airport in Iran

-  The contract between Iranian Ministry of Health and Italian Dimensione Group on construction of 30 mobile hospitals in Iran

Heading a 250-strong political and economic delegation, Renzi arrived at Tehran early on Tuesday, making him the first Italian official in such capacity to visit Iran since 2001. 

Parts of the delegation were Italian ministers of infrastructure and transport; economic development; and agriculture, food and forestry policies. Businessmen and personalities from Italy’s public and private sectors were also accompanying Renzi in the visit. 

Iran and Italy signed seven cooperation agreements, bringing the two countries closer in cultural, industrial, and economic fields on Tuesday. President Hassan Rouhani and Italian Prime Minister Matteo Renzi and other senior officials from the two countries attended the signing ceremony.

In one of the memoranda of understanding, National Iranian Gas Export Company (NIGEC) and Italian oil and gas company, Eni, agreed to establish their ties.

Other contracts were on automotive industry, tourism, renewable energy, airport construction, railways, and exhibition staging.

“Italy was Iran’s biggest trade partner in the European Union prior to the sanctions, and today we want the country to perform its previous role,” Rouhani said at a joint press conference with Renzi.

The Italian prime minister, for his part, called for close economic interactions between the two countries, stressing that establishing banking links and opening credit lines are key to strong economic and trade flourishing.

Already in January, Iran and Italy concluded 17 deals, worth €17 billion during Rouhani’s visit to the European country.   

HJ/MA

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