TEHRAN Iran and Switzerland yesterday signed Memorandum of Understanding (MoU) for joint investment in industrial and other sectors. Ministry of Economic Affairs and Finance Director General in charge of Foreign Investment Affairs Seyed Ahmad Mortazavi signed the MoU for Iran while Swiss Ambassador Nicolas Imboden signed for Switzerland. The 20-person Swiss delegation arrived here on March 6 to explore avenues for closer economic and commercial relations with Iran. This is the first MoU signed by the two countries after the culmination of the Islamic Revolution in 1979.

According to the MoU both the governments in Bern and Tehran will encourage the economic community of their countries for the investment in different areas of bilateral cooperation. The Swiss delegation during their stay here also called on Minister of Economic Affairs and Finance Hussein Namazi. The members of the Swiss delegation also met with the officials of the Iran Chamber of Commerce, Industries and Mines on Saturday. Talking to the Tehran Times Swiss delegation head Imboden said the MoU will go to the Swiss Parliament for approval.

He hoped that it will take six months before both sides will start cooperation.