Iran, Hungary explore expansion of trade, industry, energy ties

December 4, 2017 - 20:55

TEHRAN – Following the visit of a high-ranking Hungarian trade delegation to Tehran, an Iran-Hungary business forum was held on Sunday during which the two sides signed three memorandums of understanding (MOUs) in various areas.

The MOUs covered cooperation in the fields of thermal power generation, electrical measuring systems for railways and manufacturing electronic vehicles, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

As reported, Hungary’s Minister of National Economy Mihály Varga, who headed the delegation, had a meeting with ICCIMA’s Head Gholam-Hossein Shafeie before attending the forum at the place of ICCIMA.

Speaking in the meeting, Shafeie mentioned previous task forces set up between the two countries for expansion of mutual cooperation saying, “Energy, water management and treatment, pharmaceutical industry, medicine, agriculture and higher education are among the areas previously agreed upon for cooperation.”

“ICCIMA is pursuing to expand these ties further, to include cooperation in new areas like engineering services, technology, startups, IT and knowledge-based companies as well,” Shafeie added.

Varga for his part, addressed banking problems as the main barrier in the way of economic cooperation between the two countries.

The Hungarian minister mentioned the visit of a banking delegation from his country to Iran last week, saying, “They had very fruitful meetings with their Iranian counterparts and we hope the problems in this area will be solved soon.”

The official further stressed the need for establishing a direct flight between the two countries.

Elsewhere in his remarks, Varga pointed to a $160 million credit line which his country’s EXIM bank has allocated for expansion of trade ties with Iran.

Hungary willing to buy more Iranian oil

On Monday, Shana reported that the Hungarian economy minister had also a meeting with Iranian Oil Minister Bijan Namdar Zanganeh during which he expressed his country’s willingness for increasing purchases of Iranian crude oil in near future.

According to Varga, Hungarian MOL Group has already shipped in a one-million-barrel oil cargo from Iran since the lifting of sanctions against Iran.

Varga also met with Iranian Minister of Industry, Mining and Trade Mohammad Shariatmadari on Monday and Minister of Finance and Economic Affairs Masoud Karbasian on Sunday.


PHOTO: Hungarian Minister of National Economy Mihály Varga (L), shaking hand with Head of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholam-Hossein Shafeie before attending the Iran-Hungary business forum on Sunday