TEHRAN (IRNA)–Iran and Armenia’signed an agreement for economic cooperation at the end of the second joint commission held Monday.
According to the agreement signed by Iran’s Minister of Finance and Economic Affairs Hussein Namazi and Armenia’s presidential chief of staff Shahen Karamanukyan–the two countries announced readiness to further expand relations in all fields.
Readiness of Iran’s export promotion bank to grant credits up to $5 million to the Armenian side for the purchase of Iranian consumer goods as well as another three-year grant for the purchase of Iranian capital goods are among articles stipulated in the agreement.
Armenia announced its initial agreement with the project for the construction of a 25-km tunnel by the Mostazafan and Janbazan Foundation with the provision that 65 percent of the cost be covered through exports–20 percent through transportation tariffs and the remaining 15 percent by the foundation’s share in Armenian factories.
The two countries also voiced readiness for the completion of an international transportation route along the Black Sea–Georgia–Armenia and Iran with the participation of the three countries as well as Russia.
According to the agreement–the Iranian car manufacturing company–Iran Khodro–has also announced readiness for launching of a mini-bus manufacturing line in Armenia and for selling spare parts to the country.
Meanwhile–Iran expressed interest in purchasing concentrated copper and molybdenum from Armenia and voiced readiness of the national Iranian petrochemical company for renovating factories producing melamine crystals in Armenia.
Iran and Armenia also agreed with the formation of a big multi-purpose company for further expansion of bilateral economic cooperation.
The two sides reached agreement on building a hydro power station over the Aras River.
A follow-up committee will meet at intervals in Tehran and Yerevan biannually to see to the development of provisions stipulated in the agreement.
The second session of the joint Iran-Armenia Commission began work in Tehran on Saturday. The third commission will meet in Yerevan next year.