Syria, Iran sign agreement on encouraging investment

Syrian Minister of Economy and Foreign Trade Dr. Muhammad al-Imadi and Iranian Minister of Housing Ali Abdul Ali Zada, who accompanied the chairman of the Islamic Shoura council Ali Akbar Nateq Nouri on his visit to Damascus, on Thursday signed a memorandum of understanding and an accord to encourage investment between the two countries.

In predeparture statements Nouri said that the Syrian - Iranian joint committee which held its meetings under the chairmanship of the two ministers marked the start of executive steps to complete measures for setting up several projects in Syria.

Iranian sources said the Memorandum of Understanding contains Iranian proposals to set up a cement factory at an annual capacity of one million tons, to improve the Tartous cement factory on the Syrian coast, and to carry out a feasibility study for a steel and iron company.

Iran and Syria have also agreed to continue negotiations to establish a joint company to manufacture vehicles in Syria according to the Syrian investment law. The two sides agreed to convene the next meeting of the Syrian-Iranian joint committee in Tehran in the first half of this year.