‘Iran-Turkmenistan trade can double to $10bn’

The Iranian minister of industry, mine and trade says Iran and Turkmenistan have the capacity to double their trade exchanges.

In a meeting with the visiting Turkmen Foreign Minister Rashid Meredov in Tehran on Sunday, Mohammad-Reza   said the two countries can raise the current USD five-billion trade transaction to USD 10 billion.

“The Islamic Republic of Iran is highly capable in different industrial sectors and is ready to export technical, engineering and contracting services to neighboring countries including Turkmenistan,” Nematzadeh said.

He added that Iran is ready to share its experiences in the economic sector with “brotherly and friendly” Turkmenistan.

Meredov said Turkmenistan is interested in importing advanced and high-tech technologies from Iran.

Iran is reportedly Turkmenistan’s second largest trade partner after Russia.

The Islamic Republic exports machinery, construction materials, sedans, buses, food stuff, agricultural and petrochemical products, electrical products and home appliances to Turkmenistan, and imports natural gas, electricity, textiles and agricultural products from its northern neighbor.

Iran and Turkmenistan have had official diplomatic relations since Turkmenistan’s independence from the Soviet Union in 1991. Iran was the first nation to recognize Turkmenistan as an independent country.

The two countries have maintained good relations ever since and have cooperated in the economic, infrastructure and energy sectors.

A report by the Trade Promotion Organization of Iran on Iran-Turkmenistan trade relations shows that the two countries held six mutual cooperation meetings between 2001 and 2012.

The most important documents exchanged between the two countries were trade agreements on encouraging and supporting investment, agreements on avoidance of double taxation, and memoranda of understanding on business cooperation.

By Press TV


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