Iran on Saturday signed three memoranda of understanding (MoUs) with South Africa over the expansion of mutual trade ties. 

The MoUs were signed during a meeting between Iran’s First Vice President Es’haq Jahangiri and the visiting South African Deputy President Cyril Ramaphosa.

The two countries based on the documents have agreed to create a center to exchange information to fight money laundering, create joint markets and also expand technical and economic cooperation.

Jahangiri told Ramaphosa that Iran attaches great significance to the expansion of ties with South Africa.

He described as unsatisfactory the current level of economic relations between the two countries and called for concrete measures to boost trade between the two countries.

Jahangiri emphasized that Iran and South African still can benefit from huge potentials that exist in sectors such as mining, banking, agriculture, insurance and energy.

Ramaphosa, who is heading an 80-member trade delegation to Tehran, emphasized for his part that the expansion of relations between Iran and South Africa will mutually benefit both sides.

He also said South African companies are pursing serious plans to invest in Iran, adding that the expansion of banking relations between the countries will specifically help investors from both sides.

Ramaphosa is leading a delegation that includes Water and Sanitation Minister Nomvula Mokonyane, Deputy International Relations and Co-operation Minister Nomaindiya Mfeketo, Deputy Mineral Resources Minister Godfrey Oliphant, Deputy Finance Minister Mcebisi Hubert Jonas, Deputy Agriculture, Forestry and Fisheries Minister Bheki Cele, and Deputy Tourism Minister Tokozile Xasa.

Also among the delegates were representatives of state-owned companies and agencies, including Eskom, Mintek, the Council of Geo-science, the Financial intelligence Centre, the SA Revenue Service, and a sizable business delegation.

By Press TV