Azernews.Az

By Sara Rajabova

Iran and Brazil are seeking to deepen the economic ties as an economic delegation including Brazilian business moguls headed by Development, Industry and Trade Minister Armando Monteiro visited Tehran.

Iran’s Industry, Mines and Trade Minister Mohammad Reza Nematzadeh said Iran plans to discuss cooperation in the aviation industry, and the exchange of information and training, as well as the possibility of jointly producing aircraft with Brazil, Tasnim news agency reported.

Iran has recently increased efforts to boost its aviation sector. The country has long been attempting to renovate its aging aviation fleet. The Islamic Republic is seeking greater collaboration with foreign countries in developing this sector.

Nematzadeh further noted that the two countries also have great potential for joint investment in mining, particularly the extraction of coal, iron ore and others.

He added Iranian companies are interested in investing in the production of Halal standard goods in Brazil.

Furthermore, Iran’s economy minister has announced an agreement with the Brazilian industry minister to increase trade volume between the two countries to $5bn.

After meeting with Monteiro and his accompanying delegation, Iran’s Minister Ali Tayebnia said the parties have agreed on increasing the trade level up to $5bn "which seems reachable due to the great capacities of Iran and Brazil," Mehr news agency reported.

Tayebnia referred to his recent trip to Brazil adding “subsequently, a top-ranked Brazilian delegation has travelled to Iran and it has been decided that a joint commission be formed on economic cooperation between Iran and Brazil in the first quarter of the next Iranian calendar year.”

“Before the formation of the joint commission, several specialized committees will be organized to prepare the necessary documents for financial, banking, insurance, customs and joint venture relations,” he asserted.

The purpose of the Brazilian delegation’s three-day visit to Tehran is to discuss the possibility of developing economic ties with Iran.

Senior Brazilian economic ministers in the entourage have seemingly sealed prospects for the development of trade with Iran, boosting Iran’s further ties with other South American nations as well.

Brazil is the sole Iranian trade partner in the South American region, with the trade balance between two countries exceeding $1.6 billion. Brazil is major exporter of meat, sugar and maize; it imports Iranian carpets, petrochemical products and raisins.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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