Economy, Business And Markets

MoU With Belarus Prelude to Closer Mineral Cooperation

MoU With Belarus Prelude to Closer Mineral CooperationMoU With Belarus Prelude to Closer Mineral Cooperation

The Belarusian industry minister said memorandum of understanding signed with Iran on Thursday will help promote economic and political cooperation between the two countries, IRNA reported.

Vitaly Mikhailovich Vovk made the remarks at the end of the 12th joint commission meeting held in Tehran on Thursday. The MoU, which was endorsed by Iran’s industry minister Mohammad-Reza Nematzadeh, calls for the expansion of mutual cooperation on agricultural and mineral spheres, paving the way for a visit to Tehran by Belarusian President Alexander Lukashenko.  

Nematzadeh, for his part, expressed hope that the economic ties between Tehran and Minsk will be strengthened thanks to the MoU. He urged private sectors and companies of both sides to play a more active role and participate in trade fairs and exhibitions held in both countries. “Commitment to the implementation of the agreement is of special significance and should be paid due attention by both sides,” Nematzadeh added.

During his stay in Iran, Mikhailovich visited the National Iranian Copper Industries Company (NICICO) for discussing mineral cooperation. During his meeting with NICICO head, Ahmad Moradalizadeh, the latter proposed the establishment of a service center by Belarus for mineral machinery in Kerman or Yazd provinces. The Belarusian minister welcomed the proposal, calling it a good opportunity to broaden mineral cooperation. Currently, many mining companies in Kerman and Yazd use Belarusian machinery and mine equipment.

Belarus is not a rich country in terms of mineral resources, said Mikhailovich, adding that since his country is a major manufacturer of industrial electric motors, a large amount of copper is needed in the industry and Iran could supply Belarus with the much-needed metal.  

Based on statistics published by the National Statistical Committee of the Republic of Belarus, Iran is not among the major trade partners of the Eastern European country. Russia, the Netherlands, and Ukraine are its major trade partners, with trade volume of $43.8 billion, $8 billion, and $7.8 billion dollars respectively, while the figure for Iran is hardly $120 million.  

Last month, Iran’s foreign minister Mohammad Javad Zarif and his Belarusian counterpart Vladimir Makei, in a meeting in Minsk, underlined the need for bolstering and reinvigorating bilateral ties, especially in economic fields. Zarif and Makei reiterated that expansion of economic and trade relations should take place in line with the enhancement of political ties.

Belarus is considered as a potential market for Iranian goods including agricultural products and minerals such as copper and aluminum.