Economy, Domestic Economy

Iran, Russia on Track for Railroad Cooperation

Iran, Russia on Track for Railroad CooperationIran, Russia on Track for Railroad Cooperation

The Russian Agency for Export Credit and Investment Insurance, Exiar, and the Islamic Republic of Iran Railways have signed a memorandum of understanding to reinforce cooperation and support trade between Russia and Iran.

According to the UK-based news provider Global Trade Review, Exiar and IRIR have agreed to establish a comprehensive framework for enhancement of cooperation between Iranian and Russian companies working on Iranian railroad expansion.

The MoU represents a first step in facilitating bilateral trade via railroad transportation.

“We focus on Iran as a long-term partner and a market with high potential. We are adamant in our approach that the conditions we provide should yield benefits for both sides and foster stronger trade relations between Russian and Iranian companies,” says Exiar’s managing director of international business development, Hanieh Ferdowsi.

“In doing so, we have made significant groundwork for both financial and non-financial support that can hopefully smoothen and facilitate the execution and closing of underlying projects.”

Closer collaboration between the two countries is expected to not only relate to projects in Iran, but also joint projects in third countries.