IDRO Signs Industrial Deal With Czech Ministry
Economy, Domestic Economy

IDRO Signs Industrial Deal With Czech Ministry

The Industrial Development and Renovation Organization of Iran and the Ministry of Industry and Trade of the Czech Republic signed an agreement on Saturday to promote industrial cooperation.

Iran’s deputy minister for industries, mining and trade and the managing director of IDRO Group, Mansour Moazzemi, Czech Republic’s deputy industry and trade minister, Eduard Muricky, and its ambassador to Tehran, Svatopluk Cumba, attended the signing ceremony.

“The Czech Republic is weighing the possibility of opening a $100 million credit line for Iran,” Cumba told IRNA on the sidelines of the event.

Referring to the first meeting of Iran-Czech Republic Economic Commission held in December in Prague, the ambassador said the second meeting of the commission will be held in Tehran in the near future.

According to the Statistical Center of the Czech Republic, trade between the two countries saw a 10% increase in the first half of 2017 to reach $27.1 million.

Established in 1967, IDRO has evolved into one of the largest conglomerates of Asia. The organization’s objectives are to develop Iran’s industrial sector, accelerate the country’s industrialization and export Iranian products. It owns more than 100 subsidiaries and affiliated companies domestically and internationally.

According to IDRO’s Managing Director Mansour Moazzemi, seven out of 24 memoranda of understanding between IDRO and its foreign counterparts in the post-sanctions era have been signed into contracts.

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