Delegations from Iran and Hungary signed eight documents and memorandums of understanding on economic cooperation in Tehran on Monday.
First Vice President Es'haq Jahangiri and Hungarian Prime Minister Viktor Orban led the two delegations, IRNA reported.
The documents focused on various issues, including increased interaction between the two sides' foreign ministries, double taxation avoidance, investment encouragement and cooperation in tourism and cultural heritage as well as communications technology.
Speaking at a press conference after signing the documents, Jahangiri highlighted the long history of diplomatic relations between Tehran and Budapest and said the two countries used to enjoy a high level of economic ties that have dropped over the past few years.
"The eight documents signed today would help revive bilateral relations," he said. "Iran welcomes investment by Hungarian companies in various sectors of its economy."
Orban's trip is the first by a Hungarian prime minister in 27 years.
Fruitful Talks
The Hungarian premier described his negotiations with Jahangiri as "most interesting and fruitful", saying his visit has opened a new chapter in relations between the two sides.
Iran and P5+1 (the five permanent members of the United Nations Security Council plus Germany) reached a landmark nuclear agreement on July 14 that will provide for sanctions relief in return for temporary limitations on Tehran's nuclear program.
The prospect of an untapped Iranian economy opened up to overseas investment after the lifting of sanctions, expected in the coming months, has prompted a flurry of interest among foreign companies for business in Iran.
"I congratulate Iranians on managing to weather the sanctions," Orban said. "The steps launched today will not yield results unless they are pursued by generations to come."
Orban stressed that without Iran's active role, it would be impossible to restore stability to the region.
