The Islamic Republic of Iran and China signed six cooperation deals in the field of industry and mine, aiming to boost and reinforce their growing bilateral ties.

The cooperation documents were signed on May 10, 2011 by officials of the two sides in the presence of a delegation from Iran’s Ministry of Industries and Mines, Industrial Development and Renovation Organization, as well as Iranian ambassador to China Mr. Mehdi Safari. The agreement is considered as a great step toward broadening Tehran-Beijing relations in the fields of renewable energies, automotive industries, geology, and joint developments.

On the sidelines of signing the cooperation deal, Industrial Development and Renovation Organization’s deputy director Mr. Mohammadreza Roshani Moqaddam stated that some 25 cooperation agreements in the fields of industry and mining are being studied and carried out between the two countries, six of which were finalized and signed by the two sides today.

He expressed the hope that signing the agreements would open a new chapter in cooperation between Iran and China.

Roshani Moqaddam referred to finance with sufficient guarantees as the key topic of the discussions, saying that the fields of cooperation in the signed documents are very different.

Regarding the value of the deals, he said: “The deals, which include different industrial and mineral fields, ranging from automobile industry to steel, geology, and renewable energies, worth around 20 billion dollars.”

Roshani Moqaddam went on to say that economic relations between Tehran and Beijing have increased by 30-50 percent in recent years. During the Fourth Socio-Economic Development Plan (2005-2010), some 50 billion dollars was invested in Iran’s industry sector, he added.

He emphasized that various contracts are being studied and finalized between Iran and China on oil and gas projects. Participation of Chinese companies in different fields of industry in Iran and signing several cooperation deals between Iranian and Chinese companies come amid tightening U.S. and European sanctions on Iran.

It is interesting to note that trade between Iran and China amounted to 30 billion dollars in 2010 and it is expected that the figure would surge to some 100 billion dollars by the next five years.

The meeting for introducing investment opportunities in Iran’s industries and mines was held in Beijing on Monday May 10, 2011 with some one hundred industrialists, economic officials, heads and representatives of a number of Chinese companies, as well as Iranian ambassador in China Mehdi Safari and a delegation from Industrial Development and Renovation Organization in attendance. According to the report, the meeting was held at the Iranian embassy in Beijing in which investment opportunities in Iran’s different economic sectors, especially industries and mines were outlined for the Chinese companies.

Mohammadreza Roshani Moqaddam, the deputy Industrial Development and Renovation Organization director, referred to the long history of relations between Iran and China, saying: “During the history, Iran and China have greatly contributed to flourishing bilateral trade. Currently, Iran and China are among the major countries in regional and global developments.”

According to statistics, the trade value between Iran and China has increased to some 30 billion dollars in 2010 from around 400 million dollars in 1994.

He referred to China as the first trading partner of Iran and added that despite the notable growth in bilateral ties there are still much vacant potential for boosting the two-way trade.

He presented some statistics and figures on significant investment opportunities in Iran’s steel, copper and aluminum sectors and added that there are many

The Iranian ambassador to China, Mehdi Safari, for his part addressed the meeting, which had been highly welcomed by the Chinese companies and economic officials, saying that the Islamic Republic of Iran hails Chinese investment in different Iranian sectors. He put the trade value between Iran and China last year at around 30 billion dollars, adding that the value of trade between Iran and China is projected to rise significantly in the coming years.

The Iranian ambassador in China touched on Iran’s dynamic economy and paving the way for foreign investors, including Chinese ones, to participate in Iran’s economic projects, saying that with continuing the growing trend of Iran-China relations, it is expected that the two-way trade would rise to 100 billion dollars in the next five years.

Safari referred to holding the meeting as a step toward introducing investment opportunities in Iran, adding that Iran is ready to welcome foreign investors in different sectors.

Referring to the will and determination of the two countries’ officials for deepening and broadening bilateral relations, he pointed to the visit of Senior Communist Party of China official Li Changchun o Iran, adding that a good relation exists between officials of the two countries which is a backbone for boosting cooperation. The meeting lasted for about two hours. A number of Iranian officials in geology, banking, steel and automobile sectors described investment opportunities in their related sectors.

Also, some representatives of Chinese companies and institutions expressed their satisfaction over holding the meeting and asked about possible solutions and approaches to boost and reinforce cooperation with Iranian companies.