The chairman of the board of directors of the Industrial
Development and Renovation Organization of Iran (IDRO) met with the senior
manager of one of the largest holding companies of China. The two sides
emphasized the need to give a boost to their bilateral ties.

IDRO chairman Dr. Seyed Reza Norouzzadeh referred to the previous
cooperation between IDRO and the Chinese holding company, adding that IDRO is
ready to cooperate with Chinese side to produce fiberglass and car tires.

We insist that the Chinese company to make investment in the two
projects, he noted.

The chairman of the board of directors of the Industrial Development
and Renovation Organization of Iran if the Chinese company cooperates with us
in the implementation of the mentioned projects, we are ready to participate
with the Chinese group in other projects, such as production, repair, and
maintenance of ultramodern machinery in the country.

Dr. Seyed Reza Norouzzadeh, who is also the deputy industry,
mining, and trade minister, went on to say that there are a number of large
machine building factories in Iran. A large number of domestically-manufactured
machineries are operating across the country. Most of the systems are
European-made and we are negotiating with their European manufacturers for
repairing and overhauling the machineries. If the Chinese group gives us a
better offer, we will transfer the project to them, he said.

He urged the Chinese holding company to pave the way for
implementing the memorandums of understanding and transferring the technology
and making investment for implementing the mentioned projects.

It should be noted that the Chinese company is the largest one of
its kind in the areas of construction materials, modern composite materials,
such as fiberglass, and renewable energies.