The Memorandum of Understanding was signed a joint meeting between Hungarian Minister of National Economy Mihaly Varga, who is heading a delegation to the Iranian capital, and Masoud Karbasian, Iran’s Minister of Economy.

Varga is visiting the Iranian capital in order to take part at a business forum hosted by Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

Speaking at the meeting with his Hungarian counterpart, Iran’s Karbasian stressed the need to bolster economic relations between the two countries and highlighted that the signed MoU was a sign of strong determination of Tehran and Budapest to expand bilateral cooperation.

He referred to appropriate capacity of free zones for foreign investment asserting “positive measures are being taken in free trade zones which can prepare a suitable platform for development of trade and economic collaborations between Iran and Hungary.

The official added that effective steps had been taken on development of bilateral banking ties as evidenced by the successful experience of the Iranian Export Development Bank who helps businessmen conduct trade transactions with ease.

Karbasian underlined that the Iranian Parliament had also approved and put into force the bill on avoidance of double taxation.

Iranian economy minister, while pointing to signing of an agreement to encourage and support mutual investment with Hungary, stated that the positive approach and constructive engagement signified a serious resolve for development of bilateral relations.

He also emphasized the need to pursue a trilateral health and food security partnership between Iran, Hungary and the Netherlands.

“Coordination has been made with ICCIMA, the largest trustee of Iran’s private sector, in order to launch necessary cooperation with the Hungarian private sector.”

Masoud Karbasian later called for creation of a joint mechanism for implementation of ‘Hungary’s Business Home’ or the Joint Chamber of Commerce of Tehran and Budapest; “necessary facilities need to be provided for establishment of solid ties between private sectors of the two countries.”

Later at the meeting, Hungarian Minister of National Economy Mihaly Varga voiced satisfaction over his visit to Iran recalling that Hungary had started diplomatic relations with Iran since 1939, and the first Iranian embassy in Hungary had been founded in 1951.

Referring to the age-old history of ties between the Hungarian embassy and Iran, he said “the issue indicates to Hungary’s strong will to strengthen cooperation between the two countries.”

The Hungarian prime minister was the first person to travel to Iran following implementation of the Joint Comprehensive Plan of Action (JCPOA), said Varga stressing that Iran and Hungary enjoyed good relations.

The visiting official, while referring to structural similarities between the two ministries, said Ministry of National Economy of Hungary was in charge of economic development, trade policy, training, human resources, budget, tax and banking system of the European country.

The Hungarian minister of national economy added that volume of trade between the two countries stood at 350 million dollars in the past though the figure declined to only $30m during sanction years. He however explained that trade turnover between Tehran and Budapest had taken up an upward trend following Hungarian PM’s visit to Iran in the post-sanction era.

Mihaly Varga announced his country’s readiness to establish and develop cooperation with the Islamic Republic of Iran in various areas like construction of power plant cooling towers, electric buses, pharmaceuticals, medical equipment, mobile laboratories in the field of biology, airlines, tourism and banking.