Iran, Nicaragua sign joint venture agreement

Iran and Nicaragua signed a joint venture agreement during a meeting between Irans Minister of Economic Affairs and Finance and his Nicaraguan counterpart.

(SHADA: TEHRAN) -- Pointing to the strong political will of the two countries for the development of cooperation, Farhad Dejpasand expressed hope that the level of economic cooperation would be more in line with political relations.

The Minister of Economy said the level of economic ties between the two countries could increase to 10 times in less than two years with a coherent and practical plan, adding that some areas of cooperation include insurance, banking, education, agricultural and industrial sectors.

He further stated Iran is ready to transfer its experiences to Nicaragua in the aforementioned areas.

Dejpasand also called for signing a customs partnership agreement and avoidance of double taxation between Iran and Nicaragua in order to develop economic ties.

During the meeting, Iván Acosta, Nicaragua's Minister of Finance and Public Credit, called the relations between Iran and Nicaragua a long-standing strategic one which includes trade.

We are here to further develop our ties in the commercial sphere because we know that increased cooperation between the two countries will create jobs and prosperity for both nations, he added.

Iran is a good, strong partner, and a country with high economic potential, with significant capability in the industry and production of products such as pharmaceuticals, industrial supplies and light and heavy Intermediate goods, as well as one of the world's largest crude oil producers, Acosta noted.

He said Iran and Nicaragua produce different products and services to meet each other's needs which can be exchanged between the parties without the use of dollars.