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EghtesadOnline: The Industrial Development and Renovation Organization of Iran signed a memorandum of understanding with the Russian Trade and Economic Development Council on Tuesday for expanding cooperation in the fields of energy, rail and aviation industries.

“Iran and Russia have long-term strategic ties and we’re here to pave the way for greater mutual cooperation,” IDRO Chief Mansour Moazzemi said in the MoU signing ceremony, the organization’s news portal reported.

IDRO was established in 1967 and has evolved into one of the largest conglomerates of Asia. The organization’s objective is to accelerate the industrialization process in Iran and export Iranian products.

It owns more than 100 subsidiaries and affiliated companies both domestically as well as internationally, Financial Tribune reported.

The Russian Trade and Economic Development Council is a state-run organization responsible for trade promotion with a view to strengthening foreign relations of Russian business in international markets and facilitating the localization of foreign companies on the territory of the Russian Federation. 

The council aims to build up an efficient system for Russia’s foreign trade development and international economic relations.

 

Iran Russia trade Iran Russia Iran IDRO Industrial Development and Renovation Organization of Iran