It is in our mutual interest to further bolster economic relations between Hungary and Iran, Minister for National Economy Mihály Varga said, after receiving Iran's Minister of Economic Affairs and Finance Ali Tayebnia in his office. The main beneficiaries of the two countries’ closer cooperation may be the healthcare and motor vehicle sectors, he stated.

Having overviewed economic partnership options the two Ministers agreed that the Middle Eastern country with a population of 80 million may offer ample opportunities for Hungarian enterprises, and Hungary may Iran’s stepping stone to Europe.

The two parties called it a milestone that through the ratification of an Economic Cooperation Agreement the Hungarian-Iranian Joint Economic Committee (JEC) could also be established.

At the opening session of the JEC, several letters of intent were signed, for example an MoU on developing cooperation concerning industrial parks, and on partnerships in the field of tourism and various enterprises, Mihály Varga noted.

There are also a number of opportunities within the healthcare sector, and the agreement concluded also initiates the setting-up of a working group of experts.

With regard to the motor vehicle industry, Mihály Varga stressed that vehicles required for the upgrading of Iran’s public transport system are available at domestic manufacturers. The agreement concluded by the two countries on the avoidance of double taxation, applicable as of January 2017, is expected to facilitate investment and boost trade turnover. The agreement on the promotion and protection of investments, scheduled to be finalized soon, also serves this end, he added.

The Iranian partners are also interested in Hungary’s achievements in the field of improving economic transparency, Mihály Varga pointed out. At the meeting, details of the on-line cash register system and the Electronic Public Road Transportation Control System (EKÁER) were also outlined.

(Ministry for National Economy)