The MOU was signed during the second meeting of Iran-Hungary joint economic cooperation commission in the presence of Iran’s Minister of Economic Affairs and Finance Ehsan Khandouzi and visiting Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in Tehran on Thursday.
The Iranian minister said on the sidelines of the commission that the two sides discussed cooperation in the fields of water treatment, seeds, power plants, animal feed, construction materials, and joint investment opportunities.
Khandouzi said the volume of bilateral trade currently stands at about $40 million which he said is low.
He added that a customs agreement was signed between Iran and Hungary on Thursday, describing it as a positive step towards the expansion of economic relations.
Khandouzi said his Hungarian counterpart promised to deal with problems facing Iranian businessmen who want to transit goods through Hungarian territory.
The Hungarian minister of foreign affairs and trade referred to the existing capacities for cooperation between the two countries in the fields of construction materials, agriculture and health.
Szijjarto described the negotiations during the second economic commission as successful adding that Hungarian economic agents have identified good capacities in Iran to expand cooperation.