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3/12/05

Iran signs 3 billion euro cooperation protocol with Italy

Rome, March 11, IRNA -- Iran and Italy signed an economic cooperation protocol worth three billion euros here Thursday night, based on which the Italian government is urged to provide Tehran with industrial machinery upon request, in return for Iranian oil.

According to a report by Italy's ANSA news agency, the protocol was signed by Head of Tehran Chamber of Commerce Mohammad-Reza Behzadian and Deputy Head of Milan Chamber of Commerce in Promotion of International Trade Sandro Bicoucci signed the protocol on behalf of the two countries.

The volume of Iran-Italy trade was around four billion euros prior to the signing of the protocol in question.

ANSA's economic analyst says in the report, "Iran, and important Middle East country, intends to strengthen the foundations of its traditional industries, such as the textile industry, for which it seeks the assistance and modern machinery of leading countries' in the related fields."

The Italian state news agency adds, "Iran is expanding the range of its economic transactions with Italy, and the chambers of commerce of Tehran and Milan play a decisive role in that respect."

ANSA has also carried Behzadian's comments on the issue.

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