Iran and China strengthen ties with new development cooperation agreement

Iran and China have solidified their partnership by signing a memorandum of understanding (MOU) for development cooperation during the Indian Ocean Rim Development Cooperation Forum.

The forum gathered representatives from over 20 Indian Ocean rim nations to explore opportunities for regional collaboration, as reported by IRNA, a partner of TV BRICS.

Abolfazl Koudei, Iran’s Deputy Minister of Economic Affairs and Finance and Head of the Organisation for Investment, Economic, and Technical Assistance, led the Iranian delegation. In discussions, both nations approved the execution of two development projects in Iran.

These initiatives will be financed through the South-South Cooperation Fund and China’s Global Development Initiative, with the MOU marking the commencement of their implementation phase.

Koudei underscored the potential of new technologies to enhance trade and economic cooperation across Indian Ocean rim countries.

China’s Global Development Initiative, alongside its broader projects such as the Belt and Road Initiative, has created broad opportunities for joint ventures and regional development.

Iran’s participation in these initiatives signals a strengthened alliance between the two nations and a shared vision for economic growth in the Indo-Pacific region, the source claimed.

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