Azernews.Az

By Sara Rajabova

Russia and Iran, which have recently expanded cooperation in various fields, are now focused on the cooperation in the field of aerospace engineering, transport engineering and pharmaceuticals.

Russian Industry and Trade Minister Denis Manturov said Moscow has held a series of intensive talks with Tehran on its companies entering the Iranian market, RIA Novosti reported.

Manturov noted that Russia discussed the cooperation in different spheres, both in co-production, supply of aircraft equipment, transport engineering, pharmaceuticals and a wide range of industrial partnership relations that will enable Russian enterprises to enter Iranian market.

The economic and trade cooperation between the long-time allies began to strengthen after the Iran nuclear agreement, which provided ground for removal of the international sanctions on the Islamic Republic.

Russian President Vladimir Putin, who visited Tehran in November, said Moscow is ready to extend a $5bln state loan to Iran to promote industrial cooperation. Russian state lender Vnesheconombank will grant another 2 billion euro export loan to the Islamic Republic.

Putin said the two countries have selected 35 priority projects in energy, port facilities, and railway electrification. According to Russian Energy Minister Alexander Novak, Tehran and Moscow have devised a package of projects that are collectively worth $35 billion to $40 billion.

Before it plunged to $2 billion, Iranian-Russian trade turnover was $4 billion in 2013.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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