Iran, Syria strike several economic deals

Iran and Syria sign several key economic agreements focusing on trade, industry, and agriculture.

The deals were struck in the Syrian capital Damascus on Monday during a visit by Iran’s First Vice President Es’haq Jahangiri, who was on a two-day trip to the Arab country at the head of a high-ranking delegation.

Detailing the agreements, Jahangiri said the two sides had come to “very important agreements on banking cooperation.” Syrian Prime Minister Imad Khamis also announced that the countries had inked a “unique” agreement enabling long-term economic cooperation.

The Iranian official also noted that the Islamic Republic will be contributing to repairing of power stations throughout Syria and set up a new such facility in the northwestern Syrian Latakia province.

The countries also signed several memorandums of understanding addressing education, housing, public services, railways, and investment among other areas. Khamis called the MoU’s “historic.”

“We will be by Syria’s side in the reconstruction phase as we have been by its side in fighting terrorism,” Jahangiri said.

He was referring to the military advisory support, which the Islamic Republic has been lending Syria since 2011, when the Arab nation found itself in the grip of rampant foreign-backed militancy.

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