Iran and Sri Lanka announced on Monday that they have entered into a memorandum of understanding for the expansion of industrial cooperation between the two countries. Meeting in Tehran, Iran’s Minister of Industries and Mines Ali-Reza Tahmasbi and Sri Lanka’s Minister of Industrial Development Kumara Welgama signed the MoU on Sunday.
"Sri Lanka calls on Iranian companies to build cement, steel and auto-manufacturing plants and exploit minerals," Tahmasbi said after signing the MoU. He said that the volume of economic exchanges between Iran and Sri Lanka stood at US$400 million over the past two years and suggested that the agreement "will prepare an appropriate ground for expansion of exchanges between the two countries".
"The volume of annual non-oil exchanges between Iran and Sri Lanka stands at US$50 million." The Iranian minister expressed hope the volume of economic exchanges between the two countries would receive a further boost from promotion of industrial cooperation particularly in the fields of export of technical and engineering services. He also hoped the two sides would sign an agreement on construction of a cement factory in Sri Lanka by Iranian experts.