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Turkish investors to set up textile unit in Iran
30 Jan '14
1 min read
Turkish investors are set to launch a joint venture with Iranian businessmen for setting up a textile plant in central Iranian city of Delijan, reports ILNA.
The new textile plant would be set up at a cost of €15 million. This was disclosed during the visit of Iranian Oil Minister Bijan Namdar Zangane to Turkey earlier this month.
During the visit, the two sides reached some agreements to boost bilateral trade ties, Mr. Zangane said.
Both countries would continue to negotiate further in view finalize the agreements and sign memorandums of understanding during the forthcoming visit of turkish Prime Minister Recep Tayyip Erdogan to Iran.
In Iran, over 95 percent of textile production units are owned by the private sector. The textile industry accounts for 11 percent of production units and 12 percent of employment in Iran’s industrial sector.
In 2013, Iran-Turkey bilateral trade declined to US$ 16 billion from $22 billion in 2012. Both countries have set a target of increasing annual bilateral trade volume to $100 billion in the long-term and to $30-35 billion in the short-term.
Fibre2fashion News Desk - India
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