| GEO World|
Iran, Syria set for $5b annual trade
| Updated at: 0814 PST, Sunday, October 03, 2010|
TEHRAN: Heading a high-ranking delegation, the Syrian President Bashar al-Assad arrived in Tehran on Saturday for talks with senior Iranian officials including President Mahmoud Ahmadinejad.
According to a report filed by media the officials from the two countries believe that the bilateral trade between the two sides has the potential to reach five billion dollars.
The two countriesí trade value (excluding technical and engineering services exports) stood at $336 million during the previous Iranian calendar year (ended March 20, 2010), official news agency reported.
Iranian firms are currently carrying out different constructional projects such as a cement factory, two hydroelectric power plants, a glass factory, 10 silos, and so on in Syria.
Iran and Syria seek to establish joint bank, insurance company, and different joint funds to accelerate boosting the two countries economic cooperation.
Iranís ambassador to Syria had previously told another news agency that the relations between the two countries will witness new progress in the near future.
Iran officially inaugurated its permanent exhibition in Syria on September 23.
Iranian firms active in different fields such as car spare parts, foodstuff, construction materials, home appliances, paint, etc. and have showcased their products in the exhibition.