Minister for National Economy Mihály Varga conferred in his office with Iran’s Deputy Foreign Minister for Euro-American Affairs Majid Takht-Ravanchi about expanding economic relations between the two countries.

At the meeting, the two parties welcomed the nuclear programme approved on 14 July in Vienna which is expected to result in the gradual phasing-out of sanctions against Iran and thus a new chapter may open in the relationship of the two countries.

DownloadThe Ministers discussed several treaties which are currently under negotiation, such as the initiation of a treaty on the avoidance of double taxation. As Mihály Varga later revealed, a Hungarian-Iranian treaty on investment protection and an intergovernmental economic cooperation agreement are also being prepared.

The Hungarian Minister expressed hope that following the lifting of sanctions relations between Hungary and Iran will further improve. The Minister added that although Iran’s market currently only knows the brands and products of large Western European countries, a window of opportunity may open for presenting Hungarian products and services on the Iranian market. However, the lifting of financial barriers may bring about the largest change, he added. Having done away with this obstacle, Hungarian enterprises may obtain funding and export to Iran.

(Ministry for National Economy)