Tehran Times reported that 5 agreements were signed between officials of Iranian Mazandaran Province and Gomel Province in Belarus to enhance economic cooperation between these 2 regions.

Islamic Republic of Iran News Network reported that some of the agreements reached during the 4 day visit of the Iranian delegation include a 25% reduction of energy consumption in Bylorussian Steel Works by Iranian specialists and the exportation of Iranian technical and engineering services to that country.

Other agreements consist of importing of heavy machinery and long life nails lasting 100 years from Belarus to Iran, exporting steel sponge for 10 years to Belarus from Iran and the joint production of a brand in both countries that will be exported to Europe. Currently, joint investments by the 2 countries stand at USD 2.5 billion which is predicted to reach USD 3.5 billion with the implementation of these latest agreements.

In September, Iran and Belarus signed a MoU in Minsk to set up a joint trade council. In 2008, the bilateral trade hit USD 93.8 million with Iran's exports at USD 10.2 million. The foreign trade surplus totaled USD 73.5 million.

Belarus' main exports are potash fertilizers and synthetic fibers while the main imports are cars, grapes, spare parts for automobiles and tractors. In 2008, Iranian investments in Belarus amounted to USD 13.1 million including USD 9.9 million in direct investments.

(Sourced from Tehran Times)