Feb 08, 2017

PM Orbán meets Iran's economy minister to advance bi-lateral relations

Hungary opens 85 million euro credit line to support Hungary-Iranian businesses

Prime Minister Viktor Orbán has met with Iran’s economy and finance minister to build relations between the two nations.

According to sources, the prime minister discussed economic and energy cooperation and investments by companies in Hungary and Iran during his meeting with Ali Tayebnia in Budapest.

The meeting, also attended by Minister of Foreign Affairs and Trade Péter Szijjártó, focused on the financing of Hungarian-Iranian economic programs, which involve developing cooperation in interbank crediting and making import licencing more flexible.

Hungary’s Eximbank has opened an 85 million euro credit line to support Hungarian-Iranian business ties and the establishment of joint ventures. Once approved by Brussels, the two countries will begin talks on an investment protection deal. Eximbank will lead the talks on creating direct inter-bank links.

According to MTI, the two countries also reached a deal that will afford Hungarian products and technologies an advantage with Iran’s import licensing authority. An agreement was reached on Hungary’s Ikarus Global delivering several hundred buses to Tehran with the financing of Eximbank. The two countries will enhance cooperation in the energy sector, which includes opportunities for Hungarian companies in developing Iran’s energy infrastructure.

Iranian minister Tayebnia welcomed the agreements, and said that due to its geographical position Hungary serves as a gateway for Iranian companies in building partnerships with European countries.