World  Business and Economic Analysis 

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 Tehran and Tokyo signed a memorandum of understanding (MoU) on Friday to further broaden mutual cooperation in the field of transportation.

The MoU was signed in a ceremony in Tokyo today by Iran's Deputy Minister of Roads and Urban Development for international affairs Asqar Fakhrieh and his Japanese counterpart Hiroshi Tabata.

The MoU was the outcome of the first Iran-Japan joint commission on infrastructure and transport.

Tabata welcomed implementation of Joint Comprehensive Plan of Action (JCPOA) and underlined the important role of infrastructures for Iran-Japan cooperation in future.

Fakhrieh visited Tubo Railroad Control Center and met with deputy minister of foreign affairs, deputy minister of economy, trade and industry as well as directors of different Japanese companies during their stay.

The capacities for joint venture investment in Iran's railroad transport were introduced to the Japanese firms in a seminar on 'Iran Railroad' at Edmont Hotel in Tokyo by the Iranian delegation.

In late May, Iranian Deputy Foreign Minister Seyed Abbas Araqchi voiced Tehran's readiness to expand bilateral ties with Tokyo.

"Iran and Japan had satisfactory relations during the sanction-era as the two countries managed to maintain their good mutual cooperation despite the difficult conditions of that time," Araqchi said in a meeting with his Japanese counterpart Shinsuke Sugiyama in Tokyo.

The Iranian deputy foreign minister, meantime, thanked the Japanese government for opening a 10-billion-dollar credit line to facilitate the volume of trade exchanges with Iran, and said, “Continuation of this important step and making full use of this credit line to pave the way for participation of Japanese companies in Iran’s economic projects requires the two countries’ joint will.”

Sugiyama, for his part, felicitated Iran on the occasion of striking a nuclear deal with the world powers and the implementation of the Joint Comprehensive Plan of Action (JCPOA).

In February, Iranian Economy Minister Ali Tayyebnia and his Japanese counterpart Taro Aso in a meeting in Tokyo underlined the need for the further expansion of mutual cooperation between the two countries, specially in economic and trade fields.

During the meeting in the Japanese capital, the Iranian and Japanese economy ministers explored the avenues for the bolstering and reinvigorating bilateral ties.

"Cheap energy and labor in Iran and the region's big market are advantages for Japan in order to make its products competitive," Tayyebnia said.

Aso, for his part, reiterated that his country is ready for transfer of technical know-how and joint investments in Iran's infrastructure projects.

The Japanese economy minister said that Tayyebnia's visit to Japan can contribute to expansion of economic cooperation and boost the level of bilateral relations between the two countries.

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