Iran and China have signed a memorandum of understanding (MoU) for the implementation of several urban projects, a senior trade official announced.
Chairman of Qazvin Chamber of Commerce Alireza Keshavarz said the MoU was signed by China's CITIC Group and Qazvin Municipality in a bid to implement seven projects in Qazvin city.
"Many of the factories in Qazvin produce quality products and if their raw materials are imported from China we can produce joint goods and products," Keshavarz added.
He noted that China is now Iran's biggest trade partner and increasing the volume of trade exchanges between the two countries is a necessity.
The CITIC Group formerly the China International Trust and Investment Corporation, is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District, Beijing.
Iran is currently China's third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.