Iran and Cuba Sign MoU to Expand Trade Cooperation Emphasis on Establishing Joint Cooperative Companies اتاق تعاون ایران

In a meeting held in Tehran between the President of the Iran Chamber of Cooperatives and the President of the Cuban Chamber of Commerce, along with the Cuban Ambassador, both sides emphasized the need to enhance bilateral economic relations through the cooperative sector. The session concluded with the signing of a Memorandum of Understanding (MoU) between the two chambers.

According to the Iran Chamber of Cooperatives, the meeting was attended by Bahman Abdollahi, President of the Iran Chamber of Cooperatives, the Cuban Ambassador to Iran, and the President of the Cuban Chamber of Commerce, along with his delegation. The discussions focused on the potential for boosting trade exchanges and forming joint cooperative companies.

Mr. Abdollahi highlighted the significant role of cooperatives in Iran’s economy, stating:

“Iran’s economy is based on three pillars: state-owned, private, and cooperative sectors. Cooperatives play a crucial role in national production.”

He added that there are over 104,000 active cooperatives in Iran, creating approximately 2 million jobs. “A substantial share of domestic production comes from cooperatives, and some are also export-oriented,” he noted. “Last year, cooperative exports were estimated at $2.5 billion, and we aim to increase that figure to $5 billion.”

He further emphasized Iran’s readiness to develop commercial ties with Cuba, particularly in the sectors of healthcare, agriculture, and chemical fertilizers. He proposed the formation of joint companies to facilitate imports and exports between the cooperatives of both countries.

Abdollahi also pointed to Iran’s vast capacity in fertilizer production, saying:

“Iran is among the top suppliers of chemical fertilizers in the region, and it can help address Cuba’s shortages in this area.”

He also proposed knowledge and expertise transfer from Iranian agricultural cooperatives to Cuba, adding:

“Offshore farming on Cuban land is another viable cooperation opportunity.”

During the meeting, the Cuban Ambassador expressed his satisfaction with the visit, describing Iran as one of Cuba’s four strategic allies.

“In light of the sanctions imposed on both countries, we must explore alternative ways to expand economic cooperation,” he said. The ambassador also announced the Cuban Embassy’s readiness to facilitate connections between companies and economic actors from both nations.

The President of the Cuban Chamber of Commerce acknowledged the prominent role of Iranian cooperatives and expressed interest in leveraging Iran’s experience in agriculture, fisheries, mining, healthcare, construction, transportation, and other sectors.

He noted Cuba’s challenges in agricultural production due to fertilizer shortages and stated that Iranian cooperatives could provide much-needed support. He also described Cuba as a potential “hub for both production and export” in the region and hoped the new cooperation would lead to increased trade and joint investments.

The meeting concluded with officially signing of a Memorandum of Understanding to promote trade cooperation between the Iran Chamber of Cooperatives and the Cuban Chamber of Commerce.