Iran and China have signed a 25-year agreement to expand ties as the Islamic republic struggles to prove the resilience of its economy against decades of US sanctions, reported the Financial Times.
Mohammad Javad Zarif, Iran’s foreign minister, and his visiting Chinese counterpart, Wang Yi, signed the agreement on Saturday.
A draft—seen by the Financial Times last year—covered co-operation in areas from energy, petrochemicals and nuclear power to the high-tech and military sectors as well as maritime projects to promote Iran’s role in China’s Belt and Road Initiative. It contained no information on China’s investments in Iran.
“This agreement will definitely help expand ties with China and will change the nature of business because Chinese companies will invest in Iran now more confidently than before,” said a business executive close to Iran’s hardline forces. “Many lights in various sectors, notably the energy sector, will turn green for Chinese companies.”