Iran and Armenia signed a Memorandum of Understanding (MoU) to expand bilateral cooperation in insurance.
In a meeting between President of Central Insurance of Iran Naser Abdol-Hemati and Chairman of Central Bank of Armenia Arthur Javadyan, the two sides discussed bilateral insurance cooperation.
Abdol-Hemati, outlining Iran’s insurance situation and its international interactions, expressed Iran’s insurance readiness for bilateral cooperation with Armenian insurance companies.
Javadyan, for his part, welcomed bilateral insurance ties between Tehran and Yerevan.
Iran’s insurance exchanges reach $6 billion and Armenia’s hits $60 million.
Late December, Iran and Armenia signed five MoUs in the presence of Iranian President Hassan Rouhani and his Armenian counterpart Serzh Sargysyan in Yerevan.
The MoUs included joint use of Nurduz-Meghri border gate, cooperation in the field of emergency situations, tourism and museums as well as youth and sports.
Iran and Armenia have been recently intensifying efforts to promote their mutual relations.
The two countries announced in early August that they had lifted their visa regime to enable their citizens to freely commute between the two countries. The move is also expected to help boost ties between the two countries.
Accordingly, Iranians and Armenians can cross the border without a visa and stay for maximum 90 days within a 180-day period.
Iran is currently exporting natural gas to Armenia and is in return importing electricity from the country to support demand in its northern provinces.
Iran reportedly exports nearly one million cubic meters of natural gas per day to Armenia.
Officials in Tehran had previously said that the volume could increase to as high as six million cubic meters per day.