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TEHRAN- A 310-strong Italian delegation will arrive in Tehran today to explore new business opportunities in Iran now that the sanctions are being lifted against the Islamic Republic. 

Infrastructure and Transport Minister Graziano Delrio and Agricultural, Food and Forestry Policies Minister Maurizio Martina will lead the delegation for the three-day visit, the IRNA news agency reported. 



The delegation comprises representatives of 197 Italian companies and enterprises active in banking, infrastructure, oil, gas, and agriculture sectors. 



Delrio said the trip is a follow-up to the contracts which were signed between Iran and Italy during the visit of Iranian President Hassan Rouhani to Italy from January 25 to 27. 



During Rouhani’s stay in Italy, the two countries issued a joint declaration elaborating on a road-map for development of Tehran-Rome ties in political, economic, cultural, tourism, scientific, and technological fields.  



The section of the declaration related to the economic cooperation said the parties shall encourage the expansion of economic relations in all areas of common interest, with specific focus on: reactivating the joint bilateral economic committee, returning to the previous higher level of trade and investment, strengthening bilateral cooperation in key areas and encouraging bilateral banking and credit relations. 



Supporting ongoing negotiations aimed at establishing an appropriate executive mechanism to boost mutual investments, introducing new projects and areas of possible cooperation between small and medium enterprises and promoting exchange of trade and investment delegations to both countries were the other issues focused in the declaration. 



Since 2012, trade between Iran and Italy has slumped from €7 billion (around $7.6 billion) to €1.2 billion a year. 

But now sanctions have been lifted, Italian businessmen are eager to renew ties. 

“Italy was Iran’s leading economic and trade partner before the sanctions,” Italian economic development minister Federica Guidi said a few months ago, seeking to ensure her country regains that position. 

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