Thursday, June 24, 2010

First Iranian company sets foot in Cuba

First Iranian company sets foot in Cuba
Asia one

HAVANA, CUBA - Irrigation systems maker Tad.Co has become the first
Iranian company to open an office in Cuba, the weekly Opciones said
Saturday, amid signs of closer ties between the two adversaries of the
United States.

"The office opening is not the goal, but just a new step" in improving
Iran-Cuba relations, said Iranian Ambassador Mostafa Alaei at Tad.Co's
inaugural ceremony.

The Iranian company has already been doing business with Cuba for seven
years, selling it more than 3,000 irrigation systems, Opciones reported.

The Cuban-Iranian alliance is growing closer. Last year, they formed a
joint venture to produce refrigerators and other small appliances for
the Cuban market, in addition to parts for the railroad industry. Cuba
got a $680-million credit in the deal.

During a visit here in April by Iran's Deputy Foreign Minister Seyed
Amir Mansoor Berghei, the two governments agreed to boost cooperation in
biotechnology, agriculture, and transportation.

Trade between the two nations grew from US$22 million ($30.5 million) in
2007 to US$46 million in 2008, but dropped off with the global recession
last year to US$27 million.

Cuba supports Iran's controversial nuclear energy program.

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