Sistema Moda Italia and the Teheran Garment Union, the Iranian textile and apparel organization that includes more than 20,000 firms, on Wednesday inked a memorandum of understanding aimed at developing business between the two countries. The goal is to fuel imports and exports between Iran and Italy, strengthen industrial cooperation and share knowhow, specifically in fashion textiles. The agreement will also ease the bureaucracy for those companies that are looking at  starting trade relations with Teheran, directly working with TGU.

“Promoting a dialogue and a profitable collaboration between the Italian and Iranian business communities is an important goal for the federation,” said Claudio Marenzi, president of fashion industry association Federazione Sistema Moda Italia. “The memorandum of understanding is necessary to facilitate the conditions of development of business in Iran for Italian textile and fashion firms. In addition, Iran itself represents a market with great opportunities that I am certain Italian companies will catch.”

The agreement was inked in the presence of parliamentary secretary for economic development Ivan Scalfarotto and vice minister of industry Valiollah Afkhami-Rad.  It is part of the trade mission in Iran taking place this week that was initiated by the ministry of economic development and the ministry of foreign affairs and international cooperation, and led by Prime Minister Matteo Renzi.