Iran, Turkey plan to build industrial township

Iran and Turkey plan to join forces to set up an industrial township on their common border, says the Iranian ambassador to Ankara.

In a meeting with Turkish Foreign Trade Minister, Zafer Caglayan, Iranian Ambassador, Bahman Hosseinpour, said that Iran's offers to expand transportation cooperation and establish joint industrial townships will help cement ties.

Iran and Turkey plan to double the annual trade volume between the two countries from $10 billion in 2008 over a five-year period.

Caglayan also said that "a special team from the Ministry of Foreign Trade and the Ministry of Trade and Industry" is studying the implementation of a industrial township on the common border between the two countries.

Caglayan also added that he will accompany Turkish Prime Minister, Recep Tayyip Erdogan, during his upcoming visit to Tehran.

The two sides plan to sign a free-trade agreement, create a joint economic zone and upgrade the Lake Van Northern Passage Project to an electrified railway in a bid to boost business transactions.

Tehran and Ankara also aim to remove all limits and fees for overland transportation.