Industrial Development and Renovation Organization of Iran (IDRO) and the Czech Ministry of Industry and Trade recently signed a memorandum of understanding (MoU) on expanding cooperation, said a report.

The MoU was signed by Iran's Deputy Industry Minister Mansour Moazzami and his Czech counterpart Eduard Muricky in a ceremony in Tehran on Monday (October 9), added the Iran Daily News report, citing Fars News Agency.

Addressing the ceremony, Moazemi said the Czech Republic began investing in Iran following the implementation of the Joint Comprehensive Plan of Action (JCPOA) in January 2016.

The Iranian deputy industry minister voiced his country's willingness to strengthen cooperation with the European party.

Muricky further underlined that the two countries had voiced readiness to bolster ties in various fields, including oil and gas, auto industry, transportation and managerial training.

IDRO's objective is to develop the industry sector and speed up the industrialization process to promote exports of Iranian products, added the report.