Iran and Bulgaria should boost the value of their bilateral trade, which currently stands at USD150 million, Iranian Transport and Urban Development Minister Abbas Akhoundi said. Akhoundi made the remarks in the 18th meeting of Iran-Bulgaria Joint Economic Committee, which was held in Tehran on March 7th, according to the Islamic Republic of Iran Broadcasting (IRIB). Iran and Bulgaria need to establish banking and insurance ties and expand tourism and transportation links, Akhoundi has said. He has also noted Iranian railways could be connected to the railway network of Bulgaria via Turkey. The so-called modern Silk Road, aimed at restoring old trade routes via Central Asia (by land) and across the Western Pacific and Indian Ocean (by sea), is being proposed by China and is warmly met by Iran and Central Asian countries, but has sparked controversy among some of China’s neighbors. In October of last year, Bulgaria and Iran signed a memorandum of understanding to open a transit corridor via Azerbaijan, Armenia and Georgia, but bypassing Turkey.No official developments with regard to the idea have been reported since then.
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