Sri Lanka and Iran have agreed to broaden and strengthen bilateral ties and cooperation.
The two sides have agreed to increase ties more than ever before during a meeting between Minister of Industry and Commerce Rishad Bathiyutheen who is in Iran leading an economic delegation and the Iran's Foreign Minister Ali-Akbar Salehi on Monday.
"The Islamic Republic of Iran is fully ready for supporting and evermore expansion of comprehensive cooperation with Sri Lanka, particularly in political, economic, commercial, transit, and joint investments fields," the Iranian Minister has said.
Minister Bathiyutheen in the meeting has appreciated the Iranian officials for their assistance in the process of Sri Lanka's development, the official news agency of Iran, IRNA, reported.
"'We hope to increase the level of commercial and economic cooperation with Iran, particularly in energy field," the Sri Lankan Minister has emphasized.
According to IRNA, Iran has helped fund a number of development projects in Sri Lanka.
In 2010 Iran has agreed to provide US$ 450-500 million grant for the Uma Oya Multipurpose Development Project, a 90-100 megawatt hydroelectric power plant around the country's Central Province. Iran has also invested in Sri Lankan Oil refineries and its investments have helped to double Sri Lankan Oil production capacity. Iran has also invested in rural electrification.