Iran and Cuba signed an agreement based on which Iran will build a cement plant in this Latin American country, news wire services reported. In addition to the US$200m agreement concluded for building the cement production plant, Iran has also agreed to construct a power plant aimed at generating at least 500 to 1500mW of electricity in this island of the Greater Antilles.

Also, Tehran will supply the raw materials and chemicals needed for rubber and plastic production in Cuba, the report quoted an official at Iran’s Ministry of Industries and Mines as saying.

Moreover, based on a short-term agreement Iran has undertaken providing tractors needed by Cuba through its tractor manufacturing plant in Venezuela, Mohsen Shaterzadeh said here, on Friday. Trade volume between Iran and Caribbean island state has increased from the earlier US$20m to about US$90m, he commented.