Iran Tractor Manufacturing Company (ITMCO) wants to establish a plant in Zimbabwe, the African country's state media The Herald reported.
The company's investment plan was unveiled during a meeting between Zimbabwe's Vice President Constantine Chiwenga and Iran's First Vice President Mohammad Mokhber on the sidelines of the ongoing second edition of the Iran-Africa International Economic Conference.
"Zimbabwe welcomes the Iran Tractor Manufacturing Company to set up a plant in Zimbabwe. I hope that this critical project will enhance Zimbabwe's agricultural mechanization program and productivity," Chiwenga said.
He also highlighted the need "for closer cooperation between Zimbabwe and Iran to mitigate the effect of the sanction."
Western countries had imposed sanctions on the two nations. In early March, the US government announced the lifting of certain economic sanctions on Zimbabwe, which were imposed about 20 year ago due to alleged poor governance and human rights violations. Simultaneously, the US introduced new punitive measures on 11 Zimbabwean officials, including the country's President Emmerson Mnangagwa.