Iran's Trade Promotion Organization voices barter option with European companies

Business Materials 20 May 2019 13:37 (UTC +04:00)

Tehran, Iran, May 20


The acting head of Trade Promotion Organization of Iran Mohammad Reza Modoudi has indicated the investment capacities of the country.

He made the remarks during the Iran-Czech Republic joint economic meeting in Tehran.

Referring to Instrument in Support of Trade Exchanges (INSTEX ), he said that considering economic projects in various fields including agriculture, food, oil and petrochemicals, today Iran is a golden opportunity for investors," Trend reports citing the website of the Trade Promotion Organization of Iran.

Moudodi noted the banking problems due to US sanctions as well.

"Despite US unilateral action to withdraw from the Joint Comprehensive Plan of Action, Iran has not failed its commitments, yet our trade companies have been hit the most," he said.

He indicated that in order to continue trade in the current situation, Iran needs new solutions.

"Iran used to import goods via Czech companies, but currently due to banking issues, it is difficult. So, bartering with European companies is a good choice to exchange goods," he noted.

Moudodi noted the capacity of the private sector in both Iran and Czech Republic.

"We are ready for cooperation in the form of expert groups or review of possible barter and designing proper mechanism," he said.