Iranian companies' export suffer from sanctions

Oil&Gas Materials 8 May 2015 11:45 (UTC +04:00)

Tehran, Iran, May 8

By Temkin Jafarov, Mehdi Sepahvand - Trend:

When the economic sanctions on Iran are mentioned, it is usually thought that Iranian companies are having a hard time importing goods and raw materials needed for production. However, there are Iranian companies whose exports have suffered greatly as well.

Naturally Iranian companies have suffered from the sanctions in the field of export, and our company is no exception, Mahmoud Reza Hedayati, CEO of Petunia Co told Trend during the Iran Oil Show 2015 in Tehran on May 7.

However, he said that if sanctions are removed, Iranian companies will offer more quality goods and services in order to compete with rival foreign companies, thereby increasing their chance to find more markets.

Hedayati went on to say that his company has long been willing to do business with neighboring countries, Azerbaijan in particular, only to fail due to the sanctions.

The company's goods, which are used in earthing, lighting, and grounding projects, are very heavy and shipping them from distant countries such as India or China is costly, while if sanctions are removed, they will be able to acquire them from Iran at far less expense, he maintained.

Iran is awaiting the removal of sanctions on its economy through a comprehensive nuclear deal with world powers that is supposed to be reached by June 30.

The latest statistics released by Trade Promotion Organization of Iran (TPOI) indicates that the country's industrial products export reached $14.98 billion in the last fiscal year, ended on March 20.

Edited by CN