Baku, Azerbaijan, May 11
By Fatih Karimov - Trend: Iran and South Africa will expand cooperation in different areas of economy, especially in construction and pharmaceutical industries.
In a meeting between Iran's Chamber of Commerce, Industries, Mines, and Agriculture Chairman Gholam-Hossein Shafei and South African Foreign Minister Maite Nkoana-Mashabane in Tehran, the two sides also agreed to boost relations in mining, shipping, and steel industries, Iran's IRNA news agency reported on May 11.
During the meeting, Shafei said that the two countries have signed 90 cooperation agreements and have held 12 joint economic committee meetings. "This issue shows good diplomatic relations of the two countries, although the volume of bilateral trade is still low."
South Africa was the 45th biggest trading partner of Iran in the Iranian fiscal year, which ended on March 20, 2014, according to the Iranian Customs Administration.
The annual trade between Iran and South Africa amounted to $52.4 million. South Africa exported $13.4 million worth of goods to Iran and imported $39 million worth of goods from the country during the 12-month period (March 2013-March 2014).
Iran's ambassador to South Africa, Mohammad Faraji has said that Iran and South Africa have potential to bring their bilateral trade to annual $2 billion.