Iran eyes boosting trade ties with Africa

Business Materials 6 February 2018 15:33 (UTC +04:00)

Baku, Azerbaijan, Feb. 6

By Khalid Kazimov – Trend:

Iranian Trade Promotion Organization plans to annually add 20 percent to the country’s exports to Africa.

Farzad Piltan, an official with Trade Promotion Organization (TPO), has said the volume of bilateral trade between Iran and Africa over the first nine months of the current fiscal year (started March 20, 2017) stood at $763 million, Fars news agency reported.

The official further expressed his dissatisfaction with the level of banking cooperation between Iran and African countries.

Iran’s exports to Africa in the first nine months of the current fiscal year amounted to $518 million, the report added.

Butane, steel products, bitumen, liquid propane, methanol and cement worth respectively $98 million, $56 million, $34 million, $20 million and $12 million formed the most important exports of Iran to Africa in the mentioned period.

In total the value of Iran’s export to Africa increased by 23 percent and its volume grew by 18 percent.