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Iran-South Africa plan $2bn trade balance by 2021

Staff Writer |
Iran and South Africa are planning to achieve $2 billion trade exchanges by 2021, Iran Chamber of Commerce, Industries, Mines and Agriculture’s Director General for Arab and African affairs said.

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“In spite of strong cultural and political ties and high capacity for cooperation, the two countries' economic and trade level is not desirable,” Shahram Khassi Pour, Iran Chamber of Commerce, Industries, Mines and Agriculture's Director General for Arab and African affairs referring to lack of proportionality in the volume of Iran-South Africa trade.

“Expanding commercial and economic Iran-South Africa ties is of major importance for the Islamic Republic of Iran,” he added while pointing to South Africa as one of Iran's targets to expand relations in Africa.

South Africa, as one the greatest economic systems of the world and a member of BRICS (an association of five major emerging national economies: Brazil, Russia, India, China and South Africa), has an important position in Africa’s market, Kassi Pour noted.

The level of trade exchanges between Iran and South Africa declined to $45.7 million from $2.5 billion in 2011 due to Western-imposed sanctions on Iran.


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