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Iran aiming to triple trade with African countries by 2018

In a meeting with some African ambassadors in Tehran, the Iranian minister for industry, trade and mining announced that a special committee has been set up to develop economic ties between Iran and Africa. (Image source: David Stanley/Flickr)

The Iranian minister for industry, trade and mining has announced that the country will aim to triple its trade with African countries within the next five years

According to the Tehran Times, Mohammad Reza Ne’matzadeh said Iran’s trade with the African countries is expected to increase from US$1.7bn this year to US$5bn by 2018.

In a meeting with some African ambassadors in Tehran, Ne’matzadeh also said that a special committee has been set up to develop economic ties with these countries.

According to the Iranian Ministry of Industry, Trade and Mining, the country exports liquefied natural gas (LNG), oil, chemical fertilizers and hand-woven carpets to Africa. It imports grains, oranges, tobacco, manganese, tea, and bananas from the continent, the newspaper reported.

“Supporting small and medium enterprises and forming joint ventures with the private sector are some of the important measures that should be undertaken to improve economic relations between Iran and Africa. This includes boosting industrial and mineral cooperation with African countries and focusing on certain target markets,” Ne’matzadeh said.

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