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Iran and South Africa move to strengthen bilateral cooperation

by ChemOrbis Editorial Team -
  • 24/10/2016 (14:14)
According to media reports, Iran and South Africa are planning to move ahead on a number of initiatives to further strengthen bilateral economic ties between the countries.

In line with the efforts to boost and facilitate mutual trade between the countries, Iran reportedly opened a business unit in Cape Town on October 21.

The countries are aiming to increase the trade value between the countries to up to $2 billion by 2020. According to the latest data, the value of Iran’s exports to South Africa surged 93% year over year to $21.4 million in the first six months of the current Iranian calendar year which started on March 20. In the same period of 2015, the export value from Iran to South Africa was reported at $11 million.

The parties are also seeking to establish shipping lines and direct flights between the countries as well as increasing marketing of Iranian products in South Africa. Iranian companies will mostly be active in the fields of petrochemical, construction materials, pharmaceutical and medical equipment and food industry in the upcoming period.
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