Trade between Iran, Africa amounts to around USD1.3B

(MENAFN) Masoud Berahman, head of the Iran-Africa Joint Chamber of Commerce, has emphasized the need for strategic planning to boost Iran's trade with Africa. Currently, trade between Iran and Africa stands at approximately USD1.3 billion, which is considerably lower than the continent's potential. Berahman highlighted that Africa's total trade turnover is around USD1.5 trillion, evenly split between imports and exports, underscoring the vast opportunity for Iranian businesses.

During a conference on Iran-Africa trade opportunities in Zanjan, Berahman pointed out Africa's abundant natural resources, environmental assets, and agricultural potential that remain largely untapped by Iranian traders. He stressed that Iran must work harder to secure a larger share of the African market to fully exploit these opportunities.

Despite facing political and economic challenges, including sanctions and pressure from the West, Iran has maintained a consistent policy of supporting Africa due to shared political and cultural ties. Over the past 40 years, Iran has consistently stood by Africa, even as economic relations fluctuated. Trade between Iran and Africa saw a boost in the mid-2000s but declined after 2007 due to economic crises and sanctions.

According to Mohammad-Sadegh Ghanadzadeh, deputy head for International Business Promotion at the Iranian Trade Promotion Organization (TPO), efforts are underway to facilitate trade routes with Africa. Ghanadzadeh expressed optimism that the trade volume could reach USD10 billion in the next three years, citing ongoing improvements and the significant market potential in Africa for Iranian goods.

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