South Africa, Iran Expect Trade to Hit $1bn by 2022

Date: 06 May 2018 - 21:23

News ID: ۵۲۶۱۸

TEHRAN (Dispatches) – The director for Arab-African affairs of Trade Promotion Organization of Iran (TPO) Farzad Piltan on Sunday said that Iran and South Africa have planned for $1 billion trade exchanges by 2020,.
Farzad Piltan, , made the remarks during a meeting of visiting South African economic officials with Iranian officials from TPO and.

Speaking during a meeting with South African officails to Iran's Chamber of Commerce, Piltan said, "The two countries were aiming to boost trade exchanges to $2 million by 2020, but they finally agreed on $1 million.”

Noting that banking and transportation problems are the main two obstacles in the way of trade exchanges between Tehran and Pretoria, he expressed hope that the upcoming joint economic commission of the two countries would focus on removing banking problems.

The long way to South Africa and the lack of enough cargo in the way back makes the transportation companies reluctant to carry goods to the country, Piltan said, urging the need to make use of both private and state-owned sectors of the two countries to help resolve the problem.