Iran-South Africa plan $2bn trade balance by 2021Staff Writer | May 16, 2017
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.
Trade Expanding commercial and economic ties
“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. ■