Speaking at the Iran-East Africa business forum focusing on banking, insurance, and transportation, Mr. Mohammad Reza Modoudi said that despite huge economic potentials in African countries, Iranian business activists and investors have not taken advantage of this opportunity.
IRAN NEWS ECONOMIC DESK
He went on to say that almost 5.7% of world population live in Africa and $500b out of $20,000b world trade turnover accounts for this continent but Iran’s share of this volume is very insignificant and Iran’s trade with African states stands at between 500 to 600m dollars.
Modoudi pointed to banking problems, infrastructural problems like shipping lines and transportation along with sanctions have been the main reasons for low trade between Iran and Africa.
He called for more economic interaction and trade between the two sides and said Africa is one of the best places for Iranian investments.
He went on to say that Iran due to good quality of its products in polymer industry, agro products and oil production can have strong presence in African market.
He noted that the organization is working on some African countries like Algeria in order to find way to enter its market.
Modoudi added that Iran is world’s 19th economy, admitting that Iran’s exports account only for .02% of world market, blaming lack of necessary investments from Iranian economic activists.
He added that Iranian business activists should change their approach and they should focus on new markets like on African markets which are potentially profitable.
The forum which was organized by the Iranian Trade Promotion Organization (TPO), aimed to explore issues regarding the banking, transportation and insurance relations with East Africa, especially in maritime transportation and shipping.
- source : Iran news
