The Iranian pavilion is aimed to bolster the presence of Iranian companies in target markets, establishing mutual relations with foreign companies and food industry entrepreneurs participating in the exhibition, and ultimately promoting a successful and sustainable presence in the regional markets.

Featuring more than 500 exhibitors from 52 different countries with amazing food and beverages from around the world, the Food Istanbul Exhibition is going to present an exciting range of delicacies for visitors and open up fruitful opportunities for traders and exhibitors.

The post Iran pavilion to showcase food industry at Food Istanbul 2019 appeared first on Iran News Daily.

Modoudi also mentioned increasing the volume and diversity of the products to be exported to the neighboring countries, strengthening specialized export unions, development of large export companies, and establishment of international consortiums as the main responsibilities that the Ministry of Industry, Mining and Trade has specified for TPO.

In a press conference in late January, the official had said that Iran will not solely rely on Iran-Europe trade mechanism, known as special purpose vehicle (SPV), for developing foreign trade and it will rather use its own capacities and capabilities in doing so.

He said despite the U.S. efforts for isolating Iran, the country has a good economic relationship with its neighbors and Iran’s foreign trade is flourishing strongly.

Mentioning the great potential of Iran’s neighboring markets, the TPO acting head said, “Iran’s neighbors have a $1 trillion import capacity annually, and considering the U.S. sanctions we should focus more on our neighboring markets.”

Surrounded by fifteen neighboring countries through land and sea, Iran enjoys a very strategic geopolitical and economic position in the Middle East and considering the U.S. recent actions for increasing pressure on the country’s oil industry, many economy experts and scholars believe that Iran should retaliate by focusing more on improving domestic production and increasing non-oil trade especially with its neighboring countries.

As mentioned before, Iran shares border with fifteen countries, namely the United Arab Emirates, Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, and Saudi Arabia.

Based on the latest data published by TPO, the value of trade with the neighboring countries stood at over $36.5 billion in the past Iranian calendar year (March 2018-March 2019), that is about 41 percent of the country’s total non-oil trade in the mentioned time span.

The country, however, doesn’t have equal trade with all the mentioned nations and Iraq, Afghanistan, Pakistan, Oman, Azerbaijan, Kuwait and Turkmenistan account for most of Iran’s trade with its neighbors.

As Iran’s top trade partner in the region, Iraq is one of the most important nations that the Islamic Republic is closely interacting with on many levels and considering the two country’s great potentials for mutual trade, both sides are eager for increasing their trade turnover to a level much higher than its current amount.

The Arab neighbor supplies most of it electricity and gas needs from Iran and imports a wide range of non-oil commodities from Iran including foodstuff, home appliances, agricultural products, air conditioners and spare car parts.

Iran and Iraq’s current trade turnover stands at $12 billion which is the highest among all the neighboring countries. Earlier in March, Iranian President Hassan Rouhani announced in an Iran-Iraq business forum in Baghdad that the two countries plan to boost this number to $20 billion in the near future.

Iran’s non-oil trade data for last year indicates that exports to Iraq accounted for more than 37 percent of Iran’s total exports to the neighboring countries and the number increased by over 36 percent compared to the preceding year. In terms of imports, however, Iraq stands at the seventh place among exporters to Iran in the region which consequently pushes the trade balance between the two countries significantly positive toward Iran.

The post TPO to hold 1st meeting of Iran-neighbors joint economic committees appeared first on Iran News Daily.

TPO data show that some 31.813 million tons of industrial commodities worth $14.92 billion have been exported from Iran during the nine-month period, showing six percent rise in terms of weight compared to the same time span of the previous year.

Industrial exports accounted for 44.7 percent and 36.5 percent of the country’s worth and weight of non-oil exports during the first nine months of the present year.

Iran exported 86.94 million tons of non-oil commodities, worth $33.35 billion, during the mentioned period of time, showing 5.40 percent growth in terms of value compared to the same time last year.

The country’s top export destinations in the said time span were respectively Iraq by importing $6.92 billion of Iranian goods equaling 2.77 percent of the total exports, China ($6.749 billion; 20.23 percent), and the United Arab Emirates ($5.13 billion; 15.39 percent).

The post Value of exports from industry sector rises 13% in 9 months yr/yr appeared first on Iran News Daily.