Iran seeks to implement barter trade with Africa

2022-06-09 10:35:00
Iran seeks to implement barter trade with Africa

Iran is looking for ways to implement barter trade mechanisms with the country’s African trade partners, according to Iran’s Trade Promotion Organization (TPO).

“Given the implementation of barter trade mechanism by the Trade Promotion Organization with several countries, we hope to benefit from this platform with African trade partners as well,” said Ahmad-Reza Alaei Tabatabaei, TPO’s deputy for export development.

The official noted that the TPO has prepared a list of 1,100 commodity items that can be included in the barter trade with African countries.

Referring to the TPO plans to expand trade with Africa, Tabatabaei announced the improvement of export infrastructure and strengthening of the presence of Iranian commercial attachés in the said continent.

According to the official, the most important challenge for Iranian businessmen regarding Africa is the lack of knowledge and familiarity with its markets.

He further noted that another important challenge in the way of expanding trade with African countries is transportation and logistics, especially the need for developing maritime transportation infrastructure.

“Establishing regular shipping lines, which we have recently witnessed in East Africa and which needs to be strengthened, must also be implemented and regulated in West Africa. By allocating transportation subsidies, we try to regulate these lines; So that traders can benefit from this capacity,” Tabatabaei said.

Referring to Iran’s great potential in the field of technical and engineering services, he said: " African Countries are among of the most important importers of technical and engineering services in the world, and fortunately, Iran has become more advanced in this area in recent years."

The official also pointed to the 45 percent increase in exports to Africa, saying: "Currently, Ghana is Iran’s first export destination in Africa, followed by South Africa and Nigeria in second and third places.”


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