Iran, African States Urged to Consider Barter

EghtesadOnline: Money transfer, one of the biggest obstacles to Iran-Africa trade, can be taken care of through barter, the head of Iran-Africa Economic Cooperation Council said in a conference on July 30.

News ID: ۷۸۳۵۱۰

01 August 2018

The conference, titled “Exploring Business Opportunities of Iran and Africa”, was held at Iran Chamber of Commerce, Industries, Mines and Agriculture. Ambassadors of Kenya, Algeria, Ivory Coast, Mauritania and Ghana to Iran attended the event, IRNA reported.

Hassan Khosrojerdi also put Iran’s exports to African countries at $3.7 billion, with $700 million as direct export and $3 billion worth of goods exported through countries neighboring the Persian Gulf, such as the UAE and Oman.

In addition to money transfer, there are several issues facing Iran-Africa trade, including the fact that Africans tend to sell their products for cash payment whereas Iranian merchants insist on paying in installments, Financial Tribune reported.

Another issue pertains to Iran Veterinary Organization’s strict laws that prevent the import of African meat products.

According to Khosrojerdi, Africa’s meat is currently being exported to European and American countries.

“If you can export your products to Iran and these products are welcome in Iran’s market, you will reach a permanent export market,” he told African delegates in his closing remarks.

At present, Iran’s exports to Africa include liquid butane, iron and steel, bitumen, propane, methanol and cement, with Egypt, Kenya, Sudan, South Africa, Mozambique, Tanzania, Somalia, Ivory Coast and Tunisia as the main destinations for Iranian exports.