Tehran Hosts Business Forum With East Africa

Iran accounts for under $600 million or 0.1% of trade between African countries and the world, the acting director of Trade Promotion Organization of Iran said. 
Addressing a joint business forum between Iran and East Africa, Mohammad Reza Modoudi added that trade with Africa is hobbled by transportation and infrastructural challenges, as well as banking problems, IRNA reported. 
“On top of that, tariffs on exports from Iran due to the fact that the country is cordoned off from international economic unions and the World Trade Organization have driven up the costs of Iran’s trade,” he said. 
“Africa’s market offers ample investment opportunities to technical and engineering companies and food industries as well as oil-driven and polymer products. South Africa, Kenya, Sudan and Nigeria are the main export destinations of our products. Despite unfavorable political relations, bilateral trade with Egypt is very good.”