Economy, Domestic Economy

Expansion of Ties Discussed With S. Africa

Expansion of Ties Discussed With S. AfricaExpansion of Ties Discussed With S. Africa

At a meeting held in Johannesburg, Minister of Economic Affairs and Finance Ali Tayyebnia and South African Minister of Economic Development Ebrahim Patel stressed the importance of broadening economic and political cooperation between the two countries.

“The government of the Islamic Republic of Iran has specific plans to expand economic relations with African nations, particularly with those in South Africa,” IRNA quoted Tayyebnia as saying.

During the meeting, Tayyebnia and his South African counterpart discussed ways of expanding cooperation.

Stressing the vitality of enforcing three basic economic agreements that entail encouraging investments, avoiding double taxation and customs cooperation, the two officials surveyed economic cooperation and implementing joint ventures in a host of areas.

Noting that both countries are among nonaligned nations, Tayyebnia envisaged that bilateral collaboration in regional and international matters will develop within the regulatory framework of South-South cooperation.

Patel also underlined the importance of bilateral efforts, adding that “expanding ties with Tehran is a great deal for South Africa.”

Trade between Iran and South Africa in 2014 amounted to $51 million, including $22 million worth of exports and $29 million worth of imports.

After attending the 40th meeting of the Board of Executive Directors of the Islamic Development Bank in Mozambique, Tayyebnia entered Johannesburg following an invitation from the South African side.