Economy, Domestic Economy

Australia Exploring Business Prospects

Australia Exploring Business ProspectsAustralia Exploring Business Prospects

In a meeting in Tehran between deputy secretary of Australia’s Department of Foreign Affairs and Trade, Ric Wells and head of the Organization for Investment, Economic and Technical Assistance of Iran, Mohammad Khazaei, the two sides emphasized on expanding bilateral cooperation.

The Australian official said his country is ready to expand ties with Iran in various economic fronts, referring to agriculture, mining and education as areas of mutual interest.

Referring to the current level of mutual trade as “unsatisfactory, considering the two countries’ huge capacities”, Khazaei said the Iran-Australia Joint Economic Committee is currently preparing for introduction of investment opportunities in Iran to attract Australian investors.

Khazaei said three memoranda of understanding are expected to be signed during the three-day visit by the Australian official, on promoting investment, avoiding double taxation and expanding customs cooperation between the two countries,  the Economic Affairs and Finance Ministry’s public relations office reported on Wednesday.

The Iranian official also stressed Iran’s current policy in international relations aimed at gradually moving away from goods trade to increasing foreign investments.

Australia’s exports to Iran mainly included wheat, wool and meat amounted to $360 million in 2014, according to data provided by the Australian government. Imports from Iran amounted to $33 million over the same period.