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Thailand’s Iran Trade Target: $2b p.a.
Economy, Domestic Economy

Thailand’s Iran Trade Target: $2b p.a.

Thailand seeks to increase trade with Iran to $2 billion a year, said Thai Deputy Commerce Minister Suvit Maesincee in a meeting with Iran’s commercial attaché to Thailand, Mohammad Ali Pakseresht.
Pakseresht referred to an upcoming visit by a Thai trade delegation to Iran and said the visit can pave the way for further bilateral cooperation, Mehr News Agency reported.
Thailand’s Deputy Prime Minister Somkid Jatusripitak will lead the delegation to Iran in December.
The mission, which is expected to include 50 Thai companies, aims to promote trade and investment between the two countries after the removal of western sanctions imposed on Iran over its nuclear energy program. The sanctions are widely expected to be lifted by early 2016.
“Representatives from the Thai Bankers Association, financial institutions and insurance and logistics firms will also join the mission to forge business ties with Iran once they are confident of the payment systems and other processes,” Bangkok-based English newspaper The Nation quoted Suvit as saying earlier.
“Petrochemicals, automotive, electronics, halal food, agriculture and textile industries are best sectors for the investment of Thai traders in Iran,” Pakseresht said.
According to Thailand’s Commerce Ministry, Iran is Thailand’s 11th largest trading partner in the Middle East. The value of trade between Thailand and Iran stood at $357.17 million in 2014. Imports from Thailand were worth $322.16 million, while exports from Iran reached $35 million.
Until October this year, imports were worth $168 million, down by 31.52% year-on-year, while exports increased significantly by 384% to $90.6 million.
The imports are projected to grow by 1% this year.
Major imported products from Thailand include wood and related products, canned and processed fruits, rubber and related products, frozen and dried vegetables, beverages, automobiles and parts, and batteries.
Some of the main products exported to the Southeast Asian country include steel, iron, chemical products, fruits and vegetables, frozen and processed seafood, medical products, plants, fuel and mineral ores.

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