Economy, Domestic Economy

Ceramic Producers Eying Russian Market

Ceramic Producers Eying Russian MarketCeramic Producers Eying Russian Market

Italy’s SACE, an export credit agency, is set to provide a €3.5 billion loan to Iranian tiles and ceramic producers after the lifting of sanctions imposed on Iran over its nuclear energy program, according to a member of the Iranian Ceramic Producers Syndicate, Mojtaba Shirali. “This will enable Iranian producers to tap the Russian market,” he said. “Russia imports close to €600 million worth of ceramics and tiles every year, €300 million of which are from Italy and Spain, €100 from Turkey and about €200 million from China,” Shirali was quoted as saying by Mehr News Agency. However, after ruble hit record lows against the euro, Spanish and Italian exports to the Russian market dwindled. “Russia has banned the import of Turkish tiles and ceramics, which provides a good opportunity for Iranian producers,” he added. Iran is the world’s fourth biggest producer of tiles and the fourth biggest exporter to Asian and Middle Eastern countries, according to deputy minister of industries, mining, and trade, Ali Asqhar Tofiq.