Economy, Domestic Economy

Taiwanese Mission in Tehran to Restore Economic Ties

Taiwanese Mission in Tehran to Restore Economic TiesTaiwanese Mission in Tehran to Restore Economic Ties

Major Taiwanese companies are eager to start joint investments with Iranian firms, according to an official with Taiwan’s External Trade Development Council.

The official is accompanying a commercial delegation consisting of representatives of Asus, Micro-Star International Company, GIGATECH Computer Inc. and other top firms to Tehran for discussing the restoration and expansion of bilateral trade, IRNA reported.

In 2005 and before the sanctions against Iran were implemented, trade between the two countries amounted to $2.8 billion, which gradually increased to $5.6 billion in 2008. During the sanctions, the figure dropped to $1.8 billion and $1.3 billion in 2013 and 2014 respectively. Sanctions against Iran were lifted on Jan. 16 when the International Atomic Energy Agency confirmed that the country had limited the scope of its nuclear program.

Some 90 companies from Taiwan are introducing their capabilities in the fields of information and communications technology, construction materials and hardware, auto parts, household appliances and plastic products to the Iranian market.

The Taiwanese official insisted on Taipei’s willingness to restore bilateral trade to the pre-sanctions level.

The lion’s share of Iran’s exports to Taiwan consists of oil products. Taiwan mainly exports car parts, industrial machinery and ICT-related products to the Islamic Republic.