A formal trade mission from the Canadian province of Quebec will travel to Iran in early May to discuss contracts in the aluminum sector.
Quebec Ministry of Economy, Science and Innovation is planning the visit mainly "to have Québec's aluminum industry stakeholders recognized as partners of choice offering a complete range of reliable solutions."
Representatives from companies active in the aluminum industry; particularly suppliers of equipment and services to large aluminum smelters are set to discuss ties with Iranian businesses and policymakers during the three-day visit.
Iran is planning to attract $10 billion of foreign investment to increase annual aluminum production to 1.5 million tons within the next decade as per the goals set in the 20-Year National Vision Plan (2005-25).
"Iran, which is a pioneer in the aluminum industry in the Middle East, sees several of its industries benefit from strong growth thanks to the lifting of economic sanctions enacted in January 2016," MESI said in an announcement on its website.
"Local demand for aluminum should, therefore, grow significantly. Countries and companies that will position themselves now in this market will be more successful in the medium and long term."
In February 2016, Canada officially lifted some of its sanctions against Iran, including a blanket ban on imports and exports, and said it would take gradual steps to reestablish diplomatic relations with Tehran, which were severed in 2012.
Canadian companies complain they are lagging behind in competition with other international businesses, which rushed to Iran after Tehran clinched a landmark deal with world powers to resolve its nuclear dispute in July 2015.
The aviation sector is one of the fields the Canadian government hopes it will benefit from in the opened-up Iranian economy. Montreal-based plane manufacturer Bombardier Inc. is keen to join other aircraft-manufacturing brands to supply planes to renovate Iran’s aging civil aircraft fleet.
