Economy, Domestic Economy
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Iran-Austria Trade to Bounce Back

Iran-Austria Trade to Bounce BackIran-Austria Trade to Bounce Back

Iran-Austria trade stood at $377 million in 2016, but it will soon increase to reach the highs before international sanctions hit the Islamic Republic.

This optimistic note was sounded by President of Vienna Chamber of Commerce Walter Ruck in a meeting with Tehran Chamber of Commerce, Industries, Mines and Agriculture officials and members in the Iranian capital on Monday.

The Islamic Republic of Iran Customs Administration’s data show bilateral trade declined from around $818 million in the fiscal March 2011-12 to $312 million three years later.

Iran exports foodstuff, grain, fruit, vegetable, medicinal herbs and hand-woven carpets to Austria and imports industrial machinery, electrical equipment, household appliances, rail and railroad machinery and equipment, chemicals, pharmaceuticals and medical equipment from the European country. 

“We can further expand our cooperation in the fields of environment, smart technologies, engineering, medicine, industries and education,” he was quoted as saying by IRNA.

Friedrich Stift, the Austrian envoy to Iran who was also present at the meeting, said Tehran-Vienna banking relations are expected to get a boost as of June this year.

Stift announced that Austrian Minister of Finance Hans Joorg Schelling and Governor of the Oesterreichische Nationalbank (Austria’s Central Bank) Ewald Nowotny are scheduled to visit Iran next month.

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