Jul 24, 2019, 7:28 PM
Journalist ID: 2078
News Code: 83410344
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Iran's share of African market less than $600m

Tehran, July 24, IRNA - Iran’s share of the big African market is 600 million dollars, said a trade official on Wednesday, as sanctions and lack of international banking ties have impeded Iran’s efforts to expand its market towards the continent. 

“Africa’s share of the global $20,000b trade is $600b. Unfotunately, the Iranian share is less than 600 million dollars,” said Iran’s Trade Promotion Organiszation (TPO) Mohammad Reza Mowdudi on Wednesday, addressing the Iran-East Africa economic forum in Tehran. 

He added that African states impose high tariffs on Iranian goods as Iran isn’t part of a larger global organization. 

The official went to cite problems in banking ties and underdeveloped transport infrastructure as the main reasons why Iran doesn’t have a big share of the African market. 

Despite all the difficulties, Kenya, South Africa, Sudan and Nigeria are destinations for Iranian goods. 

TPO and Hafez Darya Shipping Company signed a Memorandum of Understanding (MoU) to launch a regular shipping line between Iran and East Africa. 

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