The Minister of Industry, Mine, and Trade, while pointing to the widespread future cooperation potentials between Iran and Africa, announced a tenfold increase in trade transactions, reaching up to $10 billion.

Mohammad Atabak declared: during the opening of the third Iran-Africa Cooperation summit, attended by President Masoud Pezeshkian and First Vice President Mohammad Reza Aref, that the friendship between Iran and Africa is a longstanding cultural and historical bond that has today transformed into a valuable asset.

Atabak while noting the long-standing economic relations between the two sides stated: the current level of trade exchanges is insufficient and noted: “Iran’s trade volume with Africa currently constitutes only 3% of the country’s exports and 1% of its imports, limited to approximately $800 million.”

Iran / Africa Long-Term Horizon: surge in trade to $10 Billion

The Minister of Industry, Mine, and Trade, stated: Due to the fact that Iran and Africa’s cooperation exceeds $10 billion annually in the exchange of goods, services, technical know-how, and value chains, we have significant plans to realize this goal.”