Iran, South Africa plan for $1m trade by 2020

Farzad Piltan, the director for Arab-African affairs of Trade Promotion Organization of Iran (TPO), made the remarks speaking during a joint meeting of visiting South African economic officials with Iranian officials from TPO and Iran's Chamber of Commerce.

He said that the two countries were aiming to boost trade exchanges to $ 2 million by 2020, but they finally agreed on $ 1 million.

Noting that banking and transportation problems are the main two obstacles in the way of trade exchanges between Tehran and Pretoria, the official expressed hope that the upcoming joint economic commission of the two countries would focus on removing banking problems.

The long way to South Africa and the lack of enough cargo in the way back makes the transportation companies reluctant to carry goods to the country, Piltan said, urging the need to make use of both private and state-owned sectors of the two countries to help resolve the problem.

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