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Foreign Affairs

Iran’s share of African market less than $600m

Tehran,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 IranEast 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.

Source: Islamic Republic News Agency IRNA

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