Iran (IMNA) - According to Iran's Minister of Industry, Mines and Business Reza Fatemi Amin, the county's mining and metals companies have a great potential to invest in projects in West Africa.
Fatemi Amin gave a speech at a conference in Tehran centered on promoting scientific and economic cooperation between Iran and West Africa. He noted that countries in the region have good mining potential that can be leveraged to strengthen commercial and trade connections between Iran and the region.
According to the minister, over 50 political and commercial representatives from ten West African countries are in Tehran to investigate potential for expanding commerce with Iran.
During the ongoing event in Tehran, he noted, $850 million in contracts and $1 billion in memorandums of understanding will be signed.
Iran's Minister of Industry, Mines and Business stated that the country's exports to Africa had jumped two-fold by 2022, and that growing presence in African markets has become a target of Iran's trade strategies in recent years.
According to Iran's Minister of Industry, Mines and, Iran's exports to Africa had jumped two-fold in 2022, and current trade policies have made expanding Iran's position in the African markets a priority.
Since 2018, when American sanctions were imposed on its crude oil exports, Iran has taken extensive attempts to increase global commerce.
The approach has enhanced the country's hard currency revenues while allowing the administration to diversify the Iranian economy away from oil.
According a statement made available by IRICA last month, Iran's exports from March 2022 to February of this year totaled $48.8 billion.
Your Comment