Iran’s to Hold Trade Exhibition in Tanzania Bolstering Economic Ties

Iran’s to Hold Trade Exhibition in Tanzania Bolstering Economic Ties

Iran’s Trade Promotion Organization (TPO) Collaborates with Iranian Trade Center for Tanzania Exhibition

Iran’s Trade Promotion Organization (TPO) is partnering with the Iranian Trade Center in Tanzania to organize an exclusive exhibition to highlight Iran’s trade and export capabilities. Scheduled from November 21 to 24, the exhibition aims to increase the awareness of East African countries, particularly Tanzania, about the products, services, and technological advancements offered by Iranian companies across various sectors.

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As noted by Ra’ed Mousavi, the head of the Iranian Trade Center in Tanzania, the exhibition will include companies from diverse fields such as agriculture, mining and industrial machinery, construction, medicine, and medical equipment. Mousavi anticipates that this exhibition will fortify economic ties between Iran and Tanzania.

Strengthening Iran’s Presence in Africa’s Economy

This initiative follows President Ebrahim Raisi’s visit to Kenya, Uganda, and Zimbabwe in mid-July. Economic experts suggest that the president’s visit laid the groundwork for bolstering Iran’s presence in the African continent’s $60 billion economy, potentially increasing the activity of Iranian traders and businessmen in the region.

Iran’s relations with Africa have historically been strong due to shared political and cultural ties. Despite Western sanctions and disruptions, Iran has consistently maintained its policy towards Africa. However, trade relations have dwindled since 1386 (2007) due to economic crises and sanctions against Iran.

Trade Projections with African Countries

Current trade with African countries stands at $1.2 billion. However, efforts are being made to facilitate trade routes with Africa, with predictions that trade could reach $10 billion in the next three years, according to Mohammed-Sadeq Qanadzadeh, the director general of the Africa Department of Iran’s TPO. Qanadzadeh noted that Africa could be a suitable market for Iranian goods and that significant progress has been made in leveraging Africa’s capacity.

Increasing Trade Volumes and Opportunities

As per the recent data, trade volumes between Iran and Tanzania have seen a significant surge. The strategic location and business-friendly environment of Tanzania have attracted Iranian businesses, leading to a notable increase in trade between the two nations. As a result, Tanzania now stands as Iran’s preferred destination for trade and investment in East Africa. The potential for growth lies in various sectors, including iron and steel, fertilizer, cereals, wheat, medical equipment, chemicals, and oil products.

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Strengthening of Bilateral Relations

The expansion in trade between Iran and Tanzania can be attributed to the robust trade and interaction of people from both nations. The cultural and historical ties that bind Tanzania and Iran have laid a strong foundation for their economic partnership, facilitating the smooth exchange of goods and services. The efforts made by both governments to foster bilateral trade have played a crucial role in facilitating the ease of doing business. Reduced trade barriers and streamlined customs procedures have encouraged businesses from both nations to explore opportunities across borders.

The collaboration between Iran’s Trade Promotion Organization and the Iranian Trade Center in Tanzania for the exclusive exhibition signifies a strategic move to bolster Iran’s economic ties with Tanzania and the wider African continent. The exhibition, alongside the initiatives to facilitate trade routes and reduce trade barriers, reflects Iran’s commitment to strengthen its presence in the African market. These efforts are expected to yield significant economic benefits for both Iran and Tanzania, opening new avenues of trade and investment in the region.