South Africa and Iran have agreed to increase non-oil trade and investment to a billion dollars by 2020. This emerged on Sunday after talks between President Jacob Zuma and Iran’s counterpart President Hassan Rouhani. Speaking during the South Africa-Iran Business Council, President Zuma said the agreement is imperative in diversifying trade baskets in favour of value-added trade.
The two countries also signed eight bilateral trade agreements in the fields of trade and industry, energy, mining, agriculture, water resources, and co-operation in intelligence gathering and anti-money laundering initiatives as well as an accompanying roadmap which provides a good departure point for strengthening economic cooperation.
President Zuma also lauded efforts to formalise the establishment of the South Africa-Iran Business Council, saying it would translate into tangible deliverables and would add further impetus towards expanding on the economic ties between the countries respective business communities. As of 2015, total trade between South Africa and Iran stood at R358 million – due to the various sanctions that were imposed to Iran. But with the lifting of the sanctions, the two sides aim to rebuild their economic future. To read more on this deal between South Africa and Iran, follow this link.