Iran’s economic relations with the West improving

Published November 2nd, 2000 - 02:00 GMT

Calls for improved economic relations were heard between members of the Iranian Chamber of Commerce, Industry and Mines and the Canadian Chamber of Commerce at a meeting on last Sunday in Tehran, reported Iran Daily


Presently, the trade balance between the two countries favors Canada with Canadian exports to Iran valued five times as much as Iranian export to Canada. However, both sides admitted that Canadian expenditures on Iranian agricultural projects totals more than 50 million Canadian dollars and are of tremendous value in improving Iran’s agricultural sector.  


Iran is Canada’s “primary customer for wheat and other cereals,” Sami Watson, Canadian Deputy Agriculture and Foodstuff Minister, told Iran Daily. During the discussion, Watson expressed a strong interest for future Canadian investment in Iran to focus on the mining sector.  


Canada’s worldwide investments and knowledge in the mining sector make this a logical extension into further investments in Iran. Watson also came out and praised the Iranian government’s policies of political and economic reform, especially in matters of taxation and economic expansion. 


Elsewhere, trade statistics for June between Italy and Iran were released, illustrating a significant increase in value and growing partnership. The value of trade exchanged between the two countries in June 2000, including goods and raw materials, was 517.4 billion liras ($250 million).  


92 percent of Italy’s imports from Iran was crude oil, while the remaining 8 percent was related to skins and animal hide. Iran’s import from Italy was mainly machinery, for general, special and manufacturing usage and chemical substances. During the same month last year, trade between the two countries was only at 277.76 billion liras. — (Albawaba-MEBG)

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