Iran and Thailand need to establish joint financial mechanisms to facilitate trade and investment, the president of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) said on Tuesday.
Speaking in a meeting in Tehran with Thailand's Ambassador to Iran Pichit Boonsud, Samad Hassanzadeh, emphasized the importance of creating frameworks for financial transactions between the two countries.
"There is significant potential for cooperation between Iran and Thailand, both through barter arrangements and joint investments," Hassanzadeh said, highlighting the mutual benefits of enhanced private sector collaboration.
He also called for the formation of a joint Iran-Thailand Chamber of Commerce in Iran and a mirror chamber in Thailand to streamline and strengthen business connections between the two nations.
Despite current low trade volumes, Hassanzadeh expressed optimism about increasing bilateral trade. "With active engagement from business communities in both countries, trade volume can rise to several billion dollars," he said, noting Thailand’s strategic position as a gateway to ASEAN markets, which could facilitate re-export of Iranian goods.
Ambassador Boonsud echoed the sentiment, acknowledging that while current trade levels are modest, 2024 saw an increase in bilateral trade compared to the previous year, which he described as encouraging.
"Iran is a large country and can serve as a gateway for Thailand to enter the West Asian and Central Asian markets," Boonsud said. He noted Iran’s membership in BRICS as a promising platform for expanded cooperation, given that Thailand is also a BRICS economic partner.
However, both sides flagged banking and financial transactions as a key challenge. While barter could serve as a temporary solution, Boonsud stressed the need to explore more comprehensive financial alternatives to support long-term trade and investment ties.