A senior Iranian business leader said on Tuesday that trade between Iran and Armenia could reach $1 billion by the end of 2025, citing strong bilateral cooperation and ongoing infrastructure projects.
Mohammadreza Bahraman, vice president of Iran Chamber of Commerce, said in an interview that closer ties between the two countries’ chambers would help deepen trade and investment. His remarks followed the visit of an Iranian trade delegation of 96 entrepreneurs to Yerevan and a bilateral business forum attended by Iran’s president and Armenia’s prime minister.
According to official figures, two-way trade between Iran and Armenia reached $737 million in 2024, up 6.5% from 2023. Bahraman said he expected that number to climb to about $1 billion by the end of 2025 once joint infrastructure projects are completed.
Iran’s main exports to Armenia include energy supplies such as electricity and gas, foodstuffs, construction materials, petrochemical products and pharmaceuticals, while imports from Armenia are mostly non-ferrous metals, machinery, specialty agricultural products and IT services, he said.
Bahraman pointed to key joint projects, including the completion of a third electricity transmission line that could boost power exchange to more than 1,000 megawatts, cooperation in transport and transit via the North-South corridor and the Iran–Armenia–Georgia route to the Black Sea, as well as joint investment in food and agriculture industries targeting the Eurasian Economic Union market, of which Armenia is a member.
“The shared determination of governments and the active cooperation of the private sectors will raise the level of economic relations between Iran and Armenia,” Bahraman said, adding that stronger ties would not only support growth in both countries but also “promote peace, stability, security and calm in the region.”