Iran and Russia have agreed to strengthen cooperation between their chambers of commerce to help lift bilateral trade to $15 billion within five years, senior private sector leaders from both countries said on Monday.
Ghadir Ghiyafeh, vice president of Iran Chamber of Commerce, said that despite three decades of political and economic ties since the collapse of the Soviet Union, bilateral trade had failed to exceed $4.5 billion and stood at just $2.5 billion last year.
“With closer collaboration between the Iranian and Russian chambers – including joint exhibitions and business data exchange – we can raise trade volume to $15 billion within five years,” Ghiyafeh said during a joint meeting with Dmitry Kurochkin, vice president of the Chamber of Commerce and Industry of the Russian Federation.
Ghiyafeh noted that the two economies had yet to function as complementary partners, as both are major exporters of commodities and raw materials. He added that a cooperation agreement on participation in specialized trade fairs was being finalized between the two chambers.
Kurochkin said Moscow attached special importance to expanding trade, improving the balance of commerce, and increasing cooperation, particularly in the field of information and communications technology.
Leonid Lozhechko is Chairman of the Russian-Iranian Business Council, said there was a strong foundation for banking cooperation and opening letters of credit between the two countries. “At present, Russian banks can open LCs up to 30 billion euros, and this capacity should be expanded,” he said.
Lozhechko also announced that a Russian Trade House would soon open in Iran to facilitate business relations between the two countries.