Chambers of commerce of Iran and South Africa have signed a memorandum of understanding, stressing the need for exchanging trade delegations and trade information in a bid to give a boost to bilateral cooperation.
The document was signed by President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Samad Hassanzadeh and his South African counterpart Mtho Xulu on the sidelines of a visit to Tehran by a trade delegation from the African country.
The presidents of the two chambers of commerce also had a meeting where they discussed different issues surrounding bilateral exchanges between Tehran and Pretoria.
Speaking during the meeting, the Iranian side noted that the membership of Iran and South Africa in BRICS group of developing countries and other international organizations provides a good chance for bilateral cooperation.
Iranian businesspeople are so eager to invest in different South African projects, including petrochemicals, agriculture, auto parts and power plants, Hassanzadeh said, adding that South Africa is also willing to participate in oil, petrochemical, construction, auto-making and subway building projects of Iran.
He proposed that the two countries form a joint committee of commerce which will pave the way for the formation of a joint chamber of commerce and other subsequent developmental measures.
In the meantime, the president of the South African Chamber of Commerce and Industry said that many investors are afraid of making new investments and it is up to the chambers of commerce to introduce investment chances and ensure them that no problem will endanger their investments.
Referring to Iran’s joining BRICS as a main issue helping the relations between Tehran and Pretoria, he expressed hope that Iran will also join the BRICS Business Council.
He added that his country seeks to bring the private sectors and SMS of the two countries closer together.
The Iranian and South African delegations attended B2B meetings later in the day.
