Turkey to triple trade with Iran to $30bn

Turkey to triple trade with Iran to $30bn

Turkish Customs and Trade Minister Bulent Tufenkci says the country has serious plans to triple trade with Iran to $30 billion “as soon as possible”.

Tufenkci has told Reuters on Thursday that the January removal of sanctions against Iran has already prepared the grounds for Tehran and Ankara to boost the level of their mutual trade. according to presstv.ir.

“Banking and financial transactions have become easier (for Turkey) after the sanctions on Iran were softened, already boosting our business with Iran,” said Tufenkci.

Trade volume between Iran and Turkey rose to $21.9 billion in 2012, then fell below $10 billion in 2015 with the effects of the sanctions.

The Turkish and Iranian central banks have re-opened their connection on the SWIFT global transaction network, Reuters cited comments by an Iranian economy official in an interview earlier this month, in a sign of normalizing banking ties.

Turkish companies have used the January removal of anti-Iran sanctions as a major opportunity to resume trade and investment in the country, where other sectors of economy such as auto, clothing, textiles, machinery and chemicals as well as tourism, among others, have been beckoning to international investors.

Turkish industries have specifically recently increased their activities over their Iran investment plans.

Turkey’s Unit International in early June announced a $4.2 billion agreement with the Iranian Energy Ministry to build seven gas power plants in the country.

Also, Turkey has already announced that it plans to build at least 10 hotels in Iran in what officials in Ankara have already said will be a milestone in efforts to boost mutual economic ties with the Islamic Republic.