17 December 2004

Foreign Minister Nkosazana Dlamini-Zuma says bilateral trade between South Africa and Iran increased by 9% between January and September 2004, with SA exports to Iran up by over 30% during this period.

Dlamini-Zuma was addressing the 8th meeting of the joint bilateral commission between the two countries in Tehran on Tuesday.

The minister said the number of South African companies trading with Iran had almost doubled in this period. "I am informed that South African investments in Iran currently exceed US$1.5-billion, while negotiations for an additional $4-billion are nearing finalisation", she said.

South African exports to Iran in 2003 were valued at R300-million, while it imported R9.4-billion worth of goods, mostly oil.

South African companies doing business in Iran include Sasol, PetroSA, Mintek, Bateman Engineering, Standard Bank, Klein Karoo Livestock Exports, Al Jabber Grinaker, Intelcon, and Global Railway Engineering.

Iran's Mahsoud Porcelain, together with the Eastern Cape Development Authority, is planning to establish a porcelain factory valued at US$100-million in the Eastern Cape. There are reportedly 68 Iranian companies currently conducting trade in South Africa.

"We also welcome the confidence of the Iranian private sector investing in South Africa", Dlamini-Zuma said. "Investments totalling $150-million have already flowed into my country, and we want to encourage Iranians to continue choosing South Africa as the destination of choice for their investments.

"Over the last 10 years of our relationship, we have put in place a legal framework for our relations that consists of 63 agreements", the minister added.

"These agreements cover a vast area of common interests that include economic issues, cultural co-operation, sports teams exchanges, health co-operation, housing co-operation, as well as sharing experiences in women's affairs and security issues."

Dlamini-Zuma's delegation included some of South Africa's top business people.

Source: BuaNews

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South Africa's trade relations South Africa, a founding member of the General Agreement on Tariffs and Trade and an active member of the World Trade Organisation, is party to numerous trade relationships. Find out more.