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TCCIMA Meeting with Representatives of South African Investment Promotion Agency

Tehran Chamber of Commerce, Industries, Mines and Agriculture hosted a delegation from Trade and Investment South Africa to explore the investment opportunities and possibilities of expanding the economic connection between the two countries.

 In this meeting that took place two days after the US unilateral reimposing of its economic sanctions on Iran, Yunus Hussain, the head of South African Investment Promotion Agency, stressed that EU and other countries do not support the US actions and that South Africa is seeking ways to develop its economic ties with Iran despite sanctions.

Further, Mr. Bakhtiari, the deputy head of TCCIM on international affairs, noted that the presence of the South African delegation in Tehran Chamber of Commerce is a step forward for the two countries to develop their economic ties and promote investment projects that can be financed both by Iranian as well as South African investors.

Advantages of investing in Iran

Also in the course of this meeting Ferial Mostofi, member to the assembly of Tehran Chamber of Commerce and the president of the Investment and Consultancy Center of TCCIMA noted that Tehran Chamber of Commerce as the parliament of the private sector in Iran seeks to develop the economic relations between the Iranian private sector and the international community despite the sanctions. She further emphasized that Iran is one of the largest economies in the MENA region and with a population of over 80 million, young and educated labor force, access to the vast regional market, well-developed infrastructure, etc. has plenty of investment opportunities to offer.       

Mostofi further explained that the Investment and Consultancy Center of TCCIMA has launched a website to provide the potential investors with the information they are going to need to invest in Iran including investment regulations, introducing key economic sectors and their economic advantages, existing investment projects, etc. 

 Further, Yunus Hussain, the head of South African Investment Promotion Agency, explained that having reached economic and political stability in 2007 South Africa has set its goal to attract foreign investors. He exemplified that in its auto industry, South Africa has collaborated with renowned car companies such as Nissan, Ford, Toyota, and BMW and is now prepared to cooperate with Iran in this field. He added that given their long history in mining the two countries could collaborate in this field as well as more cutting edge fields such as green economy, renewable energies and so on.

 Also in this meeting, Maryam Faraji the head of the Ministry of Economic Affairs and Finance’s Investment Promotion Office, accentuating on the South African side’s willingness to strengthen its economic ties with Iran, indicated that no real obstacle stands in the way of this alliance and that the ministry of Economic Affairs is prepared to take the required measures to facilitate the accomplishment of this goal. Encouraging those with investment projects to come forward Faraji further noted that more than 500 investment projects have been identified so far and are going to be introduced to the potential investors accordingly.

In the course of this meeting Yunus Hussain further stressing on the political bond and mutual understanding that exist between the two countries illustrated that the South African delegation’s intend from attending this meeting was to seek ways and solutions to facilitate the economic collaboration with Iran and accordingly address any obstacles that may stand in the way of achieving this goal. He indicated that the issues that had been raised in this meeting would be discussed with the South African Chamber of Commerce to help maintain the economic relation between the two countries.