Iran, South Africa sign economic MoUs

Jahangiri has described as unsatisfactory the present level of Iran-South Africa economic relations and called for concrete measures to boost trade between the two countries.

Iran signed three memoranda of understanding (MoUs) with South Africa to expand mutual trade ties.

The MoUs were signed Saturday during a meeting between Iran’s First Vice-President Eshagh Jahangiri and visiting South African Deputy President Cyril Ramaphosa.

Under the documents, the two countries have agreed to create a center to exchange information to fight money laundering, create joint markets and also expand technical and economic cooperation.

Jahangiri told Ramaphosa that Iran attaches great significance to expansion of ties with South Africa.

He described as unsatisfactory the current level of economic relations between the two countries and called for concrete measures to boost trade between the two countries.

Jahangiri emphasized that Iran and South Africa still can benefit from huge potential that exists in sectors such as mining, banking, agriculture, insurance and energy.

Ramaphosa, who is heading an 80-member trade delegation to Tehran, for his part emphasized that the expansion of relations between Iran and South Africa will mutually benefit both sides.

He also said South African companies are pursing serious plans to invest in Iran, adding that expansion of banking relations between the countries will specifically help investors from both sides.