Saturday, December 3, 2022

Australia ready to boost trade with Iran

The Australian government on Saturday expressed determination to expand trade activities with Iran in a post-sanctions era.

The country’s Department of Foreign Affairs and Trade in a special bulletin highlighted the potentials for trade with Iran after the removal of the sanctions.

“Sectors identified for good early prospects for Australian exporters include agriculture and food; water sustainability and management; education and skills training; and the health care and well-being sectors,” it wrote in its Business Envoy.

“In the medium term there are also likely to be opportunities for Australian companies in mining and oil and gas-related areas.”

Accordingly, Australia’s Minister for Trade and Investment Steven Ciobo in the same bulletin has emphasized that the removal of sanctions against Iran “opens up the real possibilities for trade and investment with the second biggest country in the Middle East”.

“There are some unique challenges to doing business in Iran and international competition will be stiff, so it is imperative businesses prepare carefully on the basis of sound advice,” Ciobo emphasized.

Meanwhile, Australia’s Ambassador to Tehran Paul Foley has also emphasized in the bulletin that the lifting of the nuclear sanctions has already provided increased opportunities for Australian businesses to approach the vast Iranian market.

Ambassador Foley has written that there will be strong international competition for business in Iran but stressed that a number of key factors could assist Australian businesses in approaching the Iranian market.

“These include a long-standing presence by Australia in the market, a familiarity and respect between the business communities of both countries, the strong reputation for the quality of our products and a positive view of Australia and Australians by many in Iran,” he wrote in his article in the Business Envoy.

“There is good potential for increasing exports to Iran. But this will require a hard-headed focus by business on areas of Australian competitive advantage.”

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