TEHRAN – Iran and South Africa inked memorandums of understanding to enhance economic cooperation and boost links between capital markets of the two countries.

The MOUs were signed in Tehran on Saturday by Iranian First Vice President Es’haq Jahangiri and South African Deputy President Cyril Ramaphosa.

On the sidelines of the signing ceremony, Jahangiri said after the nuclear agreement with the world powers, many European countries have rushed to reap benefits from Iran’s trade and investment opportunities, but Iran places the top priority on boosting relations with countries, such as South Africa.

He referred to industry, mining, agriculture, insurance and banking, as well as energy as the areas in which the two sides have the potential to increase bilateral ties.

Ramaphosa, heading a 160-strong delegation of South African businesses, arrived in Tehran on Saturday to explore new opportunities in the Islamic Republic in the post-sanctions era. 

The delegation will explore opportunities for the co-operation in the energy sector with a view of attracting investment into South African refinery and shipping capacity and for an exchange of technology and skills in the energy sectors. 

Iran was the major exporter of crude oil to South Africa before the sanctions. The African country imported about 380,000 barrels of oil per day from Iran in the pre-sanctions era.

Earlier in September, Iran drafted a deal with South Africa to resume sales of oil to the African country. 

South Africa was the 48th leading importer of Iranian non-oil goods in the first half of the current Iranian calendar year (started from March 21). 

Iran exported $11.071 million of non-oil goods to South Africa, while imported $23.265 million from the country.