TEHRAN – South Africa is determined to reinforce its trade links with Iran and expand cooperation and co-investments with the Islamic Republic, South African Deputy President Cyril Ramaphosa stated.

Ramaphosa made the remarks on the sidelines of a meeting on economic and trade cooperation between Iran and South Africa, which was held in Tehran on Sunday.

“We are ready to establish permanent trade and investment links and enhanced cooperation with Iran,” the South African official said.

He referred to petrochemical, oil and gas, agriculture, pharmaceutical, infrastructure, finance, banking, and tourism as the areas in which the two sides have the potential to increase bilateral ties

“Although bilateral trade has dropped due to the EU and UN sanctions on Iran, but thanks to Iran’s nuclear agreement there will be no hindrances for expanding the two-way trade.”

Iranian Industry, Mining, and Trade Minister Mohammad Reza Ne’matzadeh said establishment of banking relations and direct flights between the two countries are the prerequisites for all-out economic, trade, and industrial ties.

Valiollah Afkhami-Rad, the director of the Trade Promotion Organization of Iran, said for his part that bilateral trade stood at $50 million in 2014, while the figure is hope to be increased by ten folds in the future.

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

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. 

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.