Iran, Turkey eye boosting trade in pharmaceuticals

TEHRAN, Oct. 10 (MNA) – Director General of Iran-Turkey Chamber of Commerce Seyed Jalal Ebrahimi said on Wednesday that Tehran and Ankara are weighing possibilities to boost trade in pharmaceuticals.

Noting that “roadmaps have been devised for developing mutual economic cooperation,” Ebrahimi said that both countries are seeking to boost the voluem of trade in biotechnological drugs. 

He had previously expressed an Iranian pharmaceutical company’s readiness to establish a pharmaceutical industrial park in Turkey from which it could export its products to European countries.

The official highlighted the importance of creating a joint export guarantee fund to pave the way for transactions between the two neighbors, saying Iran has proposed establishing a joint bank, which is being mulled over by the Turkish side.

Should the fund be established, it will facilitate trade relations and mutual investments, as well as ease the issuance of export guarantees.

Ebrahimi added, “Iran and Turkey have taken steps to further develop economic ties and are trying to boost trade in broader aspects including petrochemicals, minerals and industrial equipment.”

According to reports, trade volume between Iran and Turkey amounted to $5.2 billion in the first half of 2018, with Iran’s exports sitting atop.

According to Iranian Commercial Attaché in Turkey Alireza Jafarbeiglou, Iran's exports volume to Turkey during the six months amounted to around $3.8 billion. In return, Turkey exported some $.14 billion worth of goods to the Islamic Republic.

MR/ISN97071810099

News Code 138548

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