The Trade Promotion Organization of Iran (TPO) has launched a trade center in the Turkish city of Istanbul to increase exports to the neighboring country.
TPO’s chief Alireza Peymanpak said on Wednesday that the Iranian trade center had been “set up and opened” in Istanbul as he promised the facility would soon host various delegations from Iran.
Peymanpak made the comments as he signed an agreement with Iran’s Shahr Bank to ensure financial support will be provided to the new initiative.
Under the agreement, the Iranian bank will ensure the transfer of export proceeds into Iran as traders normally have problems in settling paymnets because of the US sanctions on the country.
Shahr Bank will also fund specialized training courses on exports to Turkey for Iranian businesses and traders.
Peymanpak said the new Iranian trade center in Turkey has warehouses where Iranian businesses and traders can store their export cargoes.
He said TPO’s policy is to set up or expand offices in other countries to increase Iranian exports at a time the country keeps encouraging more activity in the non-oil sector of its economy.
Latest figures by the Iranian customs administration (IRICA) show that exports to Turkey rose by nearly five times in value terms in the calendar month to September 22 to reach a total of $1.202 billion. The figure was also a seven-fold increase against September 2020.
Iran hopes that continued growth in its non-crude exports can offset losses suffered in normal sales of crude since 2018 when the United States pulled out of an international agreement on Iran’s nuclear activity and imposed sanctions on the country.