MNA– TCCIM 1st vice chairman, while pointing to the currently low trade turnover between Iran and Austria, called for expansion of Tehran-Vienna ties.


Speaking at the Joint Iran-Austria business forum, First Vice Chairman of Tehran Chamber of Commerce, Industries, Mines & Agriculture (TCCIM) said “mutual relations between the two sides have been always kept at a satisfactory level over the past five centuries though the need is felt for them to become bolstered.”

Despite the age-old history of ties between the two parties, the volume of trade turnover between Tehran and Vienna stood at about 324 million dollars in 2015; “even after the Joint Comprehensive Plan of Action (JCPOA) was implemented, no noticeable growth has been observed in trade relations of both sides.”

Mehdi Jahangiri underlined that activities of Iran’s private sector have become reinvigorated following the removal of unfair sanctions saying “in the meantime, numerous foreign delegations, the number of which exceeds 200, have travelled to Iran as well as that trade and economic collaborations have been initiated with 17 foreign states in all areas.”

“As regards foreign investment in industry and mining sectors, over 80 Memoranda of Understanding (MoUs) worth more than four billion dollars have been inked of which 60 have led to contract signing and more than 30 have been made operational,” he continued.

He said Austria’s foreign investment volume totals 360 billion dollars; “any investment, with a long-term cooperation outlook and based on technology transfer, would lead to sustainable trade and economic relations.”

TCCIMA first vice chairman deemed lack of cooperation by international banks and financial institutions as the main barrier to expansion of ties adding “these monetary institutions, under the pressure imposed by global political powers, still hold concerns over one-way sanctions and the issue has impeded cooperation between Iran and the world economy.”

Jahangiri expressed hope that resumption of cooperation and expansion of banking ties will increase the volume of trade turnover between Tehran and Vienna.

“Tehran Chamber of Commerce, Industries, Mines & Agriculture (TCCIM) has so far received several economic delegations from various Austrian states aiming to bolster economic ties between its members and the private sector of the European country,” underscored the official.