Trade with Iran doubled in post-JCPOA era

2017-12-06 18:53:13 | Posted By Shahram Jenab

Hungarian minister: Trade with Iran doubled in post-JCPOA era

Domestic Economy Desk

Following the signing (July 2015) and going into effect (January 2016) of the Joint Comprehensive Plan of Action (JCPOA), trade relations between Iran and Hungary have witnessed a growing trend and their transactions have doubled in the past 24 months.

Sanctions on Iran during the pre-JCPOA era had decreased trade between the two countries to one-tenth of the volume of their transactions prior to the imposition of the embargoes, added Hungarian Minister of National Economy Mihály Varga addressing a ceremony to sign four economic cooperation contracts between the Iranian and Hungarian private sectors in the fields of technology and railroad construction, IRNA reported.

He stressed that Iran and Hungary have always had good and effective economic cooperation, adding, however, his country at present seeks long-term presence in the Iranian market.

Varga put his country’s present economic growth at 4 percent, two percent higher than the European Union’s (EU) average growth rate, which is shored up by the country’s industrial development.

The Hungarian minister noted that to expand its capabilities, his country has focused efforts on developing its electronic, auto, armaments, pharmaceuticals and chemical sectors, adding the Hungarian government is interested in guaranteeing the inflow of foreign funds to the country and would support the process of attracting foreign investments.

Varga said Hungary ranks among the EU’s top five states in the field of information technology.

He listed the Hungarian government’s priorities as developing the country’s road, railroad, airport and IT infrastructure.

The Hungarian minister said Iran is among the most important Asian trade partners of his country, stressing that efforts are underway by the Hungarian government to win the trust of Iran and the EU.

He added his country is willing to export machinery and foodstuff to the Iranian market, listing the water transfer and wastewater treatment, joint production of normal and electronic buses and medical equipment as well as oil and energy as the fields in which Hungary is willing to expand cooperation with Iran.

On Sunday, Varga also discussed issues of mutual interests with Iranian Minister of Economic Affairs and Finance Masoud Karbasian.

Iran’s exports to and imports from Hungary, respectively, during March 21-August 22, 2017, stood at $1.31 billion and $8.65 billion.