Turkey plans to invest in Iranian textile industry

Iran and Turkey’s trade volume now is around $30 billion. To boost bilateral trade ties, Turkish investors and Iranian businessmen have agreed to join hands. They plan to start a joint textile unit in Iran’s central city of Delijan in which the Turkish businessmen propose to invest 15 million euros in Iran’s textile industry.

With the joint textile unit the trade volume figure is scheduled to reach $100 billion in nine years.

Iranian Oil Minister Bijan Namdar Zangane held a meeting with Turkish Prime Minister Recep Tayyip Erdogan in Anakra on Jan. 21, the Iranian IRIB News Agency reported.

During the meeting they have reached some good agreements to enhance bilateral trade ties. Each country will form a group to continue the negotiations, so that they can finalize the agreements and sign the memorandums of understanding during the Turkish prime minister’s visit to Tehran, Zangane said.

Iranian oil minister also held a meeting with Turkish Energy and Natural Resources Minister Taner Yıldız as the Iran-Turkey trade declined to 16 billion dollars in 2013 from 22 billion dollars in 2012.

The two countries have always beleaguered that their short-term annual trade target should be about 30-35 billion dollars. But they have set a long- term target of $100 billion for annual trade transactions and are confident on achieving it.

According to Inan Demir, chief economist of Istanbul-based Finansbank, Turkish exports to Iran are already on the rise despite continued trade restrictions, a trend likely to continue with the easing of sanctions.