TEHRAN: Italian Economic Development Minister Federica Guidi, heading a delegation of 300 traders and businessmen, is scheduled to travel to Iran on August 4 for a two-day visit.
The delegation aims to explore new investment opportunities in Iran after removal of sanctions against the Islamic Republic, the ISNA news agency reported on Tuesday.
Italy took the lead among Iran’s European trading partners in the previous Iranian calendar year, which ended on March 20.
Italy was the 9th leading importer of Iranian non-oil goods during the first quarter of the current Iranian year (March 21-June 21), according to the Iran Customs Administration.
Iran exported $124.605 million of non-oil goods to Italy and imported $205.856 million of non-oil goods from the country during the three-month period.
Italy was also the 9th leading importer of Iranian non-oil goods in the previous Iranian calendar year, with importing $618.419 million of non-oil goods from Iran and exporting $1.059 billion of non-oil goods to the country, accounting for 1.5 percent of Iran’s total non-oil trade.
That was while Italy was the 19th leading importer of Iranian non-oil goods in Iranian calendar year 1392 (March 2013-March 2014).
On May 17, Iran and Italy signed a bilateral trade insurance agreement which is expected to help facilitate commercial transactions between the two countries.
The agreement was signed between the Export Guarantee Fund of Iran (EGFI) and Italy’s Servizi Assicurativi del Commercio Estero (SACE).
It is expected to provide insurance coverage for traders of the two countries over their mutual import and export plans.
SACE says lifting of sanctions against Iran can raise Italy’s exports to the country by €3 billion over a course of four years.
European firms are racing to secure business opportunities in Iran after Iran and the P5+1 group of countries reached an agreement over Tehran’s nuclear program in the Austrian capital of Vienna on July 14, according to the Guardian.
