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TAIPEI: Thailand hopes to bring its trade transactions with Iran to $5 billion from the current $356 million as the Islamic Republic prepares to receive sanctions relief.
“The value of trade and [mutual] investment between Iran and Thailand can increase to $1.2 billion two years into the lifting of the sanctions,” Thai Deputy Minister of Commerce Suvit Maesincee said.
“Within four or five years after the removal of the sanctions, the transactions between the two countries can reach $3 billion or even $5 billion,” he added.
Maesincee said Iran-Thailand trade was reduced last year by $600 million due to oil price fall and global recession.
He said Thai Foreign Minister Don Pramudwinai is expected to travel to Tehran in coming days.
Maesincee said Iran is located in a “strategic position” providing access to Eurasian countries of 700 million people.
Iran currently enjoys a meager $99 million share in Thailand’s $200 billion market.
