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Post-Sanction Irish Mission To Iran Hopes To Boost Trade

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The Irish food board, Bord Bia and Ireland's Department of Agriculture will begin a three day trade mission to Iran this weekend – the first Irish mission since international sanctions were lifted earlier this year.

With an economy expected to grow by 2 per cent annually in the coming years, the lifting of the sanctions on Iran is expected to offer Irish food companies significant new opportunities in the region, particularly in the premium and luxury segments.

Speaking ahead of the visit Aidan Cotter, Chief Executive of Bord Bia commented, "As the economy grows and demand for premium food products outstrips domestic supply, Iran is looking to countries like Ireland to supply high quality, safe and sustainably produced food."

Irish companies already had a market share of €4 million in the country in 2015, but while food was not part of the international sanctions, issues surrounding financial transactions, and dwindling foreign currency reserves, have previously made for a difficult trading environment in Iran.

Cotter added, "While challenges still exist for Irish companies supplying into the market, we will work with them during this visit to explore new openings and ensure that as impediments to trade recede Irish exporters can access the market early, build fruitful relationships and grow their businesses in tandem with economic growth."

Officials from Ireland's Department of Agriculture will also visit Turkish capital Ankara to discuss developing trade with their Turkish counterpart, while a delegation will visit Morocco and Algeria next week to discuss bilateral trade, including the opening of those markets for live cattle from Ireland.

© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Jenny Whelan. To subscribe to ESM: The European Supermarket Magazineclick here.

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