Iran-Turkey trade projected to hit $20b by 2011
Tehran Times Economic Desk

TEHRAN - Iran and Turkey expect their bilateral trade volume to reach $20 billion annually in the next three years.

In a meeting with Turkish State Minister for Foreign Trade Affairs Kursad Tuzmen, Iranian Industries and Mines Minister Ali-Akbar Mehrabian said that Iran appreciates the expansion of bilateral ties.

Mehrabian stated that the two neighbors need to establish a balance of trade, adding that Tehran and Ankara have great potential for cooperation in the energy sector, motor vehicle manufacturing, and the weaving industry.

Iran and Turkey can meet the needs of regional countries through close economic cooperation, the Iranian industries minister noted.

Mehrabian said the two countries’ private sectors should be informed about the advantages of investing in their neighbor.

Commenting on an Iran-Turkey-Malaysia joint project to manufacture an Islamic car, he stated that preliminary studies indicate that the project could earn the three partners at least two billion dollars annually through exports.

For his part, Tuzman said that both countries can prudently make the most out of the current situation in the region and turn economic threats into opportunities

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