TEHRAN – Iranian Minister of Finance and Economic Affairs Ali Tayyebnia said on Saturday that Iran and South Africa will be signing three agreements, including establishing a joint bank in South Africa.

In addition to giving a boost to banking ties, the agreements will be on joint commissions and investment, according to the economy minister.
Documents will be inked during the visit to Iran by South African President Jacob Zuma at the head of a high-level delegation.
The visit, scheduled for April 24-25, is an important structural catalyst in elevating bilateral and economic relations into a substantive strategic partnership.
The economy minister said it is unlikely that bilateral trade is small while both countries have positive political ties and great capacities.
“We hope to swell bilateral trade to somewhere in between $1 billion to $2 billion in the coming years.”
However, to achieve this, some ground laying in the form of opening joint banks and resuming brokerage links are required, Tayyebnia added.
The minister further noted that South Africa is among those countries with positive investment experience in Iran in projects such as MTN.
MTN group is one of the shareholders of Irancell, one of the largest mobile phone network operators in Iran.

AK/PA