TEHRAN – Head of Iran’s Trade Promotion Organization (TPO) has said the country has allocated a special budget of $50 million to support the Iranian export companies active in the Syrian market, IRNA reported on Thursday.

“Iran and Syria have good political relations and we must use this opportunity and encourage the private sector and our businessmen to enter the Syrian market and the government must do its best in this regard,” Alireza Peyman Pak told the national TV.

Referring to a recent visit to Syria by a delegation headed by Industry, Mining and Trade Minister Reza Fatemi Amin, he said: “During a visit to Damascus, we were mainly looking for ways to pave the way for the private sector to expand trade with this country.”

The official noted that the TPO has it on the agenda to establish offices for promoting barter trade with not only Syria but also all other neighboring countries.

“Syria imports $4 billion [of goods] annually and exports $800 million, and the country’s exports are mainly cotton,” Peyman Pak said.

“Our industries need 150,000 tons of cotton annually, so if the Syrian cotton production increases in a year or two, we intend to import it through barter trade, which requires a reliable transportation route between two countries,” he added.

There is no regular shipping line between Iran and Syria, Peyman Pak said, adding that Iranian investors could invest in establishing shipping lines if the government provides them with necessary incentives.

Earlier this week, Iran and Syria signed four documents to boost cooperation in the fields of trade and industry during a visit of an Iranian delegation headed by the country’s industry minister to Damascus.

The documents were inked at the end of the two countries’ joint economic and industrial committee meetings which were held in the Syrian capital.

EF/MG