Iran and Africa Sign Trade and Investment Agreements in Four Key Sectors

Seyed Mehdi Hosseini stated that the African delegations departed with notable achievements, highlighting that the summit proved mutually advantageous for international participants and Iranian economic stakeholders. He emphasized that this third gathering stood apart due to its targeted and outcome-focused structure, which fostered efficient collaboration and participant satisfaction. Among the notable developments were commercial and investment deals across mining, agriculture, petrochemicals, and medical equipment. Hosseini elaborated that, unlike previous summits with broader agendas, this edition was strategically concentrated on four economic sectors—oil and petrochemicals, mining, agriculture, and medical equipment—with foreign guests selected based on their sector-specific knowledge, ensuring more practical outcomes. The integration of these sectors was intentional, given their overlapping functions and shared objectives, and the summit’s format facilitated meaningful progress, with further details to be released shortly.

Another shift was decentralizing the event from Tehran; after initial meetings in the capital, delegates were split into 15 groups aligned with their industries and flown to Isfahan for in-depth field visits. This enabled hands-on engagement with relevant Iranian firms—for example, mining-focused visitors held direct discussions with local counterparts, often leading to agreements. The summit secretariat confirmed a major memorandum of understanding between an African trading company and an Iranian enterprise in pharmaceuticals and medical equipment, calling it a high-impact deal. On May 2, as the Iran Expo 2025 concluded, several African attendees wrapped up negotiations and toured sector-specific exhibitions before leaving Iran.

Hosseini noted that the positive reception would likely turn participants into promoters of Iran’s industrial strengths, paving the way for greater foreign involvement. Around 20% of attendees extended their visits to pursue additional economic opportunities. With roughly 600 African delegates, the event highlighted Iran’s capacity in sectors like petrochemicals, mining, agriculture, and medical equipment. He suggested that although the summit focused on specific industries, future events could broaden Iran’s economic showcase, drawing increased interest. Over 1,000 Iranian companies demonstrated their achievements during the summit, and the decision to include Isfahan underscored the economic potential of regions beyond the capital.

Looking ahead, Hosseini indicated that Kerman and Tabriz are being considered as future hosts due to Tehran's logistical limitations. He pointed to Tabriz’s strength in carpets and tractors and Kerman’s mineral wealth as reasons for selecting them. These cities could further spotlight Iran’s regional economic advantages. He thanked national authorities for supporting the summit and remarked that many foreign guests chose to stay longer at their own expense, signaling genuine interest in Iran’s market.

He added that follow-up measures to implement summit agreements were already underway. In a separate interview, Hosseini explained that the simultaneous hosting of Iran Expo 2025 gave African businesspeople access to wider trade options. He stressed that turning signed agreements into actual partnerships requires consistent follow-up, a task now handled by the summit secretariat, which has been active since February. He concluded by calling for more balanced trade between Iran and Africa, noting that a two-way flow—especially in petrochemicals and mining—could help equalize exchanges.

Trade between the two regions is accelerating, driven by joint efforts in vital sectors such as agriculture, energy, and industry. Iran’s government has pledged to deepen commercial ties with African countries through strategies aimed at expanding trade volume. At the summit’s opening, Iran’s Minister of Industry, Mining, and Trade, Mohammad Atabak, underscored the enormous potential for collaboration and revealed a goal of increasing trade tenfold to reach $10 billion. He described Iran and Africa’s historical connection as a cultural asset now evolving into economic value.

Atabak noted that trade with Africa accounts for only 3% of Iran’s exports and 1% of its imports, totaling about $800 million—figures he said are inadequate. The long-term vision involves exchanging over $10 billion annually in goods, services, expertise, and integrated value chains. The roadmap includes infrastructure development, industrial park and refinery construction, renewable energy expansion, foreign agricultural initiatives, maritime and air links to Africa, banking facilities, and a currency settlement framework via a foreign exchange fund. An additional plan involves tapping Africa’s strategic mines and allocating €2 billion in credit using a buyer-seller financing model through the National Development Fund.

The Minister also revealed plans to boost the number of joint chambers of commerce from 13 to 20 and increase the count of commercial attachés to 12. A joint Iran-Africa development fund, designed to attract $2 billion and provide 75% insurance coverage for transactions, is also in development. On the sidelines of the summit, Seyed Rouhollah Latifi of the Trade Development Commission highlighted that Africa’s foreign trade totals $1.2 trillion, but Iran’s share is just one-thousandth—a missed opportunity despite the continent’s enormous trade potential. He observed that, although Africa became a focal point in Iran’s foreign policy since the 1990s, economic ties have lagged behind political efforts.

During a specialized panel, the head of the Industrial Development and Renovation Organization of Iran (IDRO), Farshad Moqimi, said that Iran is ready to collaborate with African nations across multiple industrial domains, particularly in infrastructure, energy, and high-tech industries. Moqimi cited IDRO’s nearly six-decade track record, with expertise spanning transportation, industrial projects, maritime sectors, modernization, and workforce development. He added that Iran’s support could shorten investment timelines and reduce costs, paving the way for joint industrial development with African countries.

Echoing this, the deputy minister of industry emphasized Iran’s readiness to share technology, know-how, and equipment to foster collaborative growth. In his address, Mohammad Ali Dehghan Dehnavi, head of the Trade Promotion Organization of Iran (TPO), outlined efforts to improve Iran-Africa trade, including launching shipping routes and providing transport subsidies and export incentives. He emphasized the strategic role of commercial centers—many already active in Africa—as hubs for expanded cooperation. He also promoted the importance of trade delegation exchanges as a tool to stimulate new business avenues. A $2 billion line of credit has been allocated for sourcing African goods, underlining Africa’s potential and the need for deeper bilateral trade.

Meanwhile, Hassan Abbaszadeh, representing Iran’s National Petrochemical Company (NPC), spoke of promising prospects in petrochemical collaboration with Africa, emphasizing Iran’s capacity to supply feedstock. He highlighted the domestic petrochemical sector’s achievements, noting it has reached an annual capacity of about 100 million tons, with 67 upcoming projects expected to increase this to 131 million tons by 2029. He added that Iran currently operates 73 petrochemical complexes and three utility plants, with major hubs in Assaluyeh and Mahshahr, contributing to a nominal production capacity of 97 million tons annually.