Original news was published on 09 May, 2016

Officials in South Africa and Iran have agreed to increase non-oil trade and investment between the two countries to US$1 billion by 2020.

Research consultancy Africa House reports that the two nations also signed eight bilateral trade agreements in the fields of trade and industry, energy, mining, agriculture, water resources, and co-operation in intelligence gathering and anti-money laundering initiatives.

While the recent lifting of sanctions against Iran has predominantly driven growth in the oil and gas sector there are also significant breakbulk and project cargo opportunities throughout the country.

Iran has among the largest oil reserves and prior to international sanctions was a dominant force in global energy markets. Iran reportedly aims to increase oil output and exports by one million barrels per day in 2016.

Following the signing of the bilateral agreements South African and Iranian authorities are expected to start work on a roadmap to develop further means of strengthening economic cooperation.

*NEWS SOURCE