Official: Iran, Russia’s EGFs Fully Connected
The Export Guarantee Fund of Iran (EGFI) has been connected to the funds of several countries, including Oman, Qatar, Uzbekistan, Kazakhstan, Russia, Belarus, Indonesia, Hungary and Mongolia, Head of the EGFI Amir Borhani Nayeeni announced.
The EGFI has been completely connected to the Export Guarantee Fund of Russia to increase bilateral ties in the relevant field, he added, noting that special services are presented by the two sides, which is of paramount importance, specially in the Commonwealth Independent States (CIS).
A contract was also inked with Indonesia and Serbia in this regard after which Serbia recently opened a credit line valued at one million euros for exporting goods and services to Iran, specially in the field of industrial equipment and machinery, Nayeeni said.
In relevant remarks in May, the Trade Promotion Organization of Iran (TPOI) announced a 30% increase in Iran's exports to Russia during March 21, 2022 to March 20, 2023.
After Iran's membership in the Eurasian Economic Union (EEU), exports to the member states increased considerably and the upward trend continued even though the country was under the Western sanctions.
According to the latest statistics provided by the TPOI, the upward trend of Iran’s exports to EEU continued in the year of 1401 in the Iranian calendar (March 21, 2022 to March 20, 2023).
“Iran's exports to the countries of Central Asia, Caucasus and Russia last year increased to more than $3.2 billion, which indicated an increase of 18% compared to the year before (1400),” Rahmatullah Kharmali, Director General of Central Asia, Caucasus and Russia Department at the TOPI said.
According to him, Iran's exports to those countries had also increased by 40% in 1400.
Kharmali added that Russia and Azerbaijan topped the list of destinations for Iran's exports to that region.
“In 1401, Iran's largest export destination in that region was to the Russian Federation with the amount of $745 million, which showed a growth by about 30%. Azerbaijan was in second place with %650 million, followed by Armenia with $465 million, Turkmenistan with $460 million and Uzbekistan with $290 million,” the TPOI official said.
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