Australia renews commercial ties with Iran

I have re-opened Australia's trade office in Iran with a business mission I led to explore export and investment opportunities for Australia.

The Tehran Austrade office, which had been closed since 2010, will play an important role in helping Australian businesses navigate the Iranian market.

During my visit, Australia concluded a Memorandum of Understanding (MOU) with Iran on trade and investment, further opening the doors for Australian businesses looking for new opportunities. This MoU provides the framework for broadening and deepening our economic relationship, as well as identifying several sectors such as agribusiness and food, resources and energy, health, water resource management, and education and training as priority areas.

Iran is re-joining the global economy after the easing of sanctions that had isolated it from trade and investment with many countries like Australia.

I am committed to ensuring Australian businesses are supported in their efforts to successfully navigate this complex market.

The business mission I led received a warm welcome from Iranian industry and government, with strong interest in the products and services Australia can offer.

There is a complementarity between Australian capabilities and the broad-ranging needs in Iran's economy. Australia's world-class skills in managing water scarcity, for instance, represent the type of commercial and scientific capability Iran can use.

As an early indicator of interest in Australia's quality products, Blackmores – one of Australia's leading providers of vitamins and supplements – signed an agreement with Tasnim Pharmaceutical Company, granting them distribution rights for Blackmores products.

The signing followed a productive business forum at the Iranian Chamber of Commerce, Industries, Mines and Agriculture.

Australia's Export Finance and Insurance Corporation (Efic) and its Iranian counterpart, the Export Guarantee Fund of Iran (EGFI) also concluded a MOU to cooperate on export finance.

The positive discussions we have had with Iran's government and business community bode well for future progress on a range of business initiatives.