Renewed commercial relationship with Iran

The Coalition Government will re-open a trade office in Iran, creating new export and investment opportunities for Australia.

The office will be located within the Australian Embassy in Tehran and operated by Austrade. It will seek trade opportunities for Australian businesses and foster closer commercial and investment ties.

Iran has significant economic potential. It is a large regional economy with a GDP of around US$400 billion, a population of 80 million people and has some of the world's largest reserves of oil and gas.

The recent lifting of sanctions has created opportunities for Australian business in areas we excel: mining equipment, technology and services sectors and the supply of our agricultural commodities such as barley and wheat.

Austrade has also identified opportunities for commercial cooperation in the health and medical and education and skills training sectors.

Iranian universities are seeking greater student mobility and research collaboration with Australian universities. There are currently around 3,500 Iranian students studying in Australia, with approximately 1,000 new enrolments each year.

Water management is a critical resource issue for Iran and Australia is very well placed to provide policy and research advice in this regard. This industry sector is expected to be a major area of opportunity for Australian technology and service companies.

Austrade is working, in conjunction with the Department of Foreign Affairs, to ensure Australian businesses are well positioned for the opening up of the Iranian economy.

This announcement comes after I met with Iranian Foreign Minister H.E. Dr Mohammad Javad Zarif and his delegation.