Financial Tribune

The event will provide a platform for Russian and Iranian businessmen to become familiar with each others’ capabilities regarding production, supply, distribution networks and chain stores.

Food trade can give a major boost to commercial exchanges between the two countries.

Officials from Trade Promotion Organization of Iran, Iran Chamber of Commerce, Industries, Mines and Agriculture, and Iran-Russia Chamber of Commerce, along with domestic companies, will also attend the event.

Iran’s exports to Russia rose 26% in the last fiscal year (March 2016-17) compared to the year before to stand at $218 million, mainly because of the rising export of dairy products and raisins.

“Last year, we exported nearly $152 million worth of food products to Russia, indicating a 55% and 38% growth in tonnage and value respectively compared with the year before. Yet, Iran’s share in Russia’s $27 billion food market is still meager,” Kaveh Zargaran, the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture’s Agriculture, Water and Food Industries Commission has been quoted as saying.

Iran’s food exports to Russia are agricultural products, including dairy, livestock and horticultural products, canned food, pickles, jams, chocolates and biscuits.

Iran has been facing a huge trade deficit with Russia since 2015, before which bilateral trade stood at around $2 billion with Iran’s exports accounting for half of the sum.

Iran’s imports from Russia include wood, machinery, agro machinery spare parts, paper (reexported from Finland and Sweden), iron and reinforcement bars (reexported from Belarus) and sugar (reexported from Cuba).