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Will Iran become Philippines' biggest banana export market?

The Islamic Republic of Iran's Department of Finance announced on Wednesday 20 Oct., that it is keen to import more bananas from the Philippines, as well as explore areas of investment and cooperation in the country.

In a statement, the DOF said Iran wants to foster better economic relations with the country.

“In the Iranian private sector…for example regarding bananas, there are some big companies that said we still need more bananas from the Philippines,” the department quoted Iranian Ambassador to Manila Mohammad Tanhaei as telling Finance Secretary Carlos Dominguez in a courtesy call on October 14.

DOF said Filipino banana producers used to export 30 percent of their produce to Iran.

However, the past UN trade restrictions imposed on Iran led to a decline in Philippine banana shipments to that country.

"The recent lifting of the trade sanctions could mean Iran might once again be one of the Philippines’ largest markets for its fresh banana exports," DOF said.

Source: gmanetwork.com

Publication date: 10/20/2016


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