Biggest ever Trade International mission to Iran

Nineteen Northern Ireland companies are seeking to build businesses in Iran on a trade mission organised by Trade International, the export and trade arm of the Industrial Development Board (IDB), which is ongoing until February 21.

The mission, the second to this marketplace, will be based in Tehran and includes six local companies which are targeting business opportunities in Iran's vast oil and gas industry. Other mission participants intend to explore business from planned investment by the Iranian government in infrastructural improvements.

Commenting on the initiative, mission leader Bill McGinnis, former President of Northern Ireland Chamber of Commerce and Industry and currently Chairman of the Dungannon-based builders, The McAvoy Group, said: "We've been very encouraged by the response from the Iranian authorities in Tehran and London to this visit. They are keen to explore business opportunities with our companies and have healthy oil revenues for industrial development projects.

"The oil and gas exploration and downstream processing industries, of course, offer a very substantial business opportunity for Northern Ireland suppliers. It is currently the second largest oil producer in the OPEC group and has the world's second biggest natural gas reserves.

"The Iranian government is particularly keen to diversify the nation's industrial base and reduce the current over-dependency on oil by promoting other industries through investment programmes and by encouraging joint ventures with European companies in technology-driven sectors; an approach which provides considerable scope for Northern Ireland firms.

"A huge market of 64 million people, Iran, in addition, is a gateway to a further 300 million in Turkey, the Caspian markets, the Arabian Gulf states and countries further east including India and Pakistan."

Many of the participating companies are experienced exporters and are already doing business in the Gulf region, mostly in the United Arab Emirates and Oman. The mission also includes a stopover in Dubai, which several companies intend to use to visit existing and potential customers in the Emirates.

Advice and support for the mission to Iran is also being provided by staff at the Northern Ireland Trade and Development Centre in Dubai, which was established by IDB in 1994 and continues to assist companies increase business in this important region.

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