Food wasn’t subject to the sanctions imposed on Iraq, but according to a report from Bloomberg the rules created enough difficulty to keep many grain suppliers out.
While the biggest traders, such as Bunge and Cargill kept operating in the country, the end of sanctions is a chance to expand operations.
German firm BayWa sent an executive to Tehran recently as part of a German trade delegation, and has recently shipped Russian grain and South American soybean meal to Iran.
A trader at Dutch-based Nidera is quoted as saying that in the past six to eight months he has seen many new, small players from Russian and Ukraine entering the Iranian market. The company, majority owned by China’s largest food company Cofco Corp, already ships as much as 3 million tons of grain and vegetable oils to Iran anually.
Dubai-based Hakan Agro DMCC already supplies dairy products to Iran, and is planning to expand its business in the country to grains.
(Source: Iran Daily)