Bord Bia and Enterprise Ireland led separate trade missions to Tehran in 2016, which were attended by dozens of Irish companies, looking to open trade contacts between the two states. Last year, Ireland exported €143.2 million worth of goods and services to Iran, more than double the level in the previous year. With 80 million people cut off from international trade for years, Iran is seen as one of the great untapped markets. The rapid growth in Irish exports in just two years since sanctions were lifted reflects the appetite for western products. He also noted that the principal impediment for Irish firms growing their business with Iran has been the reluctance of Irish and European banks to engage in financial transactions with Iran, due to concerns about the impact of US financial controls on the state.

Source: The Irish Times May 14, 2018 04:30 UTC