FDBusiness.com

Fonterra has welcomed the New Zealand government’s move to lift restrictions on trade with Iran, following the elimination of UN sanctions this month.

The Ministry of Foreign Affairs confirmed it has started the process of updating its regulations and removing the UN sanctions, which it expects to complete next month.

“Iran is a valuable trading partner and a key butter market for Fonterra,” said Kelvin Wickham, Fonterra Managing Director Global ingredients. “The removal of the UN sanctions, and our Government’s unwinding of restrictions, will only improve the outlook for us in Iran.”

With a population of nearly 80 million and long-standing customer relationships in Iran, Fonterra said it expected continued growth in the market.

“Our customers in Iran are growing, and we’re seeing them make significant investments in infrastructure and capacity to meet demand,” continued Wickham.“We have skilled people in the region who understand the opportunities and potential of doing business in Iran, and who welcome more normalised trade relations.”