Iran on Sunday launched an agricultural commodities exchange, the second in a chain of commodity bourses intended to revitalise the Islamic Republic's traditional trading methods.
"Traditional means of trade can no longer address the ever growing production of agricultural commodities," Agriculture Minister Mahmoud Hojati said at the opening ceremony.
The launching of an agricultural bourse follows the founding of a metals' exchange last year. OPEC's second biggest producer has also pencilled in the opening of an ambitious oil and gas bourse before March 2005.
Iran's agriculture sector registered 9 percent growth in the year to March 2004. Around 20 percent of the country's GDP is dependent on agriculture, which has a 25 percent share of the labour market.
"For the first time in 40 years, the trade balance of the agricultural sector is positive this year," said Commerce Minister Mohammad Shariatmadari.
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