New Zealand says it is sending its Minister of Trade Todd McClay to Tehran on Friday to look into the prospects of reviving trade with the Islamic Republic after a hiatus of over a decade.

McClay will lead a senior-level business delegation on New Zealand’s first trade mission to Tehran in 12 years, the country’s government announced in a statement as reported by the media.

“There is enormous opportunity for Iran and New Zealand to work together to boost two-way trade,” the statement quoted McClay as saying.

“Iran has traditionally been a very important market for our sheep meat and butter. However, exports have diminished over a number of years. Since the lifting of UN sanctions, there are now renewed opportunities to re-establish this trade as well as new opportunities in the education, construction, food and beverage, energy, forestry, specialized manufacturing and services sectors,” he added.

McClay said Iran’s Foreign Minister Mohammad-Javad Zarif had presented a $1 billion prospect for New Zealand’s renewed trade with Iran during his visit to the country earlier this year.

“This mission will be an important first step towards delivering on this exciting opportunity,” he emphasized in his statement.

The statement added that representatives from 18 companies, universities and educational institutions will accompany McClay during his visit to Tehran.

They include NIG Nutritionals, Tait Communications, Enatel Limited, Sealord, Silver Fern Farms, Westland Milk Products, Fonterra, FrameCAD, Flight Coffee, Switchfloat, University of Canterbury, University of Auckland, ANZCO, Auckland University of Technology, Pacific Helmets, Pelco NZ, NZ Bankers Association, and Pultron Composites.

McClay has invited Labour trade spokesman, David Clark, to join him on this visit in the interests of promoting a bipartisan approach to trade, which is critical to New Zealand’s prosperity, the government of New Zealand emphasized further in its statement.