Tehran (ISNA) - A Mexican trade delegation will visit Iran next week.
The Iran-Mexico trade forum will be held in the Iranian Chamber of Commerce next week and the Mexican trade delegation will participate in it.
Regarding the changes and political and regional developments in the world, Mexico seeks to develop its economic relations with the countries across the world and to reduce its dependence on the United States in the field of export and import.
So, one of the main policies of Mexico is to have an economic view to Middle East, the countries of Central Asia and the Caucasus and to have relation with the countries of the region.
With an estimated population of over 120 million, Mexico is the eleventh most populous country and the most populous Spanish-speaking country in the world while being the second most populous country in Latin America. It has the world's 12th largest economy.
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Tehran (ISNA) - During weekdays ending up to October 5, approximately 329,463 MT of commodities worth over $166.6 million were traded on Iran Mercantile Exchange.
According to the report from IME International Affairs and PR, last week, on the domestic and export metal and mineral trading floor of IME, 54,233 MT of various products worth close to $40 million were traded.
On this trading floor, 52,733 MT of steel products, 1,500 MT of aluminum were traded.
The report declares that on domestic and export oil and petrochemical trading floors of IME, 247,438 MT of different commodities with the total value of $118 million were traded.
On this trading floor, more than 59,989 MT of bitumen, 45,290 MT of polymer products, 106,600 MT of VB feed stock as well as 11,000 MT of lube-cut oil, 22,342 MT of chemical products, 360 MT of sulfur, 1,035 MT of base oil and slack waxes and 822 MT of insulation were traded.
Moreover, on the agricultural trading floor of IME, 27,233 MT of various commodities worth over $7.9 million were traded. On this trading floor, 24,750 MT of wheat, 2,450 MT of sugar, 12 MT of feed barley as well as 20 day frozen chicken were traded by customers.
It is worth noting that during the last week of September, the side market of IME witnessed trading of 350 MT of metal scrape, 100 MT of phosphate concentrate, 50 MT of polyester threads grad WP and 60 MT of polymeric methylene diphenyl diisocyanate.
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Tehran (ISNA) – The Industrial Development and Renovation Organization of Iran known as IDRO Group and the ministry of industry and trade of the Czech Republic have signed a cooperation document.
In order to develop industrial cooperation, especially in the railway industries, wagon making and removing bank barriers, IDRO and the ministry of industry and trade of the Czech Republic have signed a cooperation document.
The document was signed at the present of the Iranian deputy minister of industry, mines and trade, the Czech deputy minister of industry and trade and the Czech ambassador to Iran.
Czech ambassador to Tehran Svatopluk Cumba said that there had been an increase of 60 percent in exports from the Czech Republic to Iran over the past year.
He emphasized that a significant number of his country’s businesses were eager to enter the Iranian market to use its potentials.
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Tehran (ISNA) - An Iranian trade delegation headed by the chairman of the Iran-Russia Chamber of Commerce Asadollah Asgaroladi will travel to Astrakhan, Russia, on October 23.
The delegation will visit Astrakhan as the Russia will be the host of the 16th meeting of the International Council of Business Cooperation (ICBC) of the Caspian Sea littoral states.
During this visit, the Iranian Trade Office will also be inaugurated in Astrakhan.
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Tehran (ISNA) - Iran's crude oil and condensate exports amounted for 2.6 million barrels per day in September, data released by the Ministry of Petroleum showed on Saturday.
According to the data, Iran exported 2.25 mbpd of crude oil to Asian and European markets during the period.
China, India, Japan, South Korea and European countries, including Italy, France, the Netherlands and Greece make up the list of clients of Iran’s crude oil and gas condensate.
Iran also shipped 430,000 bpd of condensate to its clients in Asia where South Korea alone took half of the cargos of the superlight form of crude, it added.
China and India remained the prime recipients of crude from Iran, lifting more than 1 million bpd combined.
India bought an average of 450,000 bpd of Iranian oil between the beginning of 2017 to the end of August. Indian oil imports from Iran hit a record high in July, when the country’s refineries purchased 500,000 barrels a day.
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Tehran (ISNA) - The 17th International Industry Exhibition, also known as IINEX 2017, opened at Tehran’s International Permanent Fairgrounds on Friday.
Organized by the Industrial Development and Renovation Organization of Iran, the exhibition is one of the biggest industrial and commercial events in the country, providing the platform for industry players to showcase their latest products and establish cooperation with their international counterparts, Financial Tribune reported.
Over 410 domestic and 525 foreign companies from 22 countries, including the Czech Republic, Sweden, Italy, South Korea, Romania, the UAE, Bulgaria, the Netherlands, Poland, Spain, France, India, China, Japan, Taiwan, the UK, Switzerland, Finland, Turkey, Ireland and Malaysia are attending the event that runs until Monday.
The main objectives of the exhibition include showcasing the latest productions and advancements in industry, transferring expertise, forging direct links between producers and consumers, introducing investment opportunities, creating jobs, developing marketing and boosting exports.
Speaking on the sidelines of the exhibition, Iranian minister of industries, mining and trade Mohammad Shariatmadari said some 1,500 major firms and 2,000 small units active in the country produce more than 1 million tons of industrial machinery and equipment worth over $3 billion per year.
Several foreign economic, industrial and business delegations and investors from Asian and European countries are scheduled to visit the expo and enter into negotiations with Iranian companies.
The International Industry Exhibition is held every year during Sept.-Oct.
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Tehran (ISNA) – Iran and France have signed cooperation documents in the field of agriculture.
Iranian delegation headed by agriculture minister Mahmoud Hojjati visited Sommet de l’Elevage (livestock summit in French), Europe’s number one livestock show in France.
The cooperation documents were singed between the Iranian and French companies in fields of agriculture and animal husbandry in a ceremony held in the presence of Hojjati and his French counterpart Stéphane Travert.
The event annually welcomes professionals of the farming sector. During the show, agriculture-relevant announcements or new farm policies are made known.
Held over three days, Sommet de l’Elevage offers a wide-ranging program of farm visits, professional events, practical demonstrations and conferences dealing with agricultural issues.
This year, Iran was invited to attend the show as the country of honor. The 2017 edition of the event was held from October 4-6.
On the sidelines of the event, Hojjati met Travert. The two officials held talks on strengthening mutual cooperation in the fields of agriculture and livestock.
Their talks focused on transfer of new agriculture technologies, research on herbal plants and seed, plant modification and investment in Iran’s agricultural sectors, such as aquaculture, processing and dairy.
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Tehran (ISNA) - During weekdays ending up to September 28th, approximately 537,340 MT of commodities worth over $258 million were traded on Iran Mercantile Exchange.
According to the report from IME International Affairs and PR, last week, on the domestic and export metal and mineral trading floor of IME, 67,074 MT of various products worth close to $63 million were traded.
On this trading floor, 62,288 MT of steel products, 4,640 MT of copper, 140 MT of molybdenum concentrates as well as 6 MT of precious metal concentrates were traded.
The report declares that on domestic and export oil and petrochemical trading floors of IME, 407,025 MT of different commodities with the total value of $170.5 million were traded.
On this trading floor, more than 191,268 MT of bitumen, 53,298 MT of polymer products, 111,020 MT of VB feed stock as well as 14,000 MT of lube-cut oil, 25,249 MT of chemical products, 7,760 MT of sulfur, 1,104 MT of base oil and slack waxes and 3,326 MT of insulation were traded.
Moreover, on the agricultural trading floor of IME, 62,125 MT of various commodities worth over $23.4 million were traded. On this trading floor, 44,520 MT of wheat, 17,575 MT of sugar as well as 30,000 day oil chicks were traded by customers.
It is worth noting that during the last week of September, the side market of IME witnessed trading of 568 MT of metal scrape, 250 MT of phosphate concentrate, 200 MT of dried milk, 53 MT of coconut powder, 25 MT of used locomotive oil and 20 MT of polymeric methylene diphenyl diisocyanate.
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TEHRAN (FNA)- Pakistani Prime Minister Shahid Khaqan Abbasi underlined that his country is resolved to further expand mutual cooperation with Iran in different fields.
"Islamabad spares no efforts to develop relations with Tehran," Khaqan Abbasi said in a meeting with Iranian Ambassador to Islamabad Mehdi Honardoust in the Pakistani capital on Thursday.
The Pakistani prime minister, meantime, pointed to the security of Iran-Pakistan border, and said, "By increasing the number of Pakistani armed forces in the borders shared by Iran, I am assured that we will witness significant curb in the number of terrorists and major rise in the stability and serenity of those areas."
Khaqan Abbasi vowed Pakistan's full commitment in establishing security in common border areas and fighting Pakistan-based terrorists.
The Iranian ambassador, for his part, conveyed the greetings of Iranian President Hassan Rouhani and reassured that the prospect of bilateral ties between Tehran and Islamabad is bright.
Iran and Pakistan are enjoying regular cooperation in defense and military fields, including regular exchange of naval groups between Karachi and Bandar Abbas ports.
TEHRAN (FNA)- Iran Air, national flag carrier, announced that it has finalized a contract to purchase six more ATR passenger aircraft from the Franco-Italian plane manufacturer.
"We have finalized a contract for purchase of six more passenger planes and another contract for purchase of 20 other ATR aircraft is being drawn up with the Franco-Italian plane manufacturer," Iran Air CEO Farzaneh Sharafbafi told reporters on the sidelines of an ATR plane at Bandar Abbas International Airport on Thursday.
She noted that the new ATR planes will fly in ten domestic flight routes.
"The next stage will be to have the ATR aircraft fly in the flight routes of the Persian Gulf littoral states," she added.
She expressed hope that all purchased ATR aircraft will be delivered to Iran by the end of 2018 as mentioned in the contract in order to boost the country’s aviation sector.
In a relevant development in April, Iran signed a deal on the purchase of 20 ATR 72-600 with ATR as a third aircraft manufacturer after having signed lucrative deals with Airbus and Boeing following the implementation of the nuclear deal.
The first package including four out of the twenty purchased ATR aircraft landed in Tehran in May 17, followed by two more on September 29.
The ATR 72-600 has a range of 1,500km and 70 seats.
Medicine
Iran, Oman Stress Broadening of Health Cooperation
TEHRAN (FNA)- Iranian and Omani officials in a meeting in Muscat on Wednesday underlined the need for the further expansion of mutual cooperation, specially in health areas.
During the meeting in the Omani capital, Head of Iran Trade Promotion Organization (TPO) Mojtaba Khosrotaj and Advisor for Omani Health Minister Sultan Al Busaidi explored avenues for bolstering and reinvigorating of bilateral ties, specially in health sector.
The meeting was held on the sidelines of Oman Health Exhibition and Conference 2017 in Muscat.
About 30 pavilions, which put the hospital and health equipment on display at the Oman exhibition, belonged to Iran.
Oman Health Exhibition & Conference is an annual international trade event that highlights the advances in the health and medical sectors in Oman.
It is a common platform that brings together different segments of the health and medical industry to explore new opportunities, showcase the latest technologies, services and facilities, and leverage potential for trade and investment.
TEHRAN (FNA)- Iran’s non-oil exports to Indonesia have increased by over threefold, a senior official said.
"We have seen a 377% rise over a period of 6 months ending on September 21," Iran's Commercial Attaché in Indonesia Anvar Karami said.
He noted that Iran’s exports to Indonesia, excluding crude oil, hit $244.4 million in the first half of the current Iranian year that ended September 21.
"In comparison with a $51 million in the same period in 2016, Iran's non-oil exports have witnesses 377 percent rise.
Both Iran and Indonesia have already announced serious plans to boost the level of their trade to as high as $2 billion.
Indonesia’s President Joko Widodo visited Tehran in mid-December 2016 and numerous agreements were signed by the officials of the two countries during that visit.
TEHRAN (FNA)- A senior Iranian official said that Tehran and Tbilisi have considerably increased the volume of their trade transactions over the past two years.
"Iran-Georgia trade balance hit $131 million over past 24 months, showing an increase of 50 percent," Iranian Labor and Cooperative Minister Ali Rabiyee said on Monday.
Rabiyee, also Chairman of Iran-Georgia Joint Economic Commission, said that after a meeting with Georgian Prime Minister and Minister of Finance Giorgi Kvirikashvili in Tbilisi, we agreed to raise the volume of trade transactions by twofold.
He underlined that both sides voiced their political support for each other in various fields, including economy, energy, transportation and other joint projects.
Sixth Meeting of Iran-Georgia Joint Commission kicked off in Tbilisi on Monday and will wrap up on Tuesday.
Iran-Georgia exchanges over the past two years have reached $131 million of which $83 million are exports from Iran to Georgia.
TEHRAN (FNA)- Iranian and Omani officials in a meeting in Muscat agreed to expand their mutual cooperation in the field of information technology.
During the meeting in the Omani capital on Monday, a delegation from Iranian vice president's office for science and technology headed by Ali Morteza Birang and senior Omani officials explored avenues for the expansion of mutual cooperation in the technical field, specially in information technology.
The two countries reached agreement to expand bilateral relations in information technology following the visit by an Iranian delegation of knowledge-based companies to Oman.
In a relevant development last week, a trade delegation visited Oman at the official invitation of head of the Research Council of Oman as the country’s highest-ranking technology institute.
Birang said the three-day visit had a special focus on two key issues, including holding of the second session of a joint technology working group with the Research Council of Oman in which the previous agreements were discussed and pursued.
"Following the programs of the joint working group, a memorandum of understanding was signed between Pardis Technology Park of Iran and Innovation Park Muscat to exchange of workspace between the two countries as well as having a representative of the other side located at the park," he added.
Other topics raised with the Omani side included voicing readiness for organizing a specialized workshop in Muscat, the admission of Omani student through scholarships, the establishment of a cognitive science lab and the definition of a joint research project.
The next year’s meeting on exchange of scientific and technological experiences of Islamic countries will be held in Muscat.
Iranian Minister of Petroleum Bijan Zangeneh has appointing Alireza Sadiqabadi as his deputy in oil products refining and distribution affairs.
Holder of the post will also serve as managing director of the National Iranian Oil Products Distribution and Refining Company.
Sadiqabadi, 37, replaced Abbas Kazemi who held the post for 4 years.
Previously, Sadiqabadi was the managing director of Siraf Refineries Infrastructure Company (SRIC).
Siraf Refining Park is a major gas condensate refinery project with the production capacity of 480,000 b/d of the item.
(Source: Shana)
Tags: featured, National Iranian Oil Products Distribution and Refining Company, Siraf Refineries Infrastructure Company (SRIC)
By editor on in Communication, Politics, Security
By John Lee.
Iran is reportedly prepared to block the traffic and navigation app Waze because it was created in Israel.
According to Mobile World Live, the app was briefly blocked in the country in March, because it “raised concerns”, but the ban was soon revoked.
Now the secretary of the Committee for Determining Criminal Web Content, Abdolsamad Khorramabadi, has said he wants the Information and Communications Technology Ministry to block the app.
(Source: Mobile World Live)
Iran’s Yazd Tire to supply Renault
By John Lee.
Renault‘s Algerian subsidiary, Renault Algérie, will buy 50,000 tyres from Iranian tyre maker Yazd Rubber Industries Complex.
Yazd is also said to be in negotiations with Volkswagen following the German company’s entry into Iran.
(Source: Tyrepress)
Iran Weary of Trump’s Plans in Iraqi Kurdistan
Tags: Algeria, featured, France, Germany, Renault, tyres, Volkswagen, Yazd, Yazd Rubber Industries Complex, Yazd Tire
By editor on in Politics, Security
By Fazel Hawramy, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.
More than two weeks after the Sept. 25 independence referendum in Iraqi Kurdistan, Iran has yet to take any meaningful action against the Kurdish region despite its rhetoric, including Supreme Leader Ayatollah Ali Khamenei’s labeling of the plebiscite as treason and a threat to the region in his meeting with Turkish President Recep Tayyip Erdogan on Oct. 4.
“The perspective of the American and European states is completely different from the Turkish and Iranian perspective,” Khamenei told his guest, emphasizing that Israel and the United States are the main beneficiaries of an independent Kurdistan. “America is interested in having a pressure card at its disposal against Iran and Turkey; therefore, there can be no trust in the Americans and Europeans and their positions.”
While Iranian officials, including Quds Force commander Qasem Soleimani, have not hidden their anger and frustration at the way the Iraqi Kurdish leadership handled the referendum, they appear to be wary of a possible US plan to change the borders of the region in favor of the Kurds. Indeed, the line that Washington has a secret plan for the Middle East has been echoed by various former and also the current head of Iran’s Islamic Revolutionary Guards Corps (IRGC).
“We believe that the creation of … a new state in the region is the wish of the system of domination headed by the Americans and the Zionists,” said former IRGC commander Yahya Rahim Safavi on Oct. 4. Safavi, who now serves as a senior military adviser to Ayatollah Khamenei — the commander in chief of the Islamic Republic — believes that the United States wants constant tension around Iran’s borders with Iraq and Turkey, and also Syria, as an excuse to keep a foothold in the vicinity.
IMF Forecasts Economic Slump for Iran in 2017
Iran’s Yazd Tire to supply Renault
Tags: Donald Trump, featured, Iraq, Iraqi Kurdistan, Islamic Revolutionary Guards Corp (IRGC), Kurdistan, Turkey, United States
By John Lee.
The managing director of the National Iranian Oil Company (NIOC) has said that a tender to develop the Azadegan oilfield will not take place this year.
Ali Kardor told ISNA news agency that oil companies are still assessing the technical surveys relating to the field, which is shared with Iraq.
(Source: Reuters)
Italian Group Buys into Iranian Asset Management Firm
IMF Forecasts Economic Slump for Iran in 2017
Tags: Azadegan oilfield, featured, National Iranian Oil Company (NIOC), tenders
Italian asset manager Azimut Group has signed an agreement to acquire 20 percent of Mofid Entekhab, the largest independent asset management company of Iran, which is part of the Mofid Group, the largest brokerage firm and financial advisory in the country.
At the same time, Azimut and Mofid Securities have signed a shareholders agreement to develop an onshore financial advisory platform and establish an offshore fund enabling foreign investors to access Iranian capital markets.
Azimut is the first global financial institution entering with an equity investment into acompany providing financial services licensed by the local regulator, SEO, in Iran.
Entekhab, founded in 2016, is the carve out of the asset management business of Mofid Securities with AUM of USD 89 million at the end of September 2017 distributed between 6 mutual funds and managed accounts.
Mofid Securities is the market leader among Iranian brokerage companies with more than 300,000 customers and a market share of approximately 7% as of September 2017among 107 brokerage firms. Entekhab has an 8% market share for equity funds and is the largest independent asset management company in Iran.
The Islamic Republic of Iran is the second largest economy in the Middle East with an 80 million population and a GDP-PPP adjusted of USD 1.5 trillion as of 2016 (18th world’s largest).
After the lifting of international sanctions in 2016, Iran is expected to grow above 4% per annum through 2020. Iran is one of a kind opportunity for global asset management companies being underpinned by:
(i) strong demographics (60% population below 30 years) including aneducated population (58% enrolment ratio at local universities) with a high degree of urbanization (74% of population living in cities),
(ii) high GDP-PPP adjustedper capita (USD 17,000 at par with Brazil and SouthAfrica),
(iii) low capitalization of the economy (equity market account 8% of GDP versus 29% in Turkey and 44% in Brazil),
(iv) structural limitations for local banks to raise capital through local deposits and
(v) high entry barrier for foreign investors.
The progressive integration of Iranian banking institutions within the global banking system is expected to underpin material FDIs (currently below 0.5% of GDP versus approximately 2.0% in Turkey and 4.0% in Brazil) which will support the Country’s long term economic growth.
Pages: 1 2
By editor on in Construction
The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) signed a memorandum of understanding (MoU) with the Czech Republic to boost cooperation in the mining industry.
The document was signed in a meeting in Tehran between IMIDRO Managing Director Mehdi Karbasian and Czech Deputy Minister of Industry and Trade Eduard Muricky.
The MoU includes the exchange of knowledge and technical data between IMIDRO and the Czech Ministry of Industry and Trade.
Speaking at the meeting, Karbasian said, “The Czech Republic has good capacity in technology of mining machineries and equipment and we are willing to develop ties with the country.”
“Formation of joint working groups for mining cooperation can pave the way for the exchanging experience and the latest mineral and industrial technologies between the two countries,” he added.
The agreement comes against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16, 2016.
The comprehensive nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.
(Source: Tasnim, under Creative Commons licence)
Iran, Turkey to Finalize Currency Swap Deal
Italian Group Buys into Iranian Asset Management Firm
Tags: Czech Republic, featured, Iranian Mines & Mining Industries Development & Renovation (IMIDRO), mining
The Governor of the Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to neighboring Turkey, said the two countries plan to finalize their trade exchanges based on currency swap.
In remarks released on Tuesday, Seif referred to efforts to realize the goal of $30 billion of annual bilateral trade between Iran and Turkey, saying necessary technical studies have been carried out in the banking field.
He further expressed the hope that “this great goal” will be realized as soon as possible with the development of banking exchanges between the two countries.
“We are trying to finalize… trade exchanges on the basis of currency swap with the Turkish side at the earliest opportunity and sign the necessary documents at the first meeting of the joint economic commission of the two countries that will be held soon,” he said.
Iran and Turkey have ramped up efforts to boost bilateral trade since the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
The deal took effect in January 2016, terminating all nuclear-related sanctions on Iran.
In April last year, Iran and Turkey signed eight memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas.
The cooperation documents were signed in a ceremony in Ankara attended by the two countries’ presidents.
The documents covered a range of fields, including higher education, social security, plant maintenance services and standardization.
(Source: Tasnim, under Creative Commons licence)
Iranian Universities enter Iraq
IMIDRO in Mining Deal with Czech Republic
Tags: Central Bank of Iran (CBI), featured, Turkey
