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Germany Exports $2.8bln in Goods to Iran in 9 Months: Official

Michael Tockuss, head of DIHK e.V., added that German exports to Iran grew by more than 27 percent year-on-year from 2015 to 2016, and remain on a steep upward curve, according to Deutsche Welle (DW) on Tuesday.

"Germany's trade surplus with Iran is massive," Tockuss said.

"But that's nothing new. The Iranians complain about it from time to time, and we try to find ways to encourage more Iranian exports into Europe and Germany, but we've been running big trade surpluses with Iran for forty years,” he added.

One might imagine that trade between Iran and Germany is about sending oil in one direction, and automobiles in the other, but that's incorrect, Tockuss continued.

"We (Germany) don't buy crude oil from Iran," he said.

"Our refineries aren't designed to deal with the high-sulfur crude Iran produces. Only Italy and Greece have refineries that can process it, so they're the main European importers of Iranian oil."

"Around 60 percent of Iran's total trade revenues come from oil and gas sales. That's a lot — but the other 40 percent are important too. Iran's economy is the most industrially diversified in the region,” Tockuss went on to say.

Diplomatic and trade relations between Iran and European countries, Germany in particular, have improved greatly since the 2015 nuclear deal between Tehran and world powers, known as the Joint Comprehensive Plan of Action (JCPOA), came into force in January 2016.

Loading of First Platform of South Pars Phase 14 Begins in Southern Iran

The loading of the gas platform 14A on to a ship off the southern port city of Bandar Abbas started on Tuesday morning.

The drilling rig is planned to be installed on Phase 14 of the South Pars gas field in the Persian Gulf waters.

The giant platform, whose installation is slated to end by January 20, will produce 500 million cubic feet of natural gas, starting from February 11.

Back in April, the South Pars Phases 17, 18, 19, 20 and 21 were inaugurated by Iran’s President Hassan Rouhani.

The gas field, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar.

It covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.

It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place. 

FAO to Do Everything to Uproot Global Hunger in 2018: Official

“Eradicating hunger in our lifetime is not a dream as solutions emerge through innovative agricultural techniques and improving food consumption habits,” Gangi said in an article on the occasion of the new Gregorian calendar year.

Following is the full text of the piece: 

Over the past decades, there has been progress in the fight against hunger in some countries around the world, and not least in the Near East and North Africa (NENA) region. However, despite all efforts that have been undertaken to address hunger, a substantial proportion of the earth's population continue to go to bed hungry. 

Moreover, hunger is again on the rise, and this after more than 10 years of decline. More than 800 million people in the world are estimated to have suffered from hunger in 2016, of which 40 million were in the NENA region, more than its proportional share of world population. In addition to that, almost all countries of our region are confronted with different forms of malnutrition where, hunger, stunting, wasting and obesity go hand in hand, reflecting a wider problem with our food systems from production to consumption.

Eradicating hunger in our lifetime is not a dream as solutions emerge through innovative agricultural techniques and improving food consumption habits. Countries throughout the world are putting in place comprehensive interventions and policies to boost agriculture production and productivity, reduce food losses and wastes, provide social protection to rural and urban poor, and build resilience to shocks, crises and climate change.

In a region that is considered the most arid in the world and faces enormous challenges, hunger has been on the rise. These challenges include high population growth, growing urbanization, a limited and fragile natural resource base, poverty, climate change, inadequate agricultural policies, and poor governance and weak infrastructure.  It is clear therefore that all mitigating measures are needed to achieve zero hunger.

Instead, we see conflicts and protracted crises becoming endemic and inflicting immense suffering on the populations of the region.  This is not only causing it to lag in its development indicators, but is also exacerbating the condition of its population.

The strongly interlinked chain of food insecurity, natural resources scarcity, unemployment, migration, and impoverishment of rural areas is affecting and affected by the absence of peace and stability and the rise in conflicts and wars. The challenge for our region is not just a problem for the traditional decision makers responsible for agriculture, food production, transportation and distribution. Rather it extends to the highest policy makers in whose hands rest decisions of peace.  

The Near East and North Africa Region, with its enormous human and land resources, has the capacity to emerge stronger from the current series of conflicts and crises. But this will require collective action to build a shared vision of peace and prosperity among the region’s member countries. It will also need the support of all its partners, and FAO is committed to do its part in this endeavor. May the voice of 40 million hungry child, woman and man in the region be heard and heeded in 2018.

Iranian Official Unveils Plan for Gas Exports to Europe

Speaking to Tasnim on Sunday, Iranian Gas Engineering and Development Company Managing Director Hassan Montazer Torbati said plans have been formulated to develop the gas supply network in west of the country to boost exports to the Iraqi cities of Basra and Baghdad.

A planned rise in the capacity of gas transfer would result in a rise in exports to Turkey, the official noted, adding that exports to Europe are also on the agenda.

The capacity of Iran’s western gas network should outstrip that of a domestic distribution line, he added.

In November, CEO of the National Iranian Gas Company (NIGC) said the country’s exports of natural gas to Iraq will increase during the spring and summer of 2018.

Tehran and Baghdad signed a deal on the exports of natural gas from the giant South Pars Gas Field in 2013. Under the deal, the Iranian gas is delivered to Sadr, Baghdad and al-Mansouryah power plants in Iraq through a 270-kilometer pipeline.

Also in October, Iranian President Hassan Rouhani said the European nations can rely on Iran to supply their energy demands.

Iran sits on the world’s fourth-largest oil and second-largest gas reserves, and is among the world’s top 10 oil and top five natural gas producers.

Administration Pledges Push to Create Employment in Iran

Speaking at a television talk show on Saturday night, Nobakht said the administration expects to create jobs for 830,000 people in the next Iranian year, 70 percent of whom would be university-educated individuals.

According to the spokesman, the administration has allocated a remarkable amount of the next year’s national budget to job creation by investment in six major areas.

He also dismissed speculations about halting monthly cash payments under the subsidy reform plan, stressing that the number of beneficiaries of cash handout may even increase if the administration detects new eligible receivers and removes rich families from the list of cash receivers.

His comments came after a series of protests in a number of Iranian cities over the past days to complain about high costs of living and economic issues.

According to Article 27 of the Iranian Constitution, “public gatherings and marches are allowed so long as the participants do not carry arms and are not in violation of the fundamental principles of Islam.”

Following the peaceful civil rallies, the Western and a number of Arab media outlets tried to portray the protests as a political uprising against the Establishment.

Iranian officials maintain that people have the right to stage protests to express their opinions, as long as the rallies comply with the legal conditions.

In remarks in the wake of the rallies, First Vice-President Eshaq Jahangiri highlighted the administration’s economic achievements and ongoing efforts in that sphere, emphasizing that the country’s economy is all in all “on the right track” despite “certain shortcomings.”

The official added that “the prices of several commodities may have seen a rise due to some incidents, and each case has its own reason,” adding that the government is duty-bound to revise them.

Iran Gets 2 More New Planes

The two new ATR 72-600 passenger planes landed in Tehran’s Mehrabad airport on Saturday morning, in a ceremony attended by aviation industry officials.

The new aircraft, the seventh and eighth ATR planes Iran has received since May, will be used for domestic flights.

Since the coming into force of the Joint Comprehensive Plan of Action (JCPOA), Iran has received a total of 11 new planes, including three Airbus passenger planes and eight ATR turboprops.

Iran Air and the French-Italian aircraft manufacturer ATR spent months negotiating an order for 20 ATR 72-600 aircraft worth $576 million at list prices, with options for another 20.

Iran is gradually receiving the passenger planes purchased from Airbus, ATR , and Boeing, following the implementation of the JCPOA, a nuclear agreement between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

During a January 2016 visit to Paris by Iranian President Hassan Rouhani, Tehran signed a major contract with Airbus worth about $27 billion to buy 118 planes.

Later in June 2016, Iran sealed another deal worth around $25 billion with the US aerospace heavyweight, Boeing, for the purchase of 100 passenger planes.

In December 2016, the deal with Boeing was finalized, allowing Iran to buy 80 planes within 10 years.

Iran says credit line with Russia to boost trade

Tehran (ISNA) - Iran says it expects a recent agreement with Russia over the creation of a credit line to fund Iranian projects to help promote trade between the two countries.

Iran’s minister of economy and financial affairs Masoud Karbasian said the credit line would be provided by three Russian banks which he said would be led by the country’s Eximbank. 

Karbasian added that based on the agreement with Russia, a mechanism would be created to conduct barter deals with Russian traders.

This, he emphasized, would facilitate Iran’s purchases of goods and services from Russian businesses.

In late December, four Iranian banks signed an agreement with the Eximbank of Russia to receive “unlimited” loans, Press TV reported.

The banks involved were Bank Sepah, the Export Development Bank of Iran, Parsian Bank and Bank Pasargad.

Based on the agreement, Eximbank would provide funds "without a ceiling" to the four lenders to finance development projects in Iran, according to an announcement on the website of the Central Bank of Iran (CBI).

Based on the recent agreement signed in Moscow, Iran's public and private sector's approved projects will be able to benefit from the loans, while Russian exporters can use them to export technical and engineering services to Iran, the domestic media in Tehran reported.

End Item

Iran, Iraq hold new talks over gas export

خط لوله صادرات گاز

Tehran (ISNA) – Secretary-General of Iran-Iraq Joint Chamber of Commerce announced that new negotiations were taking place between the two countries over gas export from Iran to Iraq.

“The new contract is different from the previous deal over gas export from Iran to Iraq. The previous deal was signed between Iran and Iraqi energy ministry but the new talks are holding with Iraqi oil ministry to supply gas of Iraqi power plants,” the Secretary-General of Iran-Iraq Joint Chamber of Commerce Hamid Hosseini said.

The official has also stressed that the relations between Iran and Iraqi oil ministry are improved.

End Item

<div>Iran's oil exports in 2017</div>

Tehran (ISNA) - Iran's export of crude oil and gas condensate amounted to nearly 1 billion barrels in 2017 in a year that OPEC and other producers stepped up efforts to keep a lid on supplies and drain bloated inventories.

The country shipped around 777 million barrels of crude oil and 180 million barrels of condensate last year, averaging 2.62 million barrels a day, Oil Ministry's news portal Shana reported on Monday.

That breaks down to 2.1 million bpd of crude and 490,000 bpd of condensate.

Condensate is an ultra-light grade of oil extracted from South Pars, the world's largest gas field shared between Iran and Qatar in the Persian Gulf. Iran ships out nearly its entire condensate output.

The bulk of shipments (62%) were sent to customers in Asia while Europe accounted for 38% of exports. The largest intake came from China, the world's top oil buyer and energy consumer, followed by India, South Korea and Japan, Financial Tribune reported.

The country's oil revenues would stand at around $48 billion with $50-per-barrel crude. Iran made $95 billion and $69 billion from crude exports in 2011 and 2012 respectively, according to the US Energy Information Association.

The reports named Turkey, Italy, Britain, Hungary and the Netherlands as some of the European clients of Iran's crude.

Until two years ago, Iran was shut out of the European energy market and its oil trade was limited to a handful of Asian buyers that took in just around 1 million barrels a day under temporary waivers.

But the lifting of sanctions in January 2016 helped Iran to resume oil sales to major customers in Europe, including Italy's Saras and Eni, Greek refiner Hellenic Petroleum, Madrid-based Repsol, Royal Dutch Shell and French energy giant Total that holds a stake in an ambitious offshore Iranian gas venture.

Under the scheme, Iran is expected to pump around 3.8 million barrels a day. The country is producing around the same level, according to government figures and data provided by OPEC's secondary sources monitoring the production of the group's member states.

End Item

Iran to host 18th meeting of World Water Council

دائمی

Tehran (ISNA) – Iran’s deputy energy minister announced that the 18th meeting of World Water Council will be held in Tehran.

 “The 18th meeting of World Water Council will be held on January 15, 2018 in Tehran,” Iran’s deputy energy minister for international affairs Alireza Daemi said.

“More than 110 countries across the world will participate in the two-day meeting organized by World Energy Foundation,” he added.

“World Energy Foundation is active in six sectors: water, soil, air, energy, wastewater and social projects and sustainable plastics. The foundation holds annual meetings focused on these six sectors in different countries and this year the meeting is going to be held in Tehran,” Daemi went on to say.

End Item

Foreign investment in Iran’s industry, mine, trade projects

Tehran (ISNA) – Since August 2017, Iran has attracted foreign investment worth $ 1.98 billion for 38 projects in the field of industry, mining and trade.

Afghanistan, with investment in 9 projects, has the highest number of projects comparing to European, Asian and North American countries.

Following Afghanistan, Turkey with 5 projects, Germany and France each with 4 projects, Iraq, China and South Korea each with 3 project, Azerbaijan Republic and United Arab Emirates each with 2 projects and Pakistan, Austria, Hong Kong, Russia, North America and Italy each with one project have invested in Iran’s industry, mining and trade sector.

End Item

Iran, Oman launch Khorramshahr-Sohar shipping route

Tehran (ISNA) – A new shipping route between Iran and Oman was launched on December 30.

The Khorramshahr-Sohar shipping route was launched in the presence of a Board member and deputy of Iranian Ports and Maritime organization for maritime affairs, governor of Khuzestan, Omani ambassador to Iran and a number of provincial officials.

With the inauguration of the shipping route, the export from Khorramshahr port to Oman was started and the traders, business people and producers can export commercial shipments through Khorramshahr Port to Sohar Port and on other hand unload the custom goods in Khorramshahr.

The first shipping route between Iran and Oman was put into service in April 2015, connecting the port of Bandar Abbas with the port of Sohar.

“The shipping route will pave the way for export of  agricultural, petrochemical and protein products and building materials to Oman,” the Board member and deputy of Iranian Ports and Maritime organization for maritime affairs Hadi Haghshenas said on the sideline of the inauguration ceremony.

Omani ambassador to Iran Saud bin Ahmad Khalid al-Barwani also said that the inauguration of the shipping route will increase the trade volume between Iran and Oman.

“The opening of Khorramshahr-Sohar shipping route will pave the way for more economic cooperation between the two countries and Oman is willing to launch more shipping route with other Iranian ports,” he added.

End Item

Iran’s 9-month exports stands at $ 31 billion

واردات

Tehran (ISNA) – According to the latest statistics, Iran has exported more than $ 31 billion during the last 9 months.

From March 21 to December 21, various products worth more than $ 31 billion were exported by Iran.

Iran’s main export products during the period were included gas condensates ($ 5.98 billion), liquefied propane ($ 1.68 billion), methanol ($ 835 million), light oils and other products including gasoline ($ 810 million) and hematite iron ore ($ 756 million).

The main importers of Iranian products during the period were included China ($ 6.527 billion), Iraq ($ 4.628 billion), the United Arab Emirates ($ 4.458 billion), South Korea ($ 3.11 billion) and Afghanistan ($ 2.4 billion).

End Item

30 Iranians Missing as 2 Vessels Collide Off East China coast

Society

30 Iranians Missing as 2 Vessels Collide Off East China coast

30 Iranians Missing as 2 Vessels Collide Off East China coast

TEHRAN (FNA)- Several crew members, including 30 Iranians and two Bengalese, have gone missing after two vessels collided off China's East Coast, Chinese Ministry of Transport announced on Sunday.

The collision, between a Panama-registered oil tanker and a Hong Kong-registered bulk freighter, occurred in waters about 160 sea miles east of the Yangtze River's estuary Saturday night, the ministry said.

The 32 missing crew members were all from the oil tanker. All the 21 crew members on the bulk freighter, all Chinese nationals, have been rescued, according to the ministry.

Chinese maritime authorities have dispatched eight vessels for search and rescue. After the coordination of China Maritime Search and Rescue Center, the Republic of Korea has dispatched a coastguard ship and a fixed-wing aircraft to assist in the search and rescue.

Meantime, Iranian Oil Ministry Spokesperson announced that the affected oil tanker belonged to the National Iranian Tanker Company (NITC) and it was carrying condensates for a South Korean company.

Most of the crew of the oil tanker were Iranians and the oil tanker had been insured by a reputable foreign company. 

 

 

 

 

Refinery of South Pars Phases 22-24 Nearly Complete

Economy

Refinery of South Pars Phases 22-24 Nearly Complete

Refinery of South Pars Phases 22-24 Nearly Complete

TEHRAN (FNA)- Construction of a gas refinery belonging to phases 22 to 24 of the supergiant South Pars Gas Field has made 91% progress, operator of the phases' development project said.

Farhad Izadjou said the first gas sweetening train of the refinery will come online by late March 2018 and the other trains will become operational by August.

He said the offshore platforms of the phases will be installed at their designated spots in the Persian Gulf by late-March, adding the refinery will be fed by the gas recovered from phases 6 to 8 of the field that Iran shares with Qatar.

The phases are being developed for production of 56.6 million cubic meters/day of rich gas, 75,000 barrels/day of gas condensate, and 400 tons/day of sulfur.

Moreover, an annual production of 105 million tons of liquefied petroleum gas (LPG) and a million tons of ethane has been envisaged in developing the phases for feeding petrochemical plants. 

 

 

 

US Imposes Sanctions on 5 Iranian Firms

TEHRAN (FNA)- The US Treasury Department in continuation of its anti-Iran policies imposed fresh sanctions on five Iranian firms for their alleged involvement in the country’s missile development program.

Shahid Kharrazi Industries, Shahid Sani’khani Industries, Shahid Moqaddam Industries, Shahid Eslami Research Center and Shahid Shoushtari Industries have been blacklisted under the US Executive Order 13382.

As a result of the move, all the assets of the institutes in the US will be blocked and the US nationals will be banned from making deals with them.

Moreover, the US Treasury Department announced that other countries’ individuals and institutes transacting with the five Iranian institutes will face the same risk.

This is while the US has been committed under the Joint Comprehensive Plan of Action (JCPOA) to avoid any act contradictory to the terms of the deal. However, they have always been seeking to expand the list of the so-called non-nuclear sanctions.

While campaigning for White House, Trump promised to rip up the deal but he has so far failed to win a global consensus against Iran and the nuclear deal.

 

 

 

 

Iran Ups Carpet Exports from Central Province by 12 Percent

Economy

Iran Ups Carpet Exports from Central Province by 12 Percent

Iran Ups Carpet Exports from Central Province by 12 Percent

TEHRAN (FNA)- Export of Persian carpets from the Central province of Isfahan witnessed a 12 percent growth in the first nine months of the current Iranian year (March 22, 2017-December 22, 2017) as compared with last year's corresponding period.

"Over 100 million dollars worth of machine-woven carpets and related products have been exported from Aran and Bidgol township in Central province of Isfahan during the said period, showing a twelve percent rise as compared with last year," Head of the Office of Industries and Mines of Iran in Aran and Bidgol Mojtaba Mahlouji said.

Mahlouji noted over $111 million worth of commodities were exported from this region of which 90 percent consisted machine-woven carpets and products of related industries.

Pointing to the production of over 45 million square meters of machine-made carpets in Aran and Bidgol last year, the official said the region ranks first in term of weaving carpets in Iran.

He said the Aran and Bidgol region could also be considered as a carpet hub in the Middle East.

Iranian National Carpet Center recently announced that the Islamic Republic exported $270 million worth of hand-woven carpets during the eight months of the current calendar year.

The figure was 31 percent higher compared to the same period the previous year.

The Iranian hand-woven carpets were mainly exported to 29 destinations, including 13 Asian, 11 European and four American countries.

 

 

 

 

Iran Ups Exports from Noshahr Port by 68 Percent

TEHRAN (FNA)- Iran has considerably increased its non-oil exports from Noshahr port in Mazandaran province in the first nine months of the current Iranian year (March 22-December 22) as compared to last year's corresponding period, a trade official announced.

"The volume of non-oil exports from Noshahr port has increased by 68 percent during first months of the current year," Director General of Mazandaran Province Ports and Maritime Organization Mohammad Taqi Anzanpour.

He underlined taking advantage of the potentials and capacities of the port for the promotion of export, and said, "All officials and personnel of Ports and Maritime Organization in Mazandaran Province try their utmost efforts to pave suitable ways for merchants and goods owners with the aim of spurring export in this port."

The main goods exported from Noshahr Port to the Caspian Sea littoral states include livestock and agricultural products, including apple puree and concentrate, food products such as tomato paste and dried nuts as well as minerals and construction materials.

In a relevant development in late December, it was announced that Iran boosted its non-oil exports in the first nine months of the current Iranian year as compared with the previous year's corresponding period.

According to the latest statistics, Iran exported over $31 billion during the said period.

Iran’s main export products during the said period comprised gas condensates ($5.98 billion), liquefied propane ($1.68 billion), methanol ($835 million), light oils and other products, including gasoline ($810 million) and hematite iron ore ($756 million).

The main importers of Iranian products during the period were China ($ 6.527 billion), Iraq ($4.628 billion), the United Arab Emirates ($4.458 billion), South Korea ($3.11 billion) and Afghanistan ($2.4 billion).

 

 

 

 

Iran to Export Medicine to Qatar

TEHRAN (FNA)- Iranian and Qatari officials signed a memorandum of understanding (MoU) on export of Iran's drugs to the Persian Gulf country.

Under the agreement, hard-to-cure Qatari patients and also patients suffering from cancer will use Iranian-made drugs and medicines.

For this purpose, the MoU was signed on Friday between Chief Executive of CinnaGen Pharmaceutical Group Haleh Hamedifar and Qatari pharmaceutical officials in order to supply Iranian medicines to Qatari patients suffering from special diseases.

Given the above issue, Iran’s CinnaGen Pharmaceutical Group undertook to supply more than 40 “hi-tech” drugs for Qatari patients from its production sites based in Iran and Turkey.

As the first and sole Iranian company, CinnaGen Pharmaceutical Group is licensed by EU’s GMP (Good Manufacturing Practice) and is the largest and most reliable knowledge-based company in country’s pharmaceutical industry. The Group accounts for 30% of Iran’s total pharmaceutical export share.

Providing medicines and drugs for special and hard-to-cure patients is a major concern for all governments in the world at the current situation. The use of biochemical products can raise a hope for the treatment of a great number of patients who are in in need of medication across the world.

 

 

 

 

PM: Syria Prioritizing Iranian Companies in Reconstruction Projects

TEHRAN (FNA)- Syrian Prime Minister Imad Khamis underlined that his country has prioritized Iranian construction firms in reconstruction of Syria.

"Incentive packages have been considered for the Iranian companies in development projects of Syria," Khamis said in a meeting with members of a visiting Iranian parliamentary delegation in Damascus on Thursday night.

The Syrian prime minister expressed his special thanks to the unsparing support of the Iranian government and people for Syria in fighting against terrorism and termed the victories in Syria as a great achievement for the resistance movement.

He laid special emphasis on the participation of Iranian companies in economic activities and reconstruction projects of Syria.

In a relevant development in November, Iran and Syria signed a contract in the field of electricity industry worth over one million dollar to restore power plants and produce electricity in Syria.

"Considering the capabilities of Iran in the electricity industry, Tehran and Damascus have signed a 1.2-billion-dollar contract to produce electricity in Syria," Syrian Electricity Minister Mohammad Zuhair Kharboutli said on Monday.

He underlined that the Iranian companies have high technology in the field of electricity, and said, "The civil war has caused the destruction of Syria's infrastructure and more than 50 percent of the country's electricity systems have been destroyed, but Damascus is trying to restore them with the help of Russia and Iran."

In relevant remarks in early September, Caretaker of the Iranian Energy Ministry Sattar Mahmoudi announced that Tehran and Damascus have inked several agreements to reconstruct Syria's power lines and power plants.

"Most of these contracts are related to the reconstruction of electricity equipment, power plants and transmission lines so that we can provide better services to the Syrian clients," Mahmoudi said after a meeting with Syria's electricity minister.

Kharboutli, for his part, underscored the Iranian companies' good capabilities for providing power plant systems and equipment, and expressed the hope that these capabilities would be used for the reconstruction of his country.

 

 

 

 

Iranian, Turkish Presidents Stress Using National Currencies for Bilateral Trade

TEHRAN (FNA)- Iranian President Hassan Rouhani and his Turkish counterpart Recep Tayyip Erdogan in a phone conversation on Wednesday underlined the need for strengthening banking ties and accelerated use of national currencies for economic transactions.

"Bolstering the banking cooperation and facilitating the customs affairs will play an important role in the development and strengthening of relations," President Rouhani said.

He also stressed the need for accelerating cooperation between the two countries' banks, including in currency swaps and using the national currencies for trade.

Erdogan, for his part, underlined Ankara's interest in broadening ties with Iran in all fields, saying, "Bilateral relations will deepen by strengthening the banking cooperation and speeding up use of national currencies in economic relations between the two countries."

Governor of the Central Bank of Iran (CBI) Valiollah Seif and his Turkish counterpart Murat Cetinkaya in a meeting in Ankara in October approved the draft of a memorandum of understanding (MoU) to use their national currencies in their transactions.

Seif and Cetinkaya reached the agreement with the aim to facilitate trade with the national currencies of the two countries in order to finance trade and direct investment between the two countries.

Under the terms of the MoU, rial of Iran and Turkey’s lira will be easily converted to each other and the issue will reduce cost of currency conversion and transfer for traders of both sides alleviating the need for other currencies.

In other words, the two central banks will be able to use international payment instruments, including credits and negotiable ones, to finance trade in national and local currencies, as envisaged in the agreement.

Also during the one-day visit of Seif, an agreement was inked between Iran’s CBI on behalf of the government and the EBA Economic Development and Trade Bank. The signing ceremony was attended by senior banking officials from both countries.

 

 

 

 

Iran, Iraq Stress Broadening of Mutual Cooperation

Foreign Policy

Iran, Iraq Stress Broadening of Mutual Cooperation

Iran, Iraq Stress Broadening of Mutual Cooperation

TEHRAN (FNA)- Iranian Ambassador to Iraq Iraj Masjedi and Iraqi Parliament Speaker Salim al-Jabouri in a meeting in Baghdad underlined the need for the expansion of bilateral ties in different fields.

During the meeting in the Iraqi capital on Tuesday, Masjedi and al-Jabouri explored avenues for bolstering and reinvigorating mutual cooperation in different political and security fields.

The two sides also discussed the latest political developments in the region.

Holding a meeting of Parliamentary Union of the Organization of Islamic Cooperation member states (PUIC) in Tehran was among the issues raised during the meeting.

Al-Jabouri said that reconstruction of the cities liberated from the ISIL terrorist group and repatriation of refugees in the shortest possible time are major problems facing his country.

He also underlined cooperation among regional states in a coordinated fight against terrorist groups.

Masjedi, for his part, voiced Iran’s readiness to help Iraq and cooperate in various sectors.

The meeting of PUIC to be hosted by the Iranian parliament in Tehran and it slated for January 16-17.

 

 

 

 

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There are currently very few countries in the world with Irans conditions and opportunities for investment. After decades of sanctions and separation from international markets, Iran is now ready to take advantage of these opportunities.

These days the top story of some of the worlds most important news media states, Now that a general agreement has been reached on the nuclear issue between Iran and the P5+1, international investors are lining up behind Irans closed doors, ready to enter this countrys market. Once Irans doors open to international financial activities millions, or maybe billions of dollars will flow into the country Economic players in Iran are waiting with open arms for international investors.How to invest in iran Blog is proud to present you with information about Iran and its investment opportunities, standing by your side as a consultant, and a strategic partner, creating the groundwork for a satisfactory experience in Iran.

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