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Iran has dozens of Tax Free & Special Economy zones

Iran Air appoints First Female CEO

By editor on in Employment, Transport

By John Lee.

Iran Air has appointed the first female CEO since the airline was established in the 1940s.

Farzaneh Sharafbafi, 44, who holds a PhD in aerospace engineering has previously served on company’s board. She replaces Farhad Parvaresh, who will represent Iran at the International Civil Aviation Organization (ICAO) in Canada.

(Sources: PressTV, Associated Press)

Total Deal Serves National Development: Iran’s VP

IRGC Engaged in Development Plans across Iran

Tags: Canada, featured, International Civil Aviation Organization (ICAO), Iran Air, women

No New Sanctions on Iran, Just Technical Updates: EU

A European Union spokesperson dismissed the notion that the bloc has imposed fresh sanctions against Iran, saying the union has only complied with a series of “technical updates” the UN makes in the context of different sanction regimes periodically.

“There has been some speculation in the press regarding recent updates to listings of individuals and entities in EU legislation vis-à-vis Iran,” an EU spokesperson said, adding, “These amendments (adopted on 23rd June 2017 through Council Implementing Decision 2017/1127 and Council Implementing Regulation 2017/1124) are purely technical and reflect minor clarifications made at the level of the UN regarding such measures.”

“They do not in any way consist of new designations or other fresh sanctions against Iran. They are part and parcel of regular technical updates which the UN makes in the context of different UN sanctions regimes from time to time,” the spokesperson explained.

In late June, the EU updated the listings of 23 people and 14 entities on its anti-nuclear proliferation and ballistic missile-related sanctions on Iran, to reflect amendments made to the identifying information by the UN.

Iran’s Foreign Ministry has also dismissed as “untrue and unprofessional” the media reports that Tehran has been hit by a new set of EU sanctions.

(Source: Tasnim, under Creative Commons licence)

Rouhani leads Iran’s Return to Wheat Exports

By Maysam Bizaer for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.

Iran is among the top wheat consumers in the world. Consumption per capita in the country is estimated at 167.6 kilograms (369 pounds) per year, almost three times the global average of some 67 kilograms (148 pounds).

At the same time, Iran is one of the driest countries in the world, with an average rainfall of only 250 mm (10 inches) a year, causing huge water shortages across the country. This has turned the supply of wheat to meet domestic needs into one of the main concerns of successive governments, forcing reliance on imports at major costs.

A review of imports shows that Iran over the past 15 years spent some $12.6 billion on buying more than 42 million tons of wheat. Meanwhile, the country has simultaneously sought to attain self-sufficiency, which on occasion has led to success in either reducing or almost halting imports. However, these achievements were not sustainable, mainly due to mismanagement and climate conditions.

In 2004, under the presidency of Reformist Mohammad Khatami (1997-2005), Iran marked self-sufficiency in wheat production for the first time since the 1979 Islamic Revolution. The Khatami administration also formulated a 10-year plan that outlined initial steps to reduce imports, and envisioned strategies aimed at sustaining production in times of drought.

The plan, however, was put aside under the administration of Mahmoud Ahmadinejad (2005-2013) and the country once again became reliant on imports to meet domestic needs, buying over 25.7 million tons of wheat during his two terms in power.

But things began to change when President Hassan Rouhani took office in August 2013. His government has been taking a series of measures over the past four years to not only reduce imports significantly, but also to boost production to a level that has enabled Iran to achieve self-sufficiency once again. With a record high output of 14 million tons last year, Iran has become an exporter of the strategic product; in June, the country sold wheat abroad for the first time in years.

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National Iranian Tanker Company (NITC) Presentation

Ali Asghar, advisor to National Iranian Tanker Company (NITC), Arshi discussed the company’s challenges and opportunities at the 22nd World Petroleum Congress in Istanbul on Wednesday.

At the beginning of his address, Arshi gas an overview of NITC to the audience, saying the company has more than sixty years of honorable presence in global energy transportation and is touted as the world’s largest oil tanker company with 69 tankers with 15.5 MDWT of capacity.

He said the International Maritime Organization on October 27, 2016 announced it was going ahead with a global sulfur cap of 0.5% on marine fuels starting from January 1, 2020.

Now that the 2020 date has been confirmed by the IMO, a sharply more regulated shipping emissions sector looms into view in the near term, Arshi added.

“The current global sulfur cap on bunker fuel is at 3.5%,” said the NITC advisor.

The sharp, step change down to tighter sulfur specifications at sea will have knock-on effects throughout the global energy system, he went on to say.

He further said, the cost of the IMO’s regulatory change on the shipping industry is unknown, but every analyst expects it to be large. As well as shipping lines, particularly NITC as major tanker company in the world, the IMO’s decision will also impact refiners, crude oil producers, bunker suppliers, and emissions and air quality.

Please click here to download Mr. Arshi’s full PowerPoint presentation.

(Source: Shana)

Oil Minister defends Total Gas Deal in Parliament

Iranian Oil Minister Bijan Namdar Zanganeh in an open session of the parliament briefed the lawmakers on a controversial $5 billion gas deal recently signed with France’s energy giant Total, saying the agreement would serve the Islamic Republic’s interests.

Addressing the open session of the parliament on Wednesday, Zanganeh defended the deal with Total to develop Phase 11 of the South Pars gas field in southern Iran and said the contract “would create security” for Iran.

“If the contractor (Total) stops or withdraws from the implementation (of the deal) for any reason, no compensation will be paid to it,” the minister added.

He further made it clear that the contract with the French company will not limit the use of domestic capacities, saying that Iranian companies can also cooperate in the major project.

The comments came as some parliamentarians, experts and top figures in oil and gas industry have voiced their strong opposition to the gas deal, saying Total has hatched “a sinister plot” against the Islamic Republic.

Total and China’s National Petroleum Company (CNPC) struck the $5 billion agreement with Iran earlier on July 3.

The agreement was signed at a ceremony in Tehran attended by Zangeneh, Total’s CEO Patrick Pouyanne and senior officials from China’s CNPC and Iran’s Petropars.

Total holds a 50.1 interest in the South Pars project with state-owned China National Petroleum Corporation owning 30 percent and Iran’s Petropars 19.9 percent.

The development of Phase 11 of the South Pars project will cost up to $5 billion.

The vast offshore gas field is shared between Iran and Qatar, where Total is also a major player in gas production as well as in oil and refining. Tehran calls the giant field South Pars while Doha calls it the North Field.

(Source: Tasnim, under Creative Commons licence)

<div>Iran Eyeing 14 Oil &amp; Gas Exploration Tenders</div>

Iran is readying its first round of oil and gas exploration tenders since the removal of anti-Tehran sanctions, an Iranian energy official said on Monday.

France’s Total last week became the first oil major to sign a post-sanctions development deal with Iran. Russia’s Lukoil and Denmark’s Maersk are also potential investors.

Next on the horizon is the search for new oil, with the state national oil company (NIOC) planning to tender 14 oil and gas blocks for exploration in the next two to three months, NIOC’s deputy director for exploration blocks, Rahim Nematollahi, said on the sidelines of an energy industry conference in Istanbul, according to Reuters.

He also said that BP, Austria’s OMV, Gazprom, Lukoil as well as Italy’s Edison and Malaysia’s Petronas have expressed interest in new exploration blocks.

Most of the new exploration blocks are in the Zagros, Koppet Dagh and the Middle Eastern Persian Gulf region and would require minimum exploration expenditure of between 14 million euros ($16 million) and 80 million euros.

The sanctions were removed after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a lasting nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) and started implementing it on January 16, 2016.

(Source: Tasnim, under Creative Commons licence)

Iran plans High-Speed Rail Links

By editor on in Construction, Transport

By John Lee.

Iran Railways says it has signed a preliminary agreement with the Italian state-owned Ferrovie dello Stato (FS) to build two high-speed links in Iran.

The lines will run between Qom and Arak, and between Tehran and Isfahan.

According to the report from Associated Press, Iran signed an $8 million deal with French company AREP in April 2015 to modernize three train stations in Tehran, Qom and Mashhad.

(Source: Associated Press)

Iranian University to Open Branches in Iraq, Lebanon

Iran Eyeing 14 Oil & Gas Exploration Tenders

Tags: Arak, AREP, Esfahan, featured, Ferrovie dello Stato, France, Iran Railways, Isfahan, Mashhad, Qom, Qom-Arak railway, rail, Tehran, Tehran-Isfahan railway

Industrial projects worth $1.5b to come on stream

TEHRAN – The Industrial Development and Renovation Organization of Iran (IDRO) will invest 60 trillion rials (about $1.5 billion) to implement 18 projects by the end of the current Iranian calendar year (March 20, 2018).

“These projects will create 8,000 direct and indirect jobs,” IRNA quoted IDRO Chairman Mansour Moazzami as saying on Saturday.

As he further explained, implementing an automatic transmission project in Zanjan province, establishing a tire company in Sistan-Baluchestan province and another one in Lorestan province, founding special economic zones in Semnan province and Fars province are among the planned projects. 

“IDRO has created some 250 projects in the country, which are currently being privatized,” Moazzami added.

“The organization have made 20 trillion rials (about $527 million) of investments in deprived areas of Iran, among them it can be referred to the mentioned tire company in the capital city of Sistan-Baluchestan province, Zabol,” he said.

The IDRO chairman also informed that 9 out of 28 MOUs signed with foreign partners after the removal of sanctions (in January 2016) have been already finalized.


Iraq will need Iranian gas for electricity generation for 7 years

Iraq will need sustained supplies of Iranian  natural gas for the next seven years to operate its electricity-generating stations, Iraqi’s electricity minister said on Thursday.

That is because natural gas produced from the country’s fields in southern Basra province is not sufficient to maintain the generation of electricity, Qassem al-Fahdawi said in press statements quoted by Almasalah website.

Gas from Basra fields cannot be directed to power generators directly before bypassing a process of refining and insulation, according to the minister. “Over the past two years in particular, the ministry added a huge amount of that gas, and we hope it increases further,” said the minister. “New stations are entering into service soon, hence the country’s need for gas imports”.

The minister, however, noted that this need for gas could diminish after planned fields for the production of non-associated gas go into service, such as Siba, Mansouriya and Western Anbar.

Iran began exporting gas to Iraq in June after several years of delays. The export deal signed in 2013 was hampered by Iraq’s unstable security situation.

Exports started at nearly 7 million cubic meters per day and are meant to eventually reach 35 million cubic meters per day.

The deal involves two separate export contracts for supplying power stations in Baghdad and Basra.

In April, Iraq’s oil ministry said the country’s natural gas production would triple to 1700 million cubic feet daily by 2018 with more projects undertaken to curb gas burning.


Industrial parks to create 136,000 jobs by Mar. 2018

TEHRAN–Head of Iran Small Industries and Industrial Parks Organization (ISIPO) Ali Yazdani said that some 136,000 direct jobs will be created in the country’s industrial parks by the end of the current Iranian calendar year (March 20, 2018).

According to Yazdani, 956 industrial parks are active across the country and over 50 percent of Iran’s industrial workforce are employed in industrial parks and small businesses, IRNA reported.

With these new jobs to be added, the number of people working in Iran’s industrial parks and small businesses will reach 936,000, the official announced.



Over $42b needed for uncompleted industrial projects

TEHRAN – Iranian Deputy Minister of Industry, Mining and Trade Mahmoud Dodangeh said over 1.6 quadrillion rials (about $42.328 billion) is needed for completing more than 22,000 uncompleted industrial projects across the country.

As IRNA reported, the official noted that completing these projects will create over 600,000 jobs. 

“By the end of the last Iranian calendar year (March 20, 2017) more than 60,000 industrial projects were underway in the country,” he said.


Fara Bourse’s main index up 1.1% in a week

TEHRAN- IFX, the main index of Iran's over-the-counter (OTC) market known also as Iran Fara Bourse (IFB), rose 1.1 percent to stand at 909 points in the week ended on Friday, Tasnim news agency reported.

As reported, some 1.487 billion securities worth 9.165 trillion rials (about $242.460 million) were dealt in Fara Bourse market during the mentioned week.


Iranian railways require 28,000 wagons

TEHRAN- Saeid Mohammadzadeh, head of the Islamic Republic of Iran Railways(known as RAI), announced that 28,000 wagons is required in the country’s railway network, Mehr News agency reported on Friday.

Mohammadzadeh made the remarks when meeting the members of Iranian parliament (Majlis)’s Urban Development Committee. 

He said although some fruitful measures have been taken in terms of locomotive supply in the country over the past three years, the railway fleet is still in need of the mentioned number of wagons.

He also said that some big jobs have been done in the field of rail supply, and mentioned investment making by the private sector in this due as one of them.

The official further stressed that the shortages in the country’s railways should be removed within the next five years.

He also said that all cargo loading hubs in the country should be connected to the railway network by the next five years; adding, all policies for development of railway transportation should be followed up by that time in a way that the capacity of cargo and passenger transportation by railway will be increased in the country.


Belgium seeks to tighten economic bonds with Iran

TEHRAN- The Minister-President of the Belgian region of Flanders, Geert Bourgeois, has said his government seeks to expand economic ties with Iran, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported on Thursday.

In a meeting with ICCIMA Chairman Gholam-Hossein Shafeie in Brussels, the Belgian official expressed satisfaction about the future of his country’s economic relations with Iran and added that on the way to explore avenues for developing bilateral economic ties, a Belgian delegation will pay a visit to the two Iranian cities of Tehran and Isfahan in November.

Shafeie, for his part, underlined Iranian officials’ tendency towards boosting economic ties with Belgium, adding that in this regard, some talks have been held on increasing ties between Iran’s port of Shahid Rajaee and Belgium’s port of Antwerp. As previously reported, Iran plans to use Antwerp port for exporting petrochemical products.

ICCIMA head named healthcare, medicine, modern irrigation, petrochemicals, and oil as proper available areas for reinforcing economic bonds between the two countries.

He, elsewhere, underscored the vitality of easing visa issuance procedures for two countries’ tradesmen in boosting mutual economic ties.


Iran’s oil output up 16.7% in June: sources

TEHRAN-  According to OPEC’s latest monthly report published on July 12, Iran’s oil output in June reached 3.790 million barrels per day (bpd), a 16.7 percent rise from 3.774 million bpd in May based on secondary sources.

The OPEC’s report also announced Iran’s oil output based on direct communication. It said the country’s oil production in June reached 3.880 million bpd, a 13 percent decline from 3.893 million bpd in May.
Meanwhile, Iran’s oil exports to Europe and Asia stood at 2.15 million bpd in June, IRNA reported on Monday citing Oil Ministry’s website.
According to the report, Iran’s oil exports hovered around 2.1 million bpd on average since the beginning of 2017 of which near 1 million barrels were sent to the European markets.
After the implementation of the nuclear accord (called JCPOA), Iran has been seeking the expansion of its target markets and as a result the oil exports to Europe rose by more than 300 percent since then.
Earlier this month, OPEC released its Annual Statistical Bulletin report in which they said Iran’s oil exports in 2016 reached 1.921 million bpd, a 77.6 percent rise compared to 2015.
The country’s crude exports stood at 1.081 million bpd in 2015 which indicates that the 2016 figure is 840,000 bpd more than that of the 2015 average.


Indian companies interested in project to develop Iranian port

India is keen to rapidly develop Iran's Chabahar Port, a strategic facility that New Delhi hopes will help expand its trade with Afghanistan and energy-rich Central Asia by circumventing Pakistan.

During Prime Minister Narendra Modi's visit to Iran in May 2016, a commercial contract on Chabahar Port was signed between India Ports Global Pte. Ltd., or IPGPL, and Iran's Aria Banader, envisaging development and operation of two terminals and five berths with multipurpose cargo-handling capacities.

New Delhi has committed to invest $500 million in Chabahar's first phase of development, which includes a $150 million credit facility to Iran through the Export-Import Bank of India.

"Two major Indian conglomerates have bid for supplying four key mounted quay cranes at Shahid Beheshti Port, Chabahar," India's PTI news agency quoted an unnamed official as saying in a report Sunday. The bids invited on behalf of IPGPL, a company established by the Indian government in January 2015 for development of ports overseas, "are under evaluation and a final call will be taken soon," the official said.

The story said the process is on to expand the financial eligibility criteria to attract more bidders for the project, whose first phase the Modi government hopes to complete next year.

On March 17, IPGPL invited companies to express interest if they wanted to be considered for a strategic partnership in the Chabahar project, The Economic Times reported in late April. Adani Ports & Special Economic Zone and Essar Ports are among those keen to manage and operate two terminals at Chabahar, the newspaper said, adding that the JM Baxi group has also shown interest.

Apart from helping India access war-torn Afghanistan, where it is engaged in rebuilding efforts, Chabahar opens up opportunities to Indian companies wanting access to Iran, Central Asia, Russia and other regions beyond.

Pakistan -- which lies between India and both Afghanistan and Iran -- has always denied New Delhi overland access. Chabahar sits on the Gulf of Oman near the Iranian border with Pakistan, promising India the possibility of direct sea access from its western coast.

India and Iran have talked about developing the port since 2003, but progress was stymied by U.S.-led economic sanctions against Tehran over its controversial nuclear program. The sanctions were lifted in January 2016.

India, which imports 80% of its crude oil needs, has a long-standing relationship with Iran, especially in the energy sector. It is the second-biggest buyer of oil from Iran, after China.


Iran, Italy pen €1.2b rail MOU

TEHRAN - The Islamic Republic of Iran Railways, known also as RAI, and the Italian state-run railway company, Ferrovie dello Stato (FS), on Tuesday signed a memorandum of understanding worth €1.2 billion on construction of a high-speed railway between the Iranian central cities of Arak and Qom.

During a joint seminar held at the headquarters of RAI in Tehran, some knowledge transfer MOUs were also signed between the two sides.

An MOU was inked between the two state-run bodies and Iran University of Science & Technology, while some other MOUs were inked between the named Iranian academic body and an Italian university. 
These MOUs were signed by the CEO of FS, Renato Mazzoncini, and the Head of RAI, Saeed Mohammadzadeh. The signing ceremony was attended by the Chancellor of Iran University of Science & Technology, Mohammad-Ali Barkhordari, the Italian Ambassador to Tehran, Mauro Conciatori, and some other Iranian and Italian officials and entrepreneurs.

On the sidelines of the signing ceremony, Mohammadzadeh expressed hope that all the inked agreements will pave the way for development of the Iranian rail sector and transfer of knowledge to the Islamic Republic.

As Mohammadzadeh said, designing and building of the Qom-Arak high-speed railway will kick off in the next Iranian calendar year (starts on March 21, 2018). The project, financed by Italy, will become operational jointly by Iranian contractors and FS. 

Improvement of railway services is one of the top priorities defined in the Sixth Five-Year National Development Plan (2016-2021) and the transport ministry seeks to develop this sector to reach the target, Mohammadzadeh, who is also the deputy transport minister, said.

“Based on the sixth development plan, one percent of Iran’s crude oil income should be allocated to the expansion of railways,” he underlined. 

During the past four years, $1 billion to $1.5 billion of direct investments have been attracted by the railway sector per year and $7.5 billion have been allocated by the government to guarantee investments in this sector, he added.

As Mohammadzadeh told the Tehran Times, RAI is also holding talks with German and Spanish companies on some other railway development projects.

‘No obstacles for financing’

Mazzoncini, for his part, expressed satisfaction with the MOUs, saying that the two countries are to enter a new chapter in their relations after the lifting of sanctions and the penned MOUs will go through operational phases within the next six months. He hoped that regarding the current conditions, there will be no obstacles considering the required financial issues and credit lines for the project.

The relation between Iran and Italy is, as you know, very important and also the cooperation between the universities is also important, he said. 

“One of the agreements we signed today is for training engineers and technicians in Iran to create competence in Iran,” he added.

‘Iran-Italy economic ties on positive track’

In an interview with the Tehran times, the Italian ambassador to Tehran predicted a bright future for mutual economic ties between Tehran and Rome.

“This is a very positive trend, above all, thanks to the small and medium-sized enterprises of the two countries and it is time to pave the way for something more substantial and strategic and this one is an important step,” Mauro Conciatori said.

“For the moment, great boost is on joint venture [between Iran and Italy] in small and medium-sized enterprises and after that we must go for infrastructure and productive activities in oil, gas, and power generation,” he further elaborated. “It is normal that this will take a little bit time but I think that we are on a very positive track.”


Iran, Oman to boost economic ties

Iran’s Ambassador to Oman Mohammad Reza Nouri Shahroudi explored avenues for bolstering economic cooperation in a meeting with Omani Minister of Trade and Industries Masoud al- Sunaidy on Wednesday.

Both sides expressed pleasure over the high level of political ties, stressing the need for bolstering commercial exchanges.

They also highlighted the necessity for issuing visas for commerce activists, developing infrastructure, strengthening transportation fleet and promoting financial and banking relations.

Al- Sunaidy, for his part, said that the volume of economic exchanges between the two countries has reached $1.2 billion, expressing the hope that the figure would hit two billion dollars by the end of the year.

“Given Iran-Oman good ties, Muscat is determined to further promote commercial, economic and political relations,” he said.

A short sea distance between Iran and Oman is a suitable opportunity for enhancing ties in all fields, he said.

Foreign investment flourishing in Iran

The UNCTAD wrote in its recent report, published in June 2017, that Iran has attracted more than $3.37 billion, showing a 64-percent growth.

The report also says that foreign investment in Iran had declined for a few years. But in 2016, Iran signed 3 international investment agreements and could get close to pre-sanction situation.

Mohammad Khazaei said that in the last Iranian year (ending on March 20, 2017) Iran received an unprecedented number of foreign investment applications from which $ 10.4b were approved of and the necessary guarantees were issued.

He added the number shows a 55% growth compared to the previous Iranian year.

Throughout the eight-year period before President Rouhani foreign investment agreements had been signed with Eritrea, Djibouti, Burundi, Ghana, Kenya, the Comoros, Gambia, And Bissau Guinea. And after the nuclear deal, the Joint Comprehensive Plan of Action (JCPOA) that was signed on July 14, 2014, Iran has signed agreement with Japan, Russia, Singapore, Slovakia, Luxemburg, Iraq, and Tanzania; also the agreements with Czech Republic, Croatia and Lithuania have been finalized and are ready to be signed, according to Khazaei.

He added that regarding the provinces that absorbed the investments, Eastern Azerbaijan, Western Azerbaijan, Esfahan, Tehran, Qazvin, Kerman and Razavi Khorasan have been more successful than others.

UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. Its headquarters are located in Geneva, Switzerland, and it has offices in New York and Addis Ababa.

UNCTAD is part of the UN Secretariat. It reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership, and budget. It is also part of the United Nations Development Group.

The Division on Investment and Enterprise of UNCTAD serves as the focal point for all matters related to foreign direct investment and multinational enterprises in the United Nations System. It builds on more than four decades of experience and international expertise in research and policy analysis on investment and enterprise development, fosters intergovernmental consensus-building, and provides technical assistance to over 150 countries.

Iran Air CEO: Seven new planes to join Iran’s fleet

We are going “to receive another five ATRs until the end of 2017, starting in August or September, and a further eleven in 2018, bringing it to the total 20 we ordered. And from Airbus, we hope to receive two A320s by the end of the year,” said Farhad Parvaresh, Managing Director of Iran Air, in an interview with the American magazine Airways, answering a question on how many new aircrafts Iran will get this year.

“We are intentionally building up the new fleet slowly because we have to manage the arrivals and train pilots and technicians,” he added.

As to recent Gulf Persian region developments’ influence on Iran’s aviation operations, he said that there were about one hundred more overflights a day than before.

“But it doesn’t affect us in any way. There is no issue: Iranian airspace could accept many more aircraft,” Parvaresh added.

Last week, some Persian Gulf Arab states cut their ties with Qatar, accusing it of supporting terrorism. They closed their transit links, including their airspace to the tiny gas-rich Persian Gulf state.

He also expressed optimism over the renewal process of Iranian fleet, adding that “in less than five months we have received seven aircraft, and they are in operation. That is more than could be expected”.

Last January, Islamic Republic of Iran was delivered a A321 as its first new aircraft to Iran Air in over two decades.

Two months later, Iran Air received the first A330-200, and then 20 days later the second A330 as the third aircraft with four ATR 72s received in May, Parvaresh said.

Aseman Airline signs contract to buy 30 Boeing 737 planes

Minister of Cooperative, Labor and Social Welfare Ali Rabiei and Head of Civil Aviation Organization Ali Abedzadeh attended the signing ceremony.

Hossein A’laei said after one year of negotiations with Boeing, the purchasing contract was signed today.

He said that a memorandum of understanding (MoU) was signed between Aseman Airline and Boeing Company on March 19, 2017.

According to the MoU, Aseman is to receive 30 Boeing 737 in the first phase and then purchasing 30 more planes will be in the agenda to equip this company with new generation of passenger planes.

According to the signed contract, Aseman Company is to pay 3 billion dollars to Boeing for purchase of 60 planes.

Aseman is to pay 5 percent of the amount and the rest of 95 percent will be financed by Boeing.

The first delivery is due to take place in 2022 and during 2 years Boeing is to deliver all 30 planes to the Aseman Company.

Iran, Russia underline development of economic cooperation

Vaezi who also serves as Iran’s Minister of Communications and Information Technology, is in the Russian cultural capital to attend the 21st St. Petersburg International Economic Forum (SPIEF 2017).

The three-day event kicked off on Thursday with the participation of over 12,000 people including the incumbent and former senior officials of the participating countries and the UN representative.

Iran’s Deputy Minister of Petroleum for International Affairs and Trading Amir-Hossein Zamaninia, Managing Director of the Islamic Republic News Agency (IRNA) Mohammad Khoddadi and Iranian Ambassador to Russia Mahdi Sanaei also attended the SPIEF 2017 public and special panels.

During Vaezi and Novak meeting which took place on the sidelines of the SPIEF 2017, Novak as the Russian co-chairman Iran-Russia Joint Economic Commission, hailed the progress of the two countries’ economic cooperation in the past four years.

Meanwhile, Vaezi, who is Novak’s Iranian counterpart in the commission, noted that there is political commitment for boost of ties in both Tehran and Moscow in the second term of President Hassan Rouhani in office.

Rouhni was re-elected for another four-years in office in Iran’s May 19 presidential election winning a landslide victory with garnering 57 percent of the cast ballots (over 23.4 million).
The volume of Iran-Russia trade exchange experienced 70 percent growth in 2016, Vaezi said.

Novak and Vaezi discussed the roadmap for cooperation in various fields including oil, gas, electricity and transit.

Participants of the SPIEF 2017, reviewed major international economic and social challenges, Middle East situation, regional crises, future of the world and relations among the countries as the major topics of the event which was also attended by Russian President Vladimir Putin.

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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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