4 October 24, 2019 ECONOMIC NEWS Official: ’s Growth European Firms Keen on Resuming Unhampered by U.S. Ties With Iran Petrochemical Suppliers (Shana) – the CEO of Tondgouyan Petrochemical Com- pany Seyed Reza Ghasemi Shahri Economic War has said European companies are shop and the trend in development looking to resume ties with Iranian continues,” the official said. petrochemical companies. Vaezi also stressed that the ad- According to Ghasemi Shahri, ministration has managed to run the referring to Iranian petrochemical country despite the sanctions on the companies’ participation in Ger- many’s K-Show, the largest exhi- oil sales and a reduction of foreign bition in the plastics and polymer incomes, saying the administration industries in the world, said: “The would have celebrated much more Persian Gulf Petrochemical In- achievements if the U.S. had not dustries Company has also been imposed the unprecedented sanc- represented in the showcase as a tions after withdrawing from the major polymer producer, despite 2015 nuclear deal. the fact that it is subject to exten- panies, especially European ones. pose of getting acquainted with In remarks earlier this month, First sive U.S. sanctions.” He also underlined the eager- new technologies and their prod- Vice-President said He emphasized that in recent ness of European companies to ucts. They have also voiced their that despite the U.S. government’s days very good negotiations had communicate effectively with readiness to transfer technolo- been held at PGPIC stand at K- TEHRAN (Dispatches) –Iranian spite of the foreign sanctions. severe sanctions against the coun- Iranian petrochemical compa- gies to Iran. They are seeking to Show and preparations were nies, and noted: “Many Euro- resume relations and cooperation President’s Chief of Staff Mahmoud Although the unprecedented eco- try, Iran’s economy was moving to- made for concluding several pean companies have invited us with Iranian petrochemical com- Vaezi said that the U.S. economic nomic war imposed by the U.S. ward a better and more stable situ- agreements with different com- to visit their factories for the pur- panies.” war and unprecedented sanctions im- government has had some adverse ation. posed on the Islamic Republic have effects on Iran’s economy, it has The U.S. has ratcheted up pres- failed to stop Iran’s economic growth, failed to stop the Islamic Republic’s sure on Iran since last year af- Bangladesh, In an address to a meeting of gov- growing economic trend, he added. ter withdrawing from the 2015 Tehran, Baku Planning ernment officials, Vaezi said Iran “Thanks to the administration’s nuclear deal, known as the Joint Iran to continues to make headway to- broad planning, the country has Comprehensive Plan of Action Joint Industrial Township wards development and progress in turned into a manufacturing work- (JCPOA). Launch TEHRAN (FNA) - Iran’s Am- to the two countries and other re- 2nd Exploration Deal Awarded to Local Company bassador to Azerbaijan Javad Ja- gional states.” Direct hangirzadeh has announced that The Iranian ambassador said agreement awarded ever to a lo- executive works to set up a joint that the embassy in Azerbaijan is Flight Soon: cal company since an Iranian firm industrial township will kick off by ready to offer guidance for Iranian won a deal last year to explore Tehran and Baku in the near future. businessmen to develop economic Envoy and produce oil at block Toudaj Addressing a meeting of cooperation with the Republic of in Fars province. 60-member delegation of Iran- Azerbaijan. Azerbaijan Joint Chamber of Jahangirzadeh hoped that Teh- Under the new agreement, TEHRAN (Tasnim) – Ambas- IOEC has undertaken “to evalu- Commerce in Baku, Jahangirza- ran-Baku commercial relations ate the geological, geophysical, deh said: “Construction of the in- would hit $600 million a year in sador of Bangladesh to Iran and drilling information related to dustrial township is to set up pro- the near future. Gousal Azam Sarker said a di- cessing industry for agricultural Iran exported goods worth $290 block Bamdad within a specified rect flight route is slated to be timeframe and, at the end, submit products and producing industrial million to Azerbaijan Republic in launched between the two coun- its assessment report along with outputs in order to export them six months. technical and financial proposals tries in the near future in a bid for exploration operations in the Germany Tumbles Into Recession to boost bilateral relations in di- block.” verse fields, including economy. The exploration expenses for the Bamdad oil and gas block, Speaking at a meeting with TEHRAN (Dispatches) - The plore oil and gas in block Bamdad with an area of 2,697 kilometers deputy governor of the central Iranian Offshore Engineering and in the Persian Gulf, the Ministry in the Persian Gulf, is estimated province of Isfahan, Sarker said Construction Company (IOEC) is of Petroleum’s news outlet dis- to amount to 75 million euros. Bangladeshi leaders and high- the second local company which closed Wednesday. Exploration is the first step in has won exploration agreement The IOEC signed a memoran- the upstream oil and gas indus- ranking officials have special with the National Iranian Oil dum of understanding (MoU) try, which involves high risks. respect for Iran’s officials and its Company (NIOC), as the country along with a confidentiality Iran’s inroads into a field strictly great people. is showing more self-dependence agreement with NIOC in Tehran, reserved for international energy in developing its oil industry after thrusting further into a field which giants is a sign of its private sec- Iran and Bangladesh are two U.S. sanctions. until recently was a guarded area tor’s empowerment and maturity Muslim countries that have nu- in the country’s most important The IOEC signed an initial of the foreign jurisdiction. merous commonalities that can agreement with the NIOC to ex- This is the second exploration upstream value chain. help to enhance the political, cultural and economic relations, Oman, Iran Set to Promote Cooperation BERLIN (Dispatches) - Angela Germany has been affected by weak- he added. Merkel has faced a major blow as Ger- ness across much of Europe. The Bangladeshi envoy further many has tumbled into recession, while This includes the UK. in Tourism Industry Britain is expected to grow faster than The British economy also contracted said that a direct flight route will MUSCAT (IFP) - Iranian Minister Germany despite the economy being in the second quarter, by 0.2 per cent. be launched between the two of Cultural Heritage, Handicrafts, and shaken by Brexit. But it is expected to have returned to Tourism Ali-Asghar Mounesan and The Bundesbank said the German growth in the third quarter, so it will countries so that producers and Oman’s Minister of Tourism Ahmed bin economy contracted again in the third not fall into recession. economic activists can establish Nasser Al Mahrizi have agreed on plans quarter of the year. That followed a Cracks are now emerging in the better ties with each other. to boost interaction between Tehran and decline in output of 0.1 per cent in the global economy. Muscat in the tourism industry and en- second quarter, leaving the single cur- This has resulted in the Interna- In recent years, Iran and Ban- courage more tourists to visit the two rency bloc’s largest economy in reces- tional Monetary Fund warning of a gladesh have ramped up efforts countries. sion. The country’s central bank said “synchronised slowdown” around the to promote bilateral relations in Highlighting Iran’s positive attitude in its monthly report: “Germany’s eco- world. towards Oman, Mounesan said closer nomic output could have shrunk again It added countries face deeper prob- various political and economic cooperation in the tourism sector would slightly in the third quarter of 2019. lems than Brexit. areas. expand the bilateral ties between the “The decisive factor here is the con- The IMF has cut its global growth Back in April, Iran’s Minis- two Muslim nations in the other fields tinued downturn in the export-oriented forecast for this year to three percent. as well. industry.” This is down from 3.6 percent last ter of Industry, Mine and Trade Around 8 million foreign tourists visit The Bundesbank added this down- year and is the weakest since the fi- said the Islamic Iran each year, the Iranian minister add- Minister of Cultural Heritage, Tourism and Handicrafts Ali Asghar Mounesan, lleft, in Muscat, Omani turn was also casting a shadow on the nancial crisis a decade ago. ed, saying part of those travelers could capital, discussed ways to promote health tourism with Oman in his meetings with the Omani officials. rest of economy. Meanwhile, Britain is expected to Republic and Bangladesh can be dispatched to Oman. It said: “Early indicators currently grow faster than Germany, France and reach an annual trade target of Mounesan also highlighted the suit- ready to share its experience in the ar- to Iran, saying his country was also provide few signs of a sustainable re- Italy in 2019 and 2020. $1 billion given their potentials able conditions and numerous tour- cheology and repair of historic monu- prepared to launch a shipping route to covery in exports and a stabilisation of Former IMF head Christine Lagarde, ist attractions in Iran, noting that the ments with Oman. Iran’s southern port city of Bandar Ab- the industry.” who is taking over as head of the Euro- and capacities. Omani people could enjoy the Islamic For his part, Al Mahrizi expressed bas to transfer tourists on cruise ships. An economic recession is triggered pean Central Bank, said Brexit would Rahmani made the remarks in Republic’s medical facilities, health hope that the Tourism Ministries of the The Omani minister also hailed a 42 when GDP falls during two consecu- cause damage across Europe. an address to a ceremony in Teh- services, advanced hospitals and highly two countries could make great strides percent rise in the number of Iranian tive quarters, or six months. She said: “Everybody will be a little skilled physicians. in granting visas and providing services and Omani tourists visiting each oth- Germany’s continued slump comes less well-off as result.” ran on April 16 to celebrate the The minister then praised Oman’s for the tourists. er’s countries in 2017 and 2018, saying after Germany’s GDP fell by 0.1 per- ECB President Mario Draghi cited a 49th Independence and National efforts to ease visa restrictions for the He also noted that Oman has demand- more Iranian travelers are expected to cent in the three months from April to “weakness” in the Eurozone economy Day of Bangladesh. Iranian travelers, adding that Iran was ed a rise in the number of direct flights visit Oman in future. June. for the change in fiscal policy.