4 December 10, 2017 ECONOMIC NEWS IKCO, Hyundai Sign New Cooperation Agreement Iran Keen to Invest in TEHRAN (Fars) - Iran Khodro Industrial Martin Burger who was attending in the Energy, Infrastructure Group has signed a new cooperation agree- Early Supplier Involvement (ESI) for IK- KARACHI (News International) - Iran is keen to invest in various ment with Hyundai Powertech as part of ef- CO’s new platform said ”since raising the sectors of Pakistan’s economy to improve relationship between the forts to meet domestic and foreign markets’ standard level of propulsions and taking two countries, Iranian ambassador has said. needs. steps towards hybrid cars manufacturing “Iranian investors are very interested to invest in energy, infra- The two sides signed the agreement for are costly projects, we have decided to be- structure development, education, health and other sectors to ex- designing, developing, producing and sup- gin our work with simple targets.” plore potential in Karachi,” Iranian Ambassador Mehdi Honardoost plying of 400,000 pieces of new automatic He said Mahle Group has great experi- said in a meeting with Governor Sindh Muhammad Zubair. “Multi- six-speed gearboxes for IKCO’s new ve- ence in CNG production and added the national companies couldn’t overlook the Pakistan’s market and we hicles platforms. company has been involved in designing will continue to lend support for the province’s development.” Representing their companies, IKCO’s and producing propulsions for a long time. Zubair said Iran’s investment will strengthen the bilateral econom- CEO, Hashem Yekehzare and Hyundai “We are now working on new platforms ic ties. “Iranian investors should also participate in CPEC (China- Power Powertech’s CEO, Ha Jim kim for Iran Khodro and given the available ca- Pakistan Economic Corridor).” signed the agreement in a ceremony in Teh- pacities, we are sure that the multi-national Meanwhile, Honardoost, in a meeting with the officials of Karachi ran. cooperation will pay off.” Burger also said Chamber of Commerce and Industry (KCCI), said Iran is keen to This is the third agreement of a ten-sided hybrid and automatic cars will have the up- implement Iran-Pakistan (IP) gas pipeline project, sign free trade IKCO’s CEO, Hashem Yekehzare (right) and Hyundai Power Powertech’s CEO, Memorandum of Understanding that IKCO per hand in the auto industry by 2030 and agreement and commence bilateral banking transactions. Ha Jim kim signed the agreement in a ceremony in Tehran. has signed with well-known global car added “so we need to adopt some appropri- “IP gas pipeline project can completely change the face of Paki- makers as well as part makers. The new automatic gearboxes in its future types of And also, a member of Mahle Group’s ate technologies which decrease the use of stan’s economy as the cheaper gas being supplied under this project six-speed gearboxes are set to be boarded hybrid vehicles. board of directors said cooperation between internal combustion propulsions by 2030.” can be used as raw material by industries, which would create a lot on IKCO’s new platforms for new vehicles. Hyundai Power Powertech annually pro- the group and Iran Khodro is expanding The Early Supplier Involvement (ESI) for of job opportunities and it can also be used for cheaper power gen- Iran Khodro signed the agreement with duces 3,700,000 automatic gearboxes. further, adding that one of the main joint IKCO’s new platform was held on Wednes- eration,” he said. the main goal of achieving an appropriate projects between the two sides is to pro- day (October 25) in SAPCO complex with The ambassador advised Pakistani business community to adopt share of domestic and export markets. The IKCO to Produce Fuel duce new three-cylinder propulsions with the presence of leading foreign companies “proactive approach to grab more out of Iranian market.” car manufacturer is also set to use the new Efficient Cars significant fuel efficiency. as well as more than 80 Iranian companies. “Lack of information and know-how about the capabilities of Iran and Pakistan amongst the business communities of the two countries is hindering the trade,” he said. “Trade between Pakistan and Iran South Korea to Invest in rose 31 percent during the last year.” Iran’s Saipa Exported $1.2 Iranian official said both countries have so many commonalities Iran’s Caspian Port and similarities which simply cannot be found between any other Billion in Cars: Official countries of the entire region. He said regional problems like terror- ism, human trafficking and narcotics trafficking should be solved by TEHRAN (Press TV) -Iran’s Saipa sector with no serious efforts to improve the regional countries, “which have common perception, interests Group says it has exported 230,000 vehicles quality despite frequent price hikes. It and concerns.” worth 1.2 billion in recent years as the au- includes levying hefty customs duties on Honardoost said CPEC project is a multi-functional project, which tomaker plans to expand sales with new de- imports in order to protect the domestic can bring peace and prosperity in the region as all countries of this signs and competitive products. auto industry. region will become part of this project. The Tehran-based automaker has most- Iranian automakers see total production President Muffasar Atta Malik at KCCI said Karachi, which is the ly been producing budget cars in recent to hit 1.6 million units in 2017, up from economic hub of Pakistan, offers lucrative and joint venture oppor- years under license from South Korea and 1.35 million last year and 750,000 in 2014 tunities to investors from Iran. France for Iranian and international cus- when the country came under intensified Malik said relations between Pakistan and Iran have improved sig- tomers. sanctions. nificantly, giving a way to further enhance bilateral trade. The company exports vehicles to about Since the lifting of the sanctions in 2016, “Iran’s decision to open commercial bank in Pakistan and the 40 markets, deputy head for exports and the auto sector has drawn perhaps the big- availability of letter of credit facility is important step to enhance international affairs of the group Mohsen gest interest from foreign investors, chief- economic relations,” he added. “Collective efforts are needed from Dastkhosh said. ly the French, who are looking to tap the both sides to improve the existing trade volume between the two TEHRAN (Dispatches) -South Ko- rea’s JJ Consulting Ltd has signed a “Saipa Group’s new plans for design- country’s hunger for new cars. countries.” rea is among the countries which has memorandum of understanding with ing and producing a competitive product France’s Peugeot Citroen and Renault He said negotiations on free trade agreement between Pakistan and take serious steps to enter Iran’s mar- Ports and Maritime Organization will bring about a boost in exports,” IRNA slammed the door on Iran’s face after Eu- Iran are underway as both countries expressed willingness to up- ket following the removal of interna- (PMO) of Mazandaran Province to quoted him as saying. rope intensified sanctions on the Islamic grade preferential trade agreement. tional sanctions on the country. make an investment, worth $500 mil- Saipa began production in Iran in 1968 Republic in 2011. Many experts are now KCCI president said both the countries decided to increase bilat- South Korea ranked fourth among lion for the port’s development. by assembling French automobile manu- advising caution and call for stronger eral trade to five billion dollars from the existing $150 million. Iran’s top trade partners in non-oil Under the MoU, signed by Ju Yeon facturer Citroen’s Dyane which went un- checks and balances in dealing with the “The major bottlenecks in the expansion of Pak-Iran trade are fre- sector during the first seven months of park, the Asian company’s managing der the name of Jyane in the Middle East- French. quent changes in import regime of Iran, high import tariffs applied the current Iranian fiscal year (started director and Mohammad Taghi Anza- ern country. Iran is the Middle East’s largest auto on exportable items from Pakistan, and indirect trade via Dubai March 20, 2017). The mutual trade npour, head of Mazandaran of PMO, Since then, the group has been expand- market with a population of more than 80 which require attention,” he added. (including gas condensates) account- the South Korean company expressed ing and currently includes such subsidiar- million who are estimated to buy more ed to $4,288 million in the period. its interest for investing in the imple- ies as Saipa Diesel, Pars Khodro and Za- than 1 million cars in 2017. South Korean companies also have mentation of the land development myad Co. The automobile industry is seen as signed various contracts with Iranian plan of Noshahr port, in order to carry Iran’s auto industry is the Middle East’s Iran’s biggest non-oil sector, accounting counterparts for joint venture invest- out maritime and port-related activi- largest but it is based on assembling for- for nearly 10% of the country’s gross do- Legal Cellphone Import ment in energy, auto manufacturing, ties based on the plans approved by eign brands. Iranian automakers now mestic product (GDP). Iran Khodro and railway, shipbuilding and maritime the PMO and in compliance with the design, manufacture, and export cars. Saipa companies account for more than Doubles in Iran sectors. regulations of the Islamic Republic. They also manufacture automotive parts 90 percent of the total domestic produc- The latest deal was signed by a The Korean company will apply for and components and sell their products tion in Iran. South Korean firm for investment in investment permits from the Organi- through dealers in Iran and internationally. Officials say the country has the capac- Iran’s Noshahr port, in Caspian Sea. zation for Investment and Economic The industry has the full state support ity to turn into a hub for production of ve- According to Iran’s Roads and Ur- and Technical Assistance of Iran with- and a monopoly on the market which, hicles in the regional market with a popu- ban Development ministry, South Ko- in a month. many critics say, has resulted in a laggard lation of 400 million people. EU, Japan Finalize ‘Cars-for-Cheese’ Trade Deal LONDON (Financial Times) - tariffs on imports of European The EU and Japan have agreed the cheeses and other dairy products, final pieces of a major free trade as well as meat and drinks. In re- agreement — dubbed the “cars-for- turn, Brussels will end EU import cheese” deal by some commentators duties on Japan’s automobile sec- TEHRAN (Trend) – Ira Cus- legal, that is, their tariffs were — saying the accord sends a “clear tor, an important breakthrough be- toms Administration has an- paid at the custom house. signal” that global markets remain cause the bloc is the world’s big- nounced that the recent statistics Also, it is said that of the legal open. The deal, agreed in principle gest importer of road vehicles. shows legal import of cellphones phones, 70 percent are sold on- in July, covers a combined market of Some tariffs will fall to zero im- in Iran witnessed a twofold rise. line. That leaves a meager 3 per- 600m people accounting for approx- mediately when the deal comes According to the report, in the cent to be sold at shops. first eight months of the current Iran recently launched a long- imately 30 per cent of global gross into effect, while others will be fiscal year (since March 21), awaited national scheme to curb domestic product. Brussels hailed phased out over a 15-year period. 1.742 million cellphones were the huge and growing market of it as a breakthrough for the bloc’s Cecilia Malmström, EU trade imported, a twofold rise com- smuggled cellphones. businesses, notably its farmers, say- commissioner, said the deal would pared to the same period last Under the scheme, cellphone Japan’s Prime Minister Shinzo Abe, centre, is welcomed by ing it was “the most significant and “increase some our exports consid- year. users in the country need to reg- European Council President Donald Tusk, left, and European The value of the cellphones ister their devices with the coun- far reaching deal ever concluded by erably”. Commission President Jean-Claude Juncker at the start of a European was $235.4 million, the report try’s telecommunications user the EU in agri-food trade”. Union-Japan summit in July. Most details of the free trade deal were Jean-Claude Juncker, European further mentions. database. The timing of the announcement worked out in July, but it was cleared on Friday. Commission president, and Shinzo This is while based on reports Meanwhile, Iran Customs coincided with an agreement in Britain’s official exit date from the cut tariffs, introduce co-operation Abe, Japan’s prime minister, said released in November, only 3 Administration has imposed a Brussels on the UK’s exit terms bloc in March 2019. on standards and regulations, and in a joint statement on Friday that percent of cellphones on sale in 5-percent customs duty on the Iranian shops are legal. imports of cellphones. The im- from the EU. The anticipated date The agreement between Brussels open up public procurement mar- the deal had “considerable eco- The November report said that porters of cellphones also need for the EU-Japan deal to take ef- and Tokyo, which took four years kets. nomic value” and “strategic im- of all cellphones in the Iranian to pay a 9-percent value added fect will roughly coincide with and 18 rounds of negotiations, will For the EU it will slash Japan’s portance”. market, only 10 percent were tax (VAT).