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India Considering Trade with Central Asia Through Chabahar

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India Considering Trade with Central Asia Through Chabahar I N T E R N A T I O N A L D A I L Y 4 ECONOMY FEBRUARY 8, 2020 STOCK MARKET India considering trade with central TEDPIX 445894.1 IFX 5654.00 Sources: tse.ir, Ifb.ir Asia through Chabahar ECONOMY TEHRAN — Indian Business Council at the industry body CURRENCIES deskForeign Minister Federation of Indian Chambers of Subrahmanyam Jaishankar said on Commerce and Industry (FICCI). USD 42,000 rials Thursday that his country could enhance Kazakhstan, Kyrgyzstan, Tajikistan, EUR 46,188 rials trade with the Central Asia via Iran’s Turkmenistan, and Uzbekistan are part Chabahar port, IRNA reported, citing of Central Asia. GBP 54,538 rials India’s NDTV. In the budget presented last week, the AED 11,437 rials Pointing to the lack of efficient Indian government doubled the fund for overland connectivity between India the Chabahar Port allocating Rs 100 crore Source: cbi.ir and Central Asian countries, Jaishankar (about $14 million) for fiscal 2020-21. said the two regions should examine the “It [the budget allocation] shows viability of establishing air corridors India’s commitment towards the between them to boost trade and economic development of Chabahar and our COMMODITIES engagement. determination to develop it as a viable Brent $54.57/b The official proposed using the route connectivity option,” Jaishankar said. passing through the Chabahar Port as a “We should also examine the viability WTI $50.54/b solution to overcome this lack of overland of establishing air corridors between India connectivity, saying: “Clearly, a great and the Central Asian states,” he added. OPEC Basket $54.99/b potential exists in enhancing trade and Iran has awarded the development Gold $1,568.00/oz economic engagement between India and project of this port to India, and the South Central Asia. There is the challenge of a Asian country committed $500 million Silver $17.78/oz lack of efficient overland connectivity. to build two new berths in this port. Platinium $974.65/oz India proposes to overcome this challenge In the recent meeting of the India-Iran through the Chabahar route.” joint economic commission, Jaishanakar Sources: oilprice.com, Moneymetals.com “India, Iran, and Afghanistan believe of connectivity for Indian goods to reach Central Asian states,” Jaishankar said and his Iranian counterpart Javad Zarif that Chabahar will become the fulcrum Afghanistan and further north to the in his speech at the India-Central Asia promised to expand cooperation. Iran’s steel exports up 25% in TEDPIX grows 4% in a week SAIPA, MAPNA ink MOU for mass 10 months yr/yr production of Iran’s 1st electric car 1 Iran’s Industry, Mining and Trade Minister Reza Rahmani ECONOMY TEHRAN — TEDPIX, ECONOMY TEHRAN – Iran’s says the country has achieved a proper self-reliance in steel industry. deskthe main index of Teh- deskMAPNA Group has Steel industry is one of the industries in which some good ran Stock Exchange (TSE) rose four percent signed a Memorandum of Understanding investment has been made and today it has become a production in the past Iranian calendar week (ended (MOU) with the country’s second biggest advantage, according to Rahmani. on Friday), IRNA reported. auto-maker SAIPA Group for mass produc- Iran’s annual steel production is planned to reach 45 million The index ended 18.775 points higher at tion of the country’s first electric vehicle, tons by the Iranian calendar year 1400 (March 2021-March 2022). 445,894 on Wednesday (the last working IRIB reported. day of the week). Based on the MOU, SAIPA Group and As previously reported, TSE witnessed MAPNA will collaborate on the design, the highest ever weekly rise of its main prototyping, testing, commercialization index in the Iranian calendar week ended cember 2018-December 2019. and production of new electric vehicles, and said: By creating a bond between the on January 17, which was the last week of According to the TSE’s office of public SAIPA Group’s news portal reported. two groups, we will use the knowledge and Iran’s tenth calendar month of Dey. relations, TEDPIX registered a growth of In a visit to SAIPA’s production lines on capabilities of both sides as well as new The index rose 45,638 points, or 12.9 133 percent in the mentioned time span to Wednesday, Abbas Aliabadi, the chairman technologies available in this industry. percent, during the mentioned week to become the second-best performer after and member of the board of directors at High cost, an unpredictable market stand at 399.445 points. Jamaica Stock Exchange. MAPNA Group, said MAPNA has long and lack of a supervisory body have been As reported, 27.689 billion securities Based on the WFE latest report, the been pursuing a program for preparing reported to be the main challenges hinder- valued at 149.793 trillion rials (about $3.56 TSE was the top performer in the Middle necessary infrastructure for manufacturing ing the production of electric cars in Iran, billion) were traded through 2.151 deals East and North Africa (MENA) region. electric cars and in this regard the group according to a recent study conducted by at TSE in that week, experiencing growth A total of about $66 billion worth of plans to design and deliver the country’s Majlis Research Center. of 12.9 percent and 33.7 percent in the stocks were traded in TSE during 2019, first electric car in collaboration with SAI- Data collected from experts at Iran number and value of traded securities, registering a growth of more than 300 PA Group. Khodro Company and SAIPA—Iran’s first respectively, while 54.2 percent rise in percent compared to the value of trades The production of electric cars will be and second largest carmakers respective- The country’s annual crude steel production is planned to rise the number of trades. in the previous year. very beneficial for people, in terms of both ly—show that electric cars would cost two to 30 million tons in the current Iranian calendar year (ends on Tehran Stock Exchange has been ranked According to the WFE report, the total reducing environmental pollution and en- to three times more than ordinary cars. March 19, 2020) from 25 million tons in the past year. as the second best performer among the value of trades at TSE reached $320 billion ergy consumption, Aliabadi said. Despite the growing popularity of hy- Last month, the World Steel Association (WSA) announced members of the World Federation of Ex- at the end of 2019, while the total market The official underlined MAPNA and brids and EVs across the world, they have that Iran’s crude steel production increased by 30 percent in 2019 changes (WFE) in terms of the main index value of WFE members amounted to more SAIPA’s cooperation as the first step in had a slow take-up in Iran as the needed while the average global growth in this sector stood at 3.5 percent. growth during the 12-month period of De- than $74 trillion. the production of electric cars in the country infrastructures are yet to be developed. Based on the WSA report, Iran produced 31.9 million tons of the mentioned commodity during 2019 compared to the last year’s nearly 24 million tons. Lagarde says eurozone growth 724km added to Iran’s main roads since March 2019 ECONOMY TEHRAN – Some 724 kilometers (km) of rollah Khademi announced that about 400 kilometers of shows signs of stabilization, desknew main roads and highways have been highways were going to be inaugurated throughout Iran added to the country’s roads network since the beginning during the Ten-Day Dawn (February 1-11, which marks uncertainties remain of the current Iranian calendar year (March 21, 2019), the 41st anniversary of the Islamic Revolution). The European Central Bank (ECB) President Christine Lagarde IRNA reported, quoting the Iranian transport and urban “Every year, 1000-1200 kilometers of the country’s roads said Thursday that economic growth in the euro area has shown development minister as saying on Thursday. are turned into highways, which significantly increases the signs of stabilization, but uncertainties surrounding the global Speaking in the inauguration ceremony of a highway safety of the transportation lines,” Khademi said. economic environment remain elevated. project in the south-central Fars Province, Mohammad According to the official, currently, more than 7,700 Meanwhile, the euro area domestic economy remains relatively Eslami said the number of the constructed roads will be km of highways are under construction across the country. resilient but global factors weigh on euro area growth, Lagarde definitely increased in the remaining months to end of “This year, 1.2 trillion rials (about $285.7 million) have told the European Parliament’s Committee on Economic and the current Iranian calendar year. been only allocated for the construction of the country’s Monetary Affairs in Brussels. “Despite all the problems that the sanctions have cre- east-to-southwest corridor,” he said. There are tentative signs ated for the country and despite all the credit constraints In late January, the transport ministry announced that of stabilization and “slightly and bottlenecks that the government is facing, there are six prioritized freeways projects with a total length of 550 more optimistic” results in active road construction projects in all parts of the coun- kilometers (KM) were planned to be inaugurated in the forward-looking indicators, try,” he said. country by the Iranian Calendar year of 1400 (starts in as shown by the trend in the Earlier this month, Deputy Transport Minister Khei- March 2021). Purchasing Managers’ Index on manufacturing business expec- tations, according to Lagarde.
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