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li Ashraf Afkhami, Managing financing steel, petrochemical, power We should consider treated in the same way we treat others.” Director of Bank of Industry and plant and infrastructural industries. In Iran’s cooperation He reiterated: “True that as foreign AMine in a meeting with a del- pace with foreign partners, it can further investors you are after taking advantage egation from Germany’s Global Bridges strengthen its crucial role in the original with the international of specific conditions for investment in outlined the latest economic, cultural and Iran Welcomes and creditable Iranian market. community and vice Iran. I bluntly say that business atmo- social developments in the country and Afkhami stressed: “As a bank we sphere and entering into economic mar- noted that suitable opportunities were believe that having plans and prospects versa as a specific ket within a framework of competition now available in financial, monetary and can have serious effects on cooperation. economic opportunity is very important and this atmosphere is infrastructural industries of Iran. Foreign We should consider Iran’s cooperation now available here.” Afkhami further remarked that the with the international community and that can entail positive He further remarked: “We intend to atmosphere of economic and public tran- vice versa as a specific economic oppor- results for the two sides. provide our models for presence of all quility that has been developed between tunity that can entail positive results for foreign investors in the country; therefore, Iran and the international community is the two sides.” He added that today in the interna- we negotiate in order to attract appropriate the background for constructive move- Investment The BIM president said that new tional management arena, freedom and partners in all fields, industrial sector in ment aimed at expansion of financial- conditions have been developed in Iran authority of foreign investors, like many particular, from industrially advanced economic relations and transactions. By in the aftermath of the implementation of countries, are placed in a formulated countries, especially Germany.” relying on the newly emerged conditions, the Joint Comprehensive Plan of Action framework so that the capital will be en- In conclusion Afkhami referred to fundamental steps can be taken on the for Economic (JCPOA). “We in the Bank of Industry tered and both the countries and foreign such fields as petrochemicals, steel and path of financing infrastructural projects and Mine, with regard to the general poli- partners can take advantage of its benefits especially steel alloys and said these and technical and engineering services by cies of the government, have defined new and positive results. industrial fields enjoy high efficiency using foreign credit facilities and agree- conditions for the new atmosphere and According to Afkhami, Bank of and attraction. He added that this would ments signed with international creditors. are trying to accelerate the trend of Iran’s Industry and Mine, as a specialized-de- increase Iran’s competitive advantage at Afkhami noted that Bank of Development development by taking advantage of the velopment bank based on international international markets and joint ventures Industry and Mine, as a development foreign resources within the framework standards, considers fair treatment as a in industrial fields will maintain interests bank, plays a highly important role in of positive international transactions.” reciprocal principle. “We would like to be of the two sides.

4 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 5 in this issue

Investment The Forum for Partners in Iran’s Marketplace Iran Welcomes Foreign Investment for Economic Development ...... 4 Seyed Hussein Sanaei Germany, Iran Agree on Hermes Debt ...... 33 Chairman & Editor-in-Chief Khosrow Soltani Hall of Fame Editor ‘Chevalier of Iran Industry’ Wins Leonardo Prize ...... 8 S. Razmkhah, S. Khoshroo, A. Bakhtiari Senior Consulting Editors Partnership Leilasadat Sanaei Major Economic Exchange ...... 10 Art Director Photos Q & A Mohammadreza Moradabadi Italy Is Our Best Trade Partner in Europe ...... 14 Elc. Reproduction Johari Banking Printing and Binding Rafsanjani Urges Banking System to Boost Production ...... 18 Forough Danesh Government Owes Huge Money to Banks, Private Sector ...... 55 For editorial, advertising, subscription and information services please contact: E-mail: [email protected] Character Tel: (+98 21) 22 666 450 Hosts International Symposium of Neurosurgeons ...... 20 Fax: (+98 21) 22 666 451 P.O.Box: 19615-1111 Tehran-Iran Landmark www.iraninternationalmagazine.com Iran Is Land of Opportunity ...... 22 www.iraninternationalmagazine.ir POSCO Inks €1 bn Agreement with IMIDRO ...... 28 www.iraninternational.ir IMIDRO Signs Deals with Foreign Companies ...... 30 ISSN: 1029-8061 Iran International is a trade and economic quarterly distributed globally. Mines & Metals Iran Becomes World’s 9th Producer of Antimony ...... 31 Iran International: “The Forum for IMIDRO Changing Product Development Strategy ...... 32 partners in Iran’s Marketplace.” This is the motto adopted by the full-color quarterly Iran International since its emergence in Opinion June 1998. Iran International focuses on Iran Needs Korean Experience ...... 38 the theme of partnership in various sectors South Korea a Successful Resistance Economy ...... 40 of economy, trade, industry and culture.

Readership & Circulation: Iran Partnership International is regularly distributed Historic Event, New Era of Development ...... 42 among its targeted audience who include India Seeks Long-Term Iran Oil Deals ...... 46 economic, industrial, political and cultural Iran a Promising Market for Croatian Companies ...... 60 circles in Iran and around the world. Iranian decision-makers, government officials, industrial executives, top contractors, major Milestone commercial and financial organizations, Rouhani Rejects OIC Divisive Moves ...... 48 trade partners of Iran, potential investors, joint chambers of commerce, global banks, international companies based in Trade & Business Iran, industrial plants within the country, Iran Opens Its Door to SA Business ...... 51 embassies, cultural centers, tourist and Iran, Kazakhstan Pen Deals Worth $2 bn ...... 56 travel agencies and international bodies form the main readership of the magazine. All articles and advertisements of the Achievement latest issue are always accessible at the Investors Want Clear Business Prospects ...... 53 magazine’s three web sites.

Publications: In addition to its four regular Oil Show issues coming out in June, September, VP Urges Executives to Be Brave, Strike Big Deals ...... 62 December and March, the magazine publishes special issues on occasion. Internationalization Clients: In each edition, Iran International Demographic Upheaval ...... 67 has had the pleasure of featuring the promotional items of global players and Special Report national companies that have a key role in development of industry and economy. Our Iran Foreign Trade over the Past Two Decades (1996-2016) ...... 75 main clientele come from diverse fields of Oil & Gas, Chemicals & Petrochemicals, News in Brief Industries, Mines & Metals, Automotives, Iran Business at a Glance: A Brief Summary of Important News ...... 108 Aviation & Tourism, Banking & Finance.

6 IRAN INTERNATIONAL, July 2016, Nos. 78&79 Hall of Fame

hmad Pourfallah is the first Iranian businessman to win the Leonardo AInternational Prize 2016, a sign ‘Chevalier of Iran of the new direction of Italy’s relationship Ahmad Pourfallah, with Iran after the lifting of sanctions. “I am very happy and very proud, Chairman of the Iran-Italy I will never forget this day,” Pourfallah Industry’ Wins Joint Chamber of Commerce, said immediately after being presented Industry and Mines and with the prize by Italian President Sergio Managing Director of Secco Mattarella. Mattarella hosted the ceremony Leonardo Prize Iran has received his second (March 6) celebrating Italian Quality Day international medal of honor at the Quirinale, attended by Minister for institutes in the US, Europe and Asia. we set with Italy as our commercial from Italy in one year. Development Federica Guidi and Indus- Discussing the reasons for the partner. Tourism is of reciprocal interest. trial Association Confindustria President award, President of the Leonardo Com- Iran is the fifth tourist attraction in the The Italian Ambassador to Giorgio Squinzi. mittee Luisa Todini stressed the fact that world, and this sector is very attractive to Tehran Mauro Conciatori Pourfallah is Chairman of Iran-Italy Iran is “a strategic country for Italy.” investors.” presented the award known Joint Chamber of Commerce, Industry Pourfallah said the award was un- Pourfallah is among few Iranian and Mines and Managing Director of doubtedly another sign of the new stage managers who enjoy high popularity and as chevalier medal to Secco Iran, a company that manufactures of relationships after the lifting of the em- respect in the country’s economic and in- Pourfallah in a ceremony construction materials. He also serves as bargo. “Until a few years ago, Italy was dustrial community. He is a true believer held in Tehran on June 5. advisor to a number of public and private Iran’s leading commercial partner and I in ethics and respect for the rights of oth- Pourfallah is the first Iranian sector companies. He firmly believes in hope things will soon return to the same ers. He is also a jurist, an athlete, a kind- privatization and building a strong econo- level, with Italy as our leading partner. I hearted and decent member of the society. businessman to win the my based on participation and partnership. hope many Iranian entrepreneurs will be Pourfallah says he has had economic Leonardo International Prize Among his activities is an effective awarded this precious prize.” ties with the Italians for 40 years. “I love which was presented to him presence in Mahak Society to Support The new course of relationships, Italy for different reasons. Italy was the Children with Cancer. Mahak is a non- Pourfallah said, looks set to go well. “The first country I visited. The first car I pur- by Italian President Sergio governmental organization in Tehran laws for investing in our country are very chased when I was a university student Mattarella in a ceremony at dedicated to helping Iranian children with avant-garde, and they are good laws. I was Fiat 850. In general, I very much the Quirinale in March. cancer. It runs an 18000 sq m hospital in should like to advise Italian businessmen love Italy and the Italians.” the north of Tehran and treats children to invest in Iran, not just in high-potential Leonardo is Italy’s highest with cancer free of charge. It occupies the sectors, but also in other sectors such as Seyed Hussein Sanaei economic and cultural award. 4th place among creditable international tourism, in order to better the old records Chairman & Editor-in-Chief

8 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 9 Partnership

euros now.

$5bn Credit Line: The Cassa Depositi e Prestiti, Italy’s state financing agency, Iranian firms reached which controls more than €350bn in as- Major Economic Ex change sets, will issue €4bn in credit lines to Ira- deals with Italian nian public entities for them to fund big he Islamic Republic of Iran the event at Iran’s Chamber of Com- ly’s ITALTEL for development of ‘tele- travel to the Islamic Republic since 2001. companies in different infrastructure projects such as railways and Italy have signed 12 major merce, Industries, Mines and Agriculture communication network’ in the country. Italian foreign minister, minister of areas of trade, and motorways. Italian companies such Tagreements in various sectors of in Tehran, where Italy’s FATA SPA, the The Italian engineering and project infrastructures and transports, minister of including energy, as Ferrovie dello Stato are expected to economy. engineering unit of the leading industrial management company, BELLELI Group, economic development, and minister of participate in those contracts. The agreements were inked on April group, Finmeccanica, signed a $237 mil- reached an agreement with Iran’s Jahan agriculture, food and forestry policies as construction, power Sace, Italy’s export credit agency 12 in the presence of Iran’s Minister of lion contract with Iran’s Foulad Boutia Pars Group on providing Engineering, well as some 60 business leaders accom- will support the transactions by providing Industry, Mine and Trade Mohammad- on the transfer of equipment and services Procurement and Construction (EPC) ser- panied Renzi in the visit. generation, information €4bn in guarantees for those deals and an Reza Nematzadeh and visiting Italian for construction of a power plant in Iran’s vices in areas of infrastructure and energy. Back in January, Iranian President and communication additional €800m in funding for Italian Prime Minister Matteo Renzi in Tehran. southeastern province of . Speaking at the event, the Italian visited Italy for two SME’s doing business in the country. Iranian firms reached deals with Ital- The Iranian company also sealed a prime minister urged a boost in bilateral days, during which the two countries technologies as well as The credit lines issued by the Ital- ian companies in different areas of trade, deal worth 350 million euros with Italy’s relations, calling for effective implemen- signed deals worth up to 17 billion euros steel and textile ian government are “a game changer including energy, construction, power Danieli Group on transfer of industrial tation of the projects. (18.42 billion dollars). and a very very important development generation, information and communica- equipment and services for construction Renzi arrived in Tehran on April 21 Italy was one of Iran’s leading eco- among others. for Iran, by which development projects tion technologies as well as steel and tex- of a steel company in Iran. at the head of a 250-strong political and nomic and trade partners before sanctions would start moving,” said a senior Euro- tile among others. Meanwhile, Iran’s telecommunica- economic delegation, making him the when annual exchanges amounted to 7 pean businessman. “It would open doors Delegates from both sides attended tion company struck an accord with Ita- first Italian official in such capacity to billion euros compared with $1.6 billion to a long line of medium-sized European

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banks and businesses which were worried pleased to a part of the great event; there- about the consequences of doing business fore, we will put greater effort to further with Iran.” improve relations.” The Italian agencies will support Also at the meeting, UniCredit Ex- trade through three private Iranian banks ecutive Vice President Scognamiglio Gi- — Pasargad Bank, and Sa- useppe touched upon the Italian bank’s man Bank, according to an agreement relations with Iran saying: “We are con- made during a visit by Rouhani to Rome ducting talks with Iranian trade banks in January. while the negotiations will yield results The statement did not specify when by the end of April.” the credit lines would be issued but one Italian official said “two very small trans- 50 MW Solar PV Plant: Iran is becom- actions” had already taken place. ing an increasingly attractive market for European renewable energy companies. Banking Ties: A meeting of Iranian and Italian company Carlo Maresca Italian bankers, while emphasizing the S.p.A. is set to build a 50 MW solar PV boosting of banking cooperation between plant on Iran’s southern island of Qeshm. the two countries, reported on launching The company signed an agreement bilateral broker relations. for the solar farm with Qeshm Free Zone Speaking at the session, Governor Organization. of Iran’s Central Bank Valiollah Seif The deal was signed between Carlo stressed promotion of Iran-Italy trade relations by strengthening banking coop- eration. “Italy is eager to expand ties with The Italian agencies will Iran as great efforts have been made in support trade through this regard.” CBI governor expressed hope for a three private Iranian bright future for bilateral cooperation, as- banks — Pasargad Bank, serting, “Fortunately, the visit to Italy of Iranian President has brought about good Parsian Bank and Saman achievements necessitating further bol- Bank, according to an stering of banking ties.” “Fruitful negotiations were held agreement made during a with Central Bank of Italy Governor Ig- visit by Rouhani to Rome nazio Visco during the trip to the Euro- pean country,” highlighted the official, in January. adding, “Currently, draft of an MoU for bilateral collaboration has been prepared Maresca Chairman Fabio Maresca and which was to be signed on the sidelines of Hamidreza Momeni, head of the Qeshm the annual Meetings of the International Free Zone Organization, on the sidelines Monetary Fund (IMF).” of the Italian prime minister’s visit to Iran. Seif urged Italian bankers to fos- Underscoring a new round of bi- ter the positive measures taken in areas lateral economic agreements between of banking cooperation by pursuing ob- Iran and Italy, Momeni said the govern- jectives in continuous meetings of both ment was seeking to improve Qeshm’s countries’ bankers. economy by expanding macro-economic Italo Pellegrino, who serves as activities on the island and reinforcing its Deputy General Manager of Italy’s infrastructure, including construction of Mediobanca, for his part, emphasized the planned solar power plant. the positive outcomes of the visit to Iran Maresca said the company would made by Italian bankers in November, complete the project in eight months. reiterating, “The Italian prime minister Italian energy giant Enel, which traveled to Iran to strengthen economic owns multinational renewable energy cor- and banking relations and we take the poration Enel Green Power S.p.A., signed opportunity to express our commitment a memorandum of understanding with the to these objectives.” National Iranian Gas Export Company on He highlighted Italy’s determina- possible future cooperation in , tion to enhance banking ties between the liquefied natural gas and related infra- two countries, adding, “We reside in an structure that could lead to long-term gas important historical moment and we are supplies for its power stations.

12 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 13 Q & A

advantage of. For example, Iran’s textile industry has sustained great damage. But the same damaged industry with the help of the Italians can be turned into an outstanding industry and can enter into Italy Is Our Best Trade cooperation with the Iranians in many sectors. Meanwhile, the footprints of the Italians can be seen in the Iranian steel industry. Most of the Iranian steel industry infrastructures are Italian. As a result, cooperation with Italy in this field can result in promotion of the Partner in E urope industry in Iran provided that the Iranian steel factories can have competitive products and internal barriers could be r. Mohammad Mehdi Behkish is adjusted and removed. Steel output is so the founder of Iran-Italy Cham- competitive in Italy. Also, the workforce Dber of Commerce who served in Italy is more expensive than in Iran the chamber as president for 20 years but productivity is higher and Italian (1992-2013). This outstanding economic producers do not have to wrestle with a figure of our country in the course of an series of problems. interview talks about the fields of cooper- ation with Italy. The economic structure With regard to steel industry of Italy for small and medium industries some believe that the Russians and the is among issues he has discussed in this Americans are the pioneers in Iran? interview. Also, in part of his remarks he No, it is not true. The Iranian steel sheds light on two different approaches industry is quite originated from the in the economic atmosphere. In his point Italians. Apart from this, Italy plays a of view, if security-oriented approach in good role in Iran in the fields of energy the country is not revised we would wit- generation. They have collaborated in ness tremendous controversies in deci- many of our power plants projects. Even sion makings. For this reason, he says, in heavy industries Italy has a good a leap forward would not be observed in position in Iran. the economy. partner in Europe. Obviously when I say ery even better than the Italians. But Iran after lifting of the sanctions are again es, however it should not be forgotten trade partner, I do not look only at im- cannot easily have exports to this mar- buying oil from Iran. Although during that prior to that we had about 1.5 billion What approach Italy has regard- What are the advantages of Iran- ports but also see exports and investment ket. But this is possible as for the Italian the sanctions the volume of Iran’s trade euros in exports to Italy. ing cooperation with Iran? Italy cooperation? in this package. For example, the Ger- market. The Italians have been one of the with Italy greatly reduced, which was of What is certain is that the Italians I think in Italy there is a great will- In my opinion Italy is our best trade mans have high-tech and good machin- best buyers of the Iranian oil and now course natural under those circumstanc- have great potentials we can take ingness for cooperation with Iran and

14 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 15 Q & A

this has been shown in their visits to our the contemporary world. This outlook country. In my opinion, even Mrs. Fed- should at least change at policy making erica Mogherini, High Representative of level. As long as no change takes place the European Union for Foreign Affairs at this level no new event would happen. and Security Policy, who recently visited As long as we were under the sanctions Iran for the second time, is tilted towards the first approach prevailed, but now that our country due to her Italian origin. we are trying to lift the sanctions, we Even in the nuclear talks, she was always should dominate an approach which is trying to find solutions to the problems. consistent with the world. At present, she is trying to restore Iran’s Imagine that no country exists which international standing. Of course, I think has not become a member of WTO. All the entire world is trying to invite Iran have become members in this organiza- back to the scene except for a limited tion and the doors have been opened. number of Americans whose economic Turkey was suffering from poverty until interests require them to be always in 30 years ago, but now it has been turned conflict with Iran. But, it should be noted into a tourist attraction. Because, a group that not always those minority few are took over the state of the affairs, changed on the top of the US administration. Cur- the paradigm and created the second ap- rently Obama is not a member of the negative approach of Western coun- What kind of threats does this is- For example, in the ‘economy of proach. Even the Arabs recognized this (anti-Iran) party and as long as he is at tries (towards Iran under the sanctions). sue entail for our economy? resistance’, these two approaches have Today the world is paradigm shift. Dubai has been inspired the top of the US administration, that is Therefore, such an approach would make Followers of the two approaches two completely different interpreta- a world of economic by the same attitude. Especially with the to say about seven to eight more months, the walls of the country higher in block- should negotiate with each other and tions. Those who adhere to the first ap- struggle and sanctions imposed on Iran, Dubai played we can earn good concessions. ing the way to the Westerners’ influence. it should be shown that the security- proach, on the basis of this rule come to an intermediary role and could make sat- But in the second approach, em- oriented approach has no place in the the conclusion that they should become competition. Under isfactory progress. In what industries Iran should phasis is placed on globalization. Those contemporary world. At present Iran has self-sufficient. Under any circumstances these circumstances, the I would confidently say that if para- cooperate with Italy? who adhere to this approach believe that stopped in this point. That is to say the they should have domestic production digm shift is created our country has As I have already mentioned we at present the world is not demarcated two approaches exercise strong influ- even at high prices. Like the support that developing countries great potentials. There are very good can use the Italian potentials in the steel and events that occurred in the past have ence and thus would not reach agree- is being given to the auto manufactur- enjoy a good opportunity facilities the security-oriented approach and textile industries. Also, the leather, no place in the contemporary world and ment. The two approaches are dominant ers. People are forced to buy domesti- would not allow to be used. For exam- gold and handicraft industries can make all the countries, even in appearance, are in any event and this would not allow a cally manufactured cars at double prices. which is unprecedented. ple, currently there are areas in Iran from good progress with their help. When I free. But instead economic competitive- leap forward happen. As a result, staying Because if they lower the tariffs many Bandar Abbas to the east which remain was the chairman of Iran-Italy Chamber, ness has been created. For example, Chi- at one point has confused the people. jobs would be lost; on the other hand they cannot create new job opportuni- idle. On the other hand, we have coun- I mobilized a group and sent them to It- na was hostile to the US for years. But ties. Therefore, it is the consumer who tries in our neighborhood which have no aly for goldsmith training. Such training now, in the US most commodities are should pay the cost. Any movement in access to international waters. We can courses later led to the designing of Ira- Chinese. Or Japan, after the US nuclear the international environment requires lease these areas to foreign countries nian jewelry with the Italian style. This bombing was totally destroyed but now that we first specify our own approach. in order to ship their goods. But we do industry has enough room for growth but Japanese cars have dominated the streets Unfortunately, so far we have not been not do this due to the prevalence of the the relevant ministry has not paid much of the US. These countries are not look- successful in this regard. Three months security-oriented approach. But we see attention to this issue. However, I think ing back at the past issues. If such an ap- since the implementation of the Joint Dubai has access to only parts of this for further employment opportunities we proach prevailed in the world, the Euro- Comprehensive Plan of Action (JCPOA) waterway and has been able to take ad- should get into cooperation and negotia- pean Union would never take shape. no foreign investment has been made vantage of it. Through this we can both tions regarding the small and medium- Today the world is a world of eco- yet. If you talk to private sector activists, obtain earnings and create job opportu- sized companies. But at the same time nomic struggle and competition. Un- you will see that except for a few, others nities. Of course this event is expected to we should not forget that Italy is after big der these circumstances, the develop- have no interest in making new invest- take place with the Indians in Chabahar. projects. They have not come to connect ing countries enjoy a good opportunity ment to develop their own work. For years the Indians intended to take their small companies with our major which is unprecedented. Therefore, if this measure but did not know where to companies. We should go towards those we intend to run the country in accor- Why? refer for talks. My impression is that in companies. Of course there is no prob- dance with the first approach, we would Because they do not know what is many such projects we can be assisted lem in giving our big projects to them. be isolated globally. The last country going to happen. Each day one of the au- by the Italians. But my point is that we should take bet- which shut down its doors to the world thorities would take a specific approach ter advantage of this opportunity and re- was Cuba. We should accept that in the and make remarks that would create con- lationship. world there are no more spies and all the troversy and uncertainty for the investors. data are transparent. This is because all If the first approach rules in the country, How can we create export-orient- domestic events have external manifes- it will have its own set of requirements. ed approach in Iran’s economy? tations. However, the approach of the But the world is facing a paradigm shift At present there are two approaches incumbent government is of the second and we have not been able to digest this in Iran. One is the political-historical type and its decisions are being made on change. I believe that we all should help approach. Those who adhere to this ap- that basis. believing this paradigm shift and should proach, only refer to the past and the promote an outlook consistent with

16 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 17 Banking

Rafsanjani Urges Banking System to Boost Production

yatollah Akbar Hashemi ment should be used for the advance- Rafsanjani has underlined the ment of their country.” ed to characteristics of the Joint Com- the Bank of Industry and Mine, he said as the only Shia country in the interna- Aimportant role Iranian banks He pointed to the question of prehensive Plan of Action (JCPOA) under circumstances that employment is tional system. Therefore, it is likely for play to restore economic prosperity to SWIFT network and misinterpretation of for Iran’s economy as well as West’s not in a good situation and production them to get involved in economic sabo- the country and strengthen the pillars the recent remarks of the Central Bank outlook, especially the US, towards the has sustained serious damage due to “Under circumstances tage in order to challenge the system.” of production. “Unfortunately certain governor as an example of insincerity issue and said: “The Zionist lobby and previous government’s mismanagement, that employment is not At the beginning of the meeting, currents have adopted a politically and politically motivated attitude adopt- some members of the US Congress, be- development banks can play an important Managing Director of the Bank of In- motivated outlook towards the interests ed by certain factions and said they bring cause of political differences with the role in reducing unemployment rate in in a good situation and dustry and Mine Ali Ashraf Afkhami of the establishment and the nation excuses and act in a way to imply to the Obama administration and also the up- the country. production has sustained reported on the activities and future particularly where it relates to economic people that the government has failed in coming elections this year, are trying to He said if the public and private plans of the bank and said the capacity prosperity in this government, however, accomplishing its plans. undermine the Geneva agreements, in- banks decide to cooperate with the gov- serious damage due to of the country’s electricity generation the real sympathizers of the system Enumerating the privileges and cluding the JCPOA and they are likely to ernment to boost production, they will previous government’s is 70 thousand megawatts, adding that especially the banking system should geographical features as well as resourc- do more obstructions.” render a great service to the system his bank has financed about 9% or 6000 cooperate to bring production back to its es and mines of Iran, Ayatollah Hashemi The EC chairman referred to inter- as people in the two recent elections mismanagement, megawatts of it. normal trend.” Rafsanjani said: “Considering the slogan action with the world as a prerequisite showed that they have placed hope in the development banks can As for the bank’s participation in Chairman of the Expediency Coun- announced by the Supreme Leader this for progress in all sectors, economy in system’s programs and this hope should petrochemical, steel and tile production cil, in a meeting with managing director, year (Economy of Resistance: Action particular, and underlining the impor- not be dashed out. play an important role in projects, Afkhami said in eight board members and senior directors of and Implementation), everyone at any tance of the banks in such interactions, The EC chairman outlined the ob- reducing unemployment petrochemical projects 5612 people, the Bank of Industry and Mine, also re- level should cooperate with the entire said banking transactions will further jectives behind formation of terrorist in eight steel projects 5751 people, in ferred to the presence of educated work system in order for the society to move prepare the ground for foreign invest- groups and anti-religious positions of rate in the country”, eight tile projects 1158 people and in six force among the youth and said: “They forward in line with the goals of the Is- ment and promotion of export-import. Takfiris and said: “One of the objectives Rafsanjani said. cement projects 1390 people have been are the capital of the system who instead lamic Revolution.” Referring to the history of of terrorists in Islamic countries in Asia employed. of wasting their time due to unemploy- Elsewhere in his remarks, he point- development banks in Iran, particularly and Africa is to undermine Iran’s credit

18 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 19 Character

Tehran Hosts International

I would like to thank all Symposium of Neurosurgeons those who helped in any way possible in holding he opening ceremony of the 5th He noted that President Hassan in the coming months. Symposium of the World Fed- Rouhani was very willing to participate Underlining that President Rou- the congress, particularly Teration of Neurological Societies in this program but due to his trip to Tur- hani’s cabinet is seriously following up Iran’s Association of was held in the Center for International key, he could not attend the ceremony. discussions on knowledge-based econo- Conventions of Milad Tower in Tehran. On holding the congress in Tehran, my in the country, he said this happens Neurosurgeons and the Thanking president of the Republic he said: Two years ago, it was decided to in conditions that other world countries World Federation of of Serbia for his presence at the sym- hold the event in Iran and I have the hon- imagine Iran is merely advancing in Neurological Societies. posium, Professor Majid Samii, a dis- or to chair the conference. However, the nuclear field and not in other scientific tinguished Iranian neurosurgeon said: symposium could not take place without domains. I am grateful to God that I am witness- cooperation and help of Iran’s Associa- Sattari also spoke of two research to exploit its manpower capacity. So, he ing holding such a large conference in tion of Neurosurgeons, he continued. I centers in the field of “cognitive science” continued, we are trying to recruit Irani- a country where I was born. Some 90 would like to thank all those who helped and “neurology” that have been launched said he is of global reputation and is a the country,” he underlined. ans residing abroad. countries from different continents have in any way possible in holding the con- in Tehran and said that his department is scientific personality who is considered “Spread of the culture of selling Sattari also spoke of launching the participated in this conference. With gress, particularly Iran’s Association of ready for cooperation with neurological the symbol of scientific diplomacy for crude since hundred years ago has led to Center for Neurological Research at Teh- more than four decades of work around Neurosurgeons and the World Federation research sectors. the country. our passiveness towards entrepreneur- ran University in the next two months, the world, I would like to thank all my of Neurological Societies. Referring to Iran’s history of five Noting that human resource would ship, creativity and self-confidence, but adding that paying attention to the field colleagues who have participated in this thousand years of civilization, he noted save the country from problems, the VP we are looking forward to proving that of neurology is on the agenda of Presi- program. These people are trying to con- Center for Neurological Treatments that currently there is a population of 32 pointed out that Iran ranks fourth in the Iran’s wealth is not merely oil and gas,” dent Rouhani’s cabinet. vey the philosophy of neurology to oth- million young people between 20 and 40 world in terms of number of engineering Sattari reiterated. He further referred to the launching ers, he said. Also addressing the opening cer- years in the country and that five million graduates and that the number equals that He pointed to establishment of more of the Cognitive Science Research Cen- Professor Samii noted that Presi- emony of the symposium, Vice President students are studying at domestic univer- of the US. “We believe that Iran’s asset is than 2,800 universities and research cen- ter in Tehran and said: “Projects that will dent Tomislav Nikolić of the Republic of for Science and Technology Sorena Sat- sities. not its natural mines but rather it is in the ters in Iran, adding that the country has be implemented in the Tehran Center will Serbia and his wife have travelled to our tari said: Tehran’s Center for Neurologi- Appreciating the presence of Pro- hands of its capable human power. We spent billions of rials on education and form the main pillars of research works country for the first time. cal Treatments will become operational fessor Samii at the symposium, Sattari are making efforts to promote the idea in human resources and that now is the time in this field in future.

20 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 21 Landmark

Iran Is Land of Oppo rtunity

outh Korea and Iran are set to at a news conference following a summit gatherings on economic cooperation. pursue joint projects involving with her counterpart in Tehran (May 2). They also agreed on expanding trade of energy, railroads and other The 30 agreed-on joint Iran “hopes that South Korean energy resources, including Sinfrastructures totaling $37.1 bn as part projects cover rail and corporations will take part in the and natural gas. South Korea will support of economic cooperation agreed on by the development of energy and other Iranian Iran in building roads, ports and other two presidents. road construction, oil and industries,” President Hassan Rouhani infrastructures as well as developing its "Seoul will re-establish investments gas, the medical sector said in response. medical sector. and expand bilateral trade to help Iran In a joint statement, the two coun- The countries look to bolster their quickly rebuild its economy and achieve and other fields. tries announced plans for annual foreign economic activities following the lift- growth,” President Park Geun-hye said ministers meetings and cabinet-level ing of international sanctions on Iran.

22 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 23 Landmark

Bilateral trade totaled $17.4 bn in 2011, nuclear program. “The two sides decided to increase but plunged to $6.1 bn in 2015. Rouhani The 30 agreed-on joint projects by three times the current trade volume hopes to boost the figure above $30 bn in cover rail and road construction, oil and of around $6 bn to $18 bn,” Rouhani said the next five years, according to the South gas, the medical sector and other fields. Iran and South Korea in a joint televised press conference with Korean president’s office. Seoul and Teh- They signed a provisional engineering, signed a provisional Park. ran also agreed to launch direct flights procurement and construction contract “We also spoke about tourism, direct between the countries. for a 541km rail link between the cen- engineering, procurement flights between Seoul and Tehran, and Park is the first South Korean presi- tral Iranian cities of and Ahvaz and construction contract Korean investment in Iranian tourism dent to visit Iran since the two countries in which Hyundai Rotem likely will take infrastructure, including building hotels,” established diplomatic ties in 1962. She part. They also signed memorandums for for a 541km rail link he added. was accompanied by South Korea’s larg- South Korean companies to help build between the central Woori Bank, in a ceremony (May 2), est business delegation on record, made six hospitals, including a facility for the launched its office in Tehran, becoming up of 236 representatives from business Tehran University of Medical Sciences, Iranian cities of Isfahan the first South Korean lender to have a organizations and companies such as through assistance from the Export-Im- and Ahvaz in which representative office in Iran. Samsung. port Bank of Korea. Her three-day visit came just months Hyundai Rotem likely $25 bn Investment Package after a historic nuclear deal with world Trade to Triple will take part. South Korean president offered $25 powers lifted sanctions crippling Iran’s Iran and South Korea also decided to bn aid for infrastructure investment in economy in exchange for limits on its triple their annual trade volume to $18 bn. Iran.

24 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 25 Landmark

According to its 6th Development Iran and South Korea Plan, Iran wants to invest $185 bn in its signed memorandums oil infrastructure to establish a giant hold- ing in oil sector by 2020, Park said, add- for South Korean ing that her country is ready to offer the companies to help build financial support package to Iran. She also declared her support for the six hospitals, including facilitation of customs and banking af- a facility for the Tehran fairs between Tehran and Seoul. The South Korean president made In the day, National Iran Gas University of Medical the remarks in Iran-South Korea trade Exports Company and the Korean Gas Sciences, through meeting (May 3). Corporation signed a memorandum Iran and South Korea signed 19 co- of understanding (MoU), under which assistance from Under the terms of the new memo- operation agreements to boost ties in di- Iran would export liquefied natural gas the Export-Import Bank randum of understanding (MOU), the two verse areas. to South Korea, and the two countries sides will run joint research and develop- Based on the agreements, both coun- would cooperate on exchanging related of Korea. ment projects in science and technology. tries would cooperate in maritime trans- experiences in the gas industry. Leading Korean operators KT and SK portation and the relevant infrastructure. (CBI) and the Herald reported (May 2). Telecom will also seek to team up with Tehran and Seoul would also expand their Korea Development Bank (KDB) signed The Korean and Iranian govern- Iranian providers on mobile phone and level of cooperation by jointly working another MoU to boost their banking ties. ments had a previous ICT agreement in broadband services, said the report. on energy industry and petrochemicals. place from 1991 and 2004, until nuclear Water resources, electrical and new New ICT Partnership sanctions put a stop to cooperation. “In Meeting with Supreme Leader energy industry development, aquacul- South Korea’s Ministry of Science, the ICT sector, in particular, Iran was Park was also received by Iran’s Su- ture, education and technology, culture, ICT and Future Planning signed a wide- South Korea’s key cooperation partner preme Leader Ayatollah ports developments, health and insur- ranging partnership with its Iranian coun- in the region before the economic sanc- (May 2). ance were other areas that both countries terparts in science and information and tions,” said South Korea’s ICT Minister Ayatollah Khamenei said Tehran agreed to cooperate. communications technology, the Korea Choi Yang-hee. and Seoul would benefit from “continu-

26 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 27 Landmark

ous and stable relations”, free from US influence. “Agreements and contracts be- tween the two countries should be made in a way that foreign taxes and sanctions don’t influence them,” the Leader told Park. This, he said, was “because it’s not befitting that relations of countries like Iran and South Korea be under the influ- ence and will of the United States. Our priorities are not only trade and com- merce, but contracts must be made that are essential to Iran’s infrastructure sector and general economy.”

Iran Is Land of Opportunity: Park President Park expressed hope that improved ties with Iran will create growth momentum for the South Korean economy. "I believe Iran can become a land of opportunity for many South Korean firms,” Park told reporters on a plane POSCO Inks €1 bn back to Seoul (May 4). "I will make efforts to create the sec- ond ‘Middle East boom.'" rolled, steel sheets, galvanized and stain- Province. She referred to extensive construc- Agreement with less steel), magnesium, and titanium and The MoU was signed by With regard to easy access to free tion orders won by Korean companies aluminum sectors. Karbasian and Young waters and energy resources, this zone in the 1970s and 1980s, which laid the POSCO is one of the largest steel- has been created for the development of foundation for the country’s rapid rise to makers in the world which has experience Sang Kim, Chairman energy intensive industries such as steel, economic prosperity. IMIDRO and capabilities in engineering and con- of the board of POSCO petrochemicals, etc., and export of these Her trip was initiated to upgrade the struction sectors. products. ties between Korea and Iran as the latter Since the inauguration of current Daewoo on the sideline POSCO Daewoo is one of the is emerging as a land of opportunity for ran and South Korea are set to mark man of IMIDRO Board of Directors, and CEO Kwon Oh-joon, the company has of the South Korean POSCO’s subsidiaries in South Korea foreign investment after the lifting of in- a new chapter in bilateral relations. Kwon Oh-joon, CEO of POSCO on the raced to procure new sources of revenue which has activities in international trade ternational sanctions in January. IPresident Park Geun-hye of South sideline of the South Korean president’s through sales of self-developed technol- president’s visit to and business, organizing projects and During her visit, the two countries Korea paid a historic visit to Iran in ear- visit. ogy like Finex and Compact Endless Cast Tehran. resources development sectors in various signed 66 memoranda of understanding ly May. Park is the first South Korean The duration of the MoU is two & Rolling Mill (CEM). industries. that could lead to contracts worth $37.1 president to visit Iran since the countries years and its value is about one billion eu- Under this new business model, In February, POSCO signed an MoU bn to revitalize Iran’s economy. established diplomatic ties in 1962. Ac- ros. According to the agreement, POSCO POSCO will collect royalties from steel- Tehran. with Iran’s Pars Kohan Diarparsian Steel "Iranian Supreme Leader Ali companied by four ministers and 231 and IMIDRO will exchange experiences makers who make direct use of their Based on the above mentioned (PKP) to tap into the country’s high- Khamenei and President Hassan Rouhani business leaders and traders, the Korean and technical knowhow. technology, as well as part of the revenue MoU, POSCO Daewoo will establish potential market. Under the agreement, expressed a strong desire for Iran to im- president came to Iran to take advantage Iran has valuable experience and from orders won by companies using Parsian port in Parsian town (Hormuzgan it will build a plant with an annual prove the strategic cooperative ties with of the post-sanctions opportunity to pro- knowledge in steel industry and DRI sec- their management systems. POSCO also Province). production capacity of 1.6 million tons in Korea in a variety of areas,” Park said. mote trade with Tehran. tors so that some new steel projects are expects to profit by dispatching its engi- The 220 million euro MoU will be in Iran’s Chabahar Free Economic Zone. "We have agreed to expand coop- This of course was a win-win situ- implemented with Iranian technology neers to overseas facilities. the form of investment. The project will be carried out eration in fresh sectors including health ation for both countries. Meanwhile, (PERED). POSCO Daewoo guarantees to pro- in two stages, with the first involving care, medicine and energy as well as in Korea’s POSCO and POSCO Daewoo One of the points of the new co- IMIDRO, POSCO Daewoo Sign MoU vide knowhow, resources, means and construction of an integrated steel mill large-scale infrastructure development which were part of the high level Korean operation between Iran and technology on Establishment of Parsian Port required technology for development of using Finex and CEM technology. The projects." delegation to Iran signed agreements with owning countries is transfer of technical Parsian port. second stage will involve the addition Also, the president said her meetings the Iranian Mines and Mining Industries knowledge to Iran. Also, financing and IMIDRO and POSCO Daewoo It will also provide engineering ser- of a cold rolling mill and a continuous with Ayatollah Khamenei and Rouhani Development and Renovation Organiza- attraction of foreign investment into Ira- vices, procurement and supply of equip- have created wiggle room for the two signed a memorandum of understanding galvanizing line. tion (IMIDRO). nian projects are as important as knowl- nations to resolve the North Korean on construction and development of Par- ment, construction, installation and start- POSCO aims to break ground on edge transfer. This issue has been under- nuclear issue. sian Energy Intensive Industrial Special up of establishment and development of the plant within the first half of next year, The Iranian President voiced his POSCO Inks Agreement with lined in the above-mentioned MoU . Economic Zone port in Iran. Parsian port project. with commercial production slated to country’s opposition to nuclear develop- IMIDRO POSCO, established in 1968 in The MoU was signed by Karbasian An IMIDRO subsidiary, Parsian begin in 2018. ment on the Korean Peninsula in a joint Pohang, South Korea, aimed to expand and Young Sang Kim, Chairman of the Energy Intensive Industrial Special Eco- The MoU also involves POSCO press conference after his summit with A memorandum of understanding steel industry. It has activities in min- board of POSCO Daewoo on the sideline nomic Zone, with an area of over 9800 transferring its innovative steelmaking Park. was signed by Mehdi Karbasian, Chair- ing industries such as steel (hot and cold of the South Korean president’s visit to hectares is located in west of Hormuzgan technology, which combines Finex and

28 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 29 Landmark Mines & Metals

CEM, to its Iranian partner. medical equipment, while Hyundai E&C aving its first antimony ingot POSCO’s subsidiaries are partnering will be responsible for construction. plant operational in the south- with Korean companies to ease the POSCO Energy, in cooperation with Heastern province of Sistan and Iran Becomes World’s multinational steelmaker’s entry into the the Korea Electric Power Corporation Baluchestan, Iran has now become the Iranian market. (Kepco), POSCO E&C and PKP, recently 9th producer of the product in the world. POSCO Daewoo, along with Hyun- signed an MoU for an off-gas power plant The antimony plant kicked off op- dai Engineering & Construction (E&C), and desalination project in Iran. POSCO eration in the presence of Mehdi Kar- 9th Producer of Antimony signed a deal with Iran’s Ministry of Energy and Kepco will be in charge of basian, Deputy Industry Minister and Health and Medical Education to build a operating and maintaining the plant and Managing Director of Iranian Mines Karbasian noted that the machinery re- hospital for of Medical desalination facility, while POSCO E&C and Mining Industries Development and quired by the project was manufactured Sciences, one of the country’s top medi- will oversee their construction. Renovation Organization (IMIDRO). by my colleagues in Iran Mineral Pro- cal schools. POSCO Daewoo will supply Ali Hashemi, the governor general of cessing Research Center (affiliated to Sistan and Baluchestan Province was IMIDRO) and was transferred to the site. also present. He further remarked that explora- The plant has the capacity of pro- tion reports indicate that mineral depos- IMIDRO Signs Deals ducing 300 kilograms of antimony in- its are three times more than the present gots per day. figures (25 thousand tons), adding that China, Russia, Bolivia, Australia, this has paved the way for planning to with Foreign Companies South Africa, Tajikistan, Mexico, and establish an industrial plants for produc- the United States are the producers of tion of antimony ingots. antimony ingot in the world. Karbasian said the antimony met- ollowing the agreement reached Antimony ingots are mainly used al is among scarce substances, adding between Iran and world pow- French Company Fives in high-tech, electronics, aerospace, and that it is one of the 68 known elements ers last year Iranian Mines and F has signed a deal for chemical industries. Its trioxide is used of Mendeleev Table of which less than Mining Industries Development and in making flame-proofing compounds. 20 elements have been produced in the Renovation Organization (IMIDRO) the establishment of an Three other applications make up nearly country. has managed to sign memorandums of anode factory needed all the rest of the consumption. One of He said with this amount of ele- understanding (MoUs) with major com- these uses is as a stabilizer and a catalyst ments, now Iran stands in the 15th place panies of nine world countries, namely by Iranian aluminum for the production of polyethylene tere- among mining countries of the world, Italy, France, Austria, China, South Ko- industry and AXENS phthalate. Another application is to serve adding that no doubt with the explora- rea, South Africa, India, Turkmenistan as a fining agent to remove microscopic tion of more elements it will soon be pro- and Afghanistan. Company for the Karbasian said the bubbles in glass, mostly for TV screens. We Will Realize Economy of moted to the 10th place. Italy’s Danieli has signed a memo- feasibility study of The third major application is the use as Resistance by Developing Mines antimony metal is among Stressing that in the area of the rare randum of understanding for the manu- pigment. soil elements expanded activities should facture of seamless pipes, hot and cold petroleum coke project. scarce substances, The plant situated in Sefidabeh re- Chairman of IMIDRO Board of Di- be undertaken, the chairman of IMIDRO rolled steel as well as construction of gion has been built by taking advantage rectors said ‘economy of resistance’ will adding that it is one of board of directors said the value added an iron ore concentrate factory. Danieli project. of expertise and technical knowhow of be realized in Sistan and Baluchestan of these elements in comparison with will also enter into Iran’s aluminum in- The SCS Company of Austria has the 68 known elements local Iranian engineers and experts. Province through development of mines the present elements such as iron is very dustry and MoUs have been signed for signed a memorandum of understanding The latest explorations in Sefidabeh and mining industries. of Mendeleev Table high. For example, he added, the price the development of aluminum billet, for a graphite electrode project. show that the country has at least 25,000 Addressing the inauguration cer- per ton of iron is $30 to $40 but one ton foil, wire and cable. Under the memo- The Sinosteel and NFC companies of which less than 20 metric tons of proven reserves of anti- emony of the first factory for extraction of antimony ingot is about $6200 that is randum of understanding agreement has of China have signed agreements with elements have been mony with a 16 percent purity which is of antimony ingot in Sefidabeh, Sistan 20 times more than iron. Therefore, its been reached regarding holding of spe- IMIDRO. The Sinosteel Company will used in producing different goods such and Baluchestan, Karbasian said: “This produced in the country. development will fetch high income for cialized training and establishment of a enter into aluminum smelting plants and as car batteries, tiles and ceramics, pet- province enjoys high capacity in the the country. joint steel company with Iran. NFC in processing of rare earth elements rochemicals, textile, military equipment development of mines and mining in- He also announced that in the The Italian company SMS INNSE as well as safety and mineral technologies. and pharmaceutical products. dustries so that through its development above-mentioned research center in ad- will also enter into Iran’s steel industry, The National Aluminum Company Although antimony is not catego- and operation of production units, a high dition to the mentioned element 6 other particularly in the downstream indus- Limited (NALCO) of India has signed a rized as a rare earth element (REE), its value added will be created which will rare elements have been extracted. tries. The FATA Company of Italy has MoU with IMIDRO for the establishment price has been skyrocketing since China pave the way for the development of the Iran holds three percent of the also entered into aluminum industry of a joint aluminum factory in the south- cut exports of the REEs as well as an- region, generate employment and restore world’s mineral reserves which puts the and the power plants required by the ern coasts of Iran with an aim to export timony in 2010, squeezing the supply. the province to its original position.” country first in the Middle East and third industry. It has signed agreements with its products. Although China controls most of the He added: “I am proud of putting in Asia. IMIDRO. The MINTEK Company of South world’s antimony production, it has only one of the ‘economic resistance’ projects The important mines of Iran include The French Company Fives has Africa has signed a MoU with Iran about 50% of the reserves. Russia, Bo- into operation thanks to the double ef- coal, metallic minerals, sand and gravel, signed a deal for the establishment of an Mineral Processing Research Center, livia, Tajikistan, and South Africa all forts of my colleagues and support of the chemical minerals and salt. anode factory needed by Iranian alumi- affiliated to IMIDRO, for the purpose hold significant quantities of antimony officials of the region.” The country has the world’s largest num industry and AXENS Company for of training and implementation of joint while Peru, Mexico, and Canada, along Stressing that the plan for extraction zinc and second largest copper deposits the feasibility study of petroleum coke projects. with Iran, are also big producers. of antimony ingot is 100 percent Iranian, and ranks ninth for its iron reserves.

30 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 31 Mines & Metals Investment

and titan cement is among approved plans of IMIDRO. Recently, the first ingot of the strategic metal of Iran’s rare earth elements was unveiled in the presence of , Head of Iran Atomic Energy Organization, Vice President for Science and Technology , and myself at the Mineral Processing Research Centre of Iran which is under IMIDRO. This product, called mischmetal ingot, is comprised of four rare earth elements including cerium, lanthanum, neodymium, and yttrium. Iran Mineral Processing Research Center in collaboration with the officials in charge of the plan for rare earth elements (affiliated to IMIDRO), after 6 months of efforts, succeeded in gaining access to the technical knowhow of extraction IMIDRO Changing Product of rare earth elements and managed to produce the first ingot with a purity of German industry has been hoping 99% from the minerals extracted from for a surge in exports to Iran after interna- Development Strategy the mines in central Iran. Germany, Iran Agree tional sanctions were lifted in January in Other substances we have so far return for the Islamic Republic complying managed to produce at Iran Mineral Pro- with a deal to curb its nuclear ambitions. ranian Mines and Mining Industries cessing Research Center include praseo- on Hermes Debt Iranian banks and companies faced Development and Renovation IMIDRO, with regard dymium oxide with a purity of 99.9% difficulties for transferring money- dur Organization (IMIDRO) is proud to its development and , neodymium oxide with a purity of ing the sanctions’ era and foreign credit I n economic MoU was signed be- Iran-Germany Joint Economic Commis- insurance agencies had to cover Iranian of taking another step towards self- 99.9%, titan ferrous oxide with a com- sufficiency, development of the country monitoring position and bination of 55% iron and 45% titanium, tween Iranian Deputy Economy sion in Tehran. banks’ and companies’ due payments and and realization of the ‘economy of considering the past yttrium oxide with a purity of 99.5%, AMinister Mohammad Khazaei He added that Germany’s export now the government has to settle all the resistance’. cerium oxide with a purity of 99.5%, and his German counterpart Uwe Beck- cover for Iran is expected to reach €7 bil- outstanding debts to foreign firms. IMIDRO, as the development negligence in the area ferro titanium ingot, cerium oxide pow- meyer in Tehran (May 3). Other MoUs lion ($8.09 billion), considering recent Debts to foreign insurers like Sace organization of the mines sector and of rare earth elements, der with a purity of 99 %, cerium ingot signed between the two countries include agreements. The official did not elaborate and Coface and Hermes had stopped them mining industries, began its activity in with a purity of 99.9%, lanthanum oxide one between Iran’s Chamber of Com- on terms of the agreement. from opening new credit lines for Iran. 1381(2002/03). The organization was embarked on serious powder with a purity of 99%. merce and German Institute of Consulting Iran was asked to clear its debts be- The CBI is in talks to settle the pending created in an effort to develop and reno- exploration, research IMIDRO, with regard to its devel- Services; one between University of Teh- fore it resumes providing guarantees for issues -- an exercise that is complex and vate mines and mining industries of Iran opment and monitoring position and ran National Laboratory of Brain Map- German exports. time consuming. ping and medical sector of German Sie- and then transfer it to the private sector and processing activities considering the past negligence in the mens; two MoUs between Siemens GA Array of Options German Banks Told to in line with empowering Iran’s mining in this field. area of rare earth elements, embarked and the Iranian side on steel and industrial Expand Coop. with Iran sector. During this period, IMIDRO on serious exploration, research and machinery cooperation, as well as one Hermes cover is a common way of managed to create maturity in steel, attached special importance to rare earth processing activities in this field. The agreement between German Linde Group referring to an export credit guarantee Gabriel has sent letters to German copper, aluminum and cement industries elements and strategic metals. The pilot organization managed to achieve satis- and National Iranian Gas Company. (ECG) by the German government. These banks, encouraging them to expand coop- project for production of antimony metal factory results with the help of domestic and is now supporting the private sector Iran-Germany Joint Economic Com- guarantees are an important part of Ger- eration with Iran, his deputy said. for the required development of the said was successfully completed and its semi- and foreign experts. mission’s meeting was held May 3, for man foreign trade policy and protect Ger- Beckmeyer made the remark in Iran- industries. industrial unit has been inaugurated in IMIDRO is therefore ready to the first time after 15 years. Beckmeyer man companies in the event of non-pay- Germany’s Joint Economic Commis- In the new product development Sistan and Baluchestan Province. attract domestic and foreign investors co-chaired the session in the absence of ment by foreign debtors. The export credit sion’s meeting in Tehran, adding “I will strategy of IMIDRO greater importance Antimony is a strategic product for the development of this important German Economy Minister Sigmar Ga- guarantees of the Federal Republic of Ger- use this opportunity presented to us due has been attached to strategic and hi-tech the production of which will create new field. briel, who canceled his trip due to illness. many offer an array of insurance options to the lift of sanctions to call on German products. Projects such as production industrial projects and job opportunities. which are mainly targeted at exports to de- banks to make the most of developing ties of graphite electrodes for completion IMIDRO has also a project for Germany, Iran Agree on Hermes Debt veloping countries and emerging markets. and cooperation with Iranian banks.” of parts of the steel production chain production of Kahnooj titanium under The head of the German banking as- He expressed hope that the guarantee as well as production of green coke for implementation. This precious metal is Iran and Germany also reached sociation, Michael Kemmer, said that re- offered by Hermes insurance company completion of parts of the requirements produced at a limited level in the country an agreement over Iran’s €500 million storing German banks’ financial ties with will encourage German banks to expedite of aluminum industry are noteworthy. and IMIDRO plans to accomplish its ($578.9 million) Hermes cover debt, Iran will take time given debt owed to their efforts in reactivating banking In this regard, IMIDRO has industrial output. Production of pigments Khazaei said during a meeting of the Berlin and transparency concerns. relations with Iran.

32 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 33 Mpumalanga, South Africa MURRAY & ROBERTS CEMENTATION CAPABILITIES

1. History and Ownership ca, based in Santiago Chile. Murray & Roberts Ce- RUC Mining Contrac- mentation is part of the great- tors Australia was originally Booysendal Mine Mpumalanga, South Africa er Murray & Roberts Group formed in the early 1970s and which is South Africa’s leading became part of the Murray & rates the data banks of the company’s estimating and scheduling engineering, contracting and Roberts international min- department resulting in practical design solutions. construction services company. ing initiative in 2004. RUC Services include: Headquartered in Johannes- Cementation Mining offers Conceptual studies burg, South Africa, the Group considerable engineering de- Specialist pre-feasibility and feasibility studies is listed on the Johannesburg sign capability and operates a Mine design Securities Exchange (JSE) and significant fleet of raise- bor Shaft and shaft furnishings operates in mainland Africa, ing machines. It is active in all Draughting, project estimating and scheduling, the Middle East, North and South America and Australasia. mining regions in Australia and supports operations in South procurement and documentation Murray & Roberts Cementation was created through a East Asia, including Hong Kong, Indonesia and Mongolia. Peer reviews merger in 2005 with Murray & Roberts-owned RUC and the Ce- Through these associations, the Cementation Group has mentation Group, which was owned by Skanska. The combined successfully completed construction of some of the largest and 4.4. Mine Services mining experience of the two companies exceeds 135 years. The most technically challenging mining constructions projects in The range of services includes: company was further strengthened by the purchase of Concor the world. Medium and large diameter raisedrilling, shaft boring and Underground Mining in 2006 which broadened its offering to All companies are 100% owned by Murray & Roberts. drain hole drilling the mining industry. Booysendal Mine (Merensky) Underground exploration drilling Today, Murray & Roberts Cementation is the leader in shaft 4. Capabilities Mpumalanga, South Africa Drop raising sinking, contract mining, raisedrilling, shaft boring technology Murray & Roberts Cementation introduced the concept of High pressure underground water management, control and mining services, with a strong track record of successful contract mining to South Africa where traditionally only owner/ and cementation, water doors, cover drilling and grouting mine project delivery in Africa. The company offers expertise in miners have operated. Its range of capabilities and services cov- Underground dam and high pressure bulkhead construction all aspects of mine project delivery from concept to commission- ers the entire spectrum of the mining value chain. Grout plant design, construction and operation and grout ing. Safety and the environment are priorities in all its operations. This includes: pack installation Murray & Roberts Cementation is a first-choice mining contrac- Contract mining Trackless Mining Training Programmes tor for underground mine development and contracting services. Mine development SHEQ Skills Programmes Mine engineering 2. Safety Mine services 5. Current Projects Ensuring the safety of our people is both a moral obligation 5.1. Project: Venetia Underground Mine and a strategic business imperative, and as such is a primary con- 4.1. Contract Mining Client: De Beers Consolidated Mines sideration in all our business activities. An increasing number of The company undertakes mechanised contract mining from Location: Limpopo, South Africa our businesses are delivering impressive safety results. detailed planning, procurement, equipping and supply of all nec- Synclinorium Shaft – Zambia Year: December 2013 to present The Zero Harm Through Effective Leadership programme essary resources and services to ore extraction. This service also remains our key initiative to develop a culture of safety in our includes: Development of a ramp system from surface to 990m un- operations. Mining equipment and fleet maintenance derground, crusher chamber including ore reserve main access Underground infrastructure design and installation rim tunnels, production drifts, intake and return air drives and 3. Organisational Structure Mechanised mine development and production mining tips. This work includes the raiseboring of 9 x 4.5m x 450m 3.1. Underground Mining Platform long ore handling passes to the truck and tramming level and Murray & Roberts has four business platforms. Murray 4.2. Mine Development 2 x 5.5 m diameter 600m deep ventilation shafts + 2 x large & Roberts Cementation operates globally through the Under- Services include: underground workshops and 2 x crusher chambers. Concurrent ground Mining Platform. Vertical and decline shaft sinking and equipping sinking and lining of 2 x 7.0m vertical shafts (Production and Murray & Roberts Cementation has sister companies in Underground bulk excavation and haulage development Service Shaft) down to -1034 level including station “D” devel- Synclinorium opment. Equipping and commissioning of shafts Canada, Australia and South America as well as tunnelling for stoping Shaft, which handle geographic areas in their Underground chamber excavation Zambia respective time zones. and support and 5.2. Project: Booysendal Mine Cementation Canada, based in North equipment installation Client: Northam Platinum Bay, Canada, provides contract mining Underground construction includ- Location: Mpumalanga, South Africa services to clients in North and South ing civil engineering, mechanical and Year: Mid 2011 to present America. Its internal engineering group electrical Development of 3 reverse declines, on reef development develops detailed engineering design of 5 declines and all infrastructure construction work as well as components for mine development proj- 4.3. Mine Engineering stoping ramp up to 180 000 tons/mth ects focusing on shafts, tunnelling, un- Design-build services for shaft sink- derground excavation, raises and general ing and related mining infrastructure form www.murrob.com mine construction. Its subsidiaries operate the primary design capability of the mine in Salt Lake City, USA and South Ameri- engineering department. This incorpo- Country Representative: Nader Golchinfar Tel: (+98 21) 85521796 Venetia Mine – Limpopo, South Africa Booysendal Mine (UG2) – Mpumalanga, South Africa 85521111 (Ext. 4313) [email protected] www.expopars.com Arka Hamayesh Pars e xhibition Co. 4 Fax: +98(21)88528879 Tel: +98(21)88548845-9 Tehran- Iran th 2013 minex Floor, No. 148, Beheshti St,

he 4th Iran’s annual exhibition of mines & Tmining Industries alongside of the Investment Opportunities in Iran mines & mining Industries with the utmost participation of economic activists and producers of this field was held by Expo Pars Co. with the cooperation of Iranian mining

engineering Organization and other institutions 2012 minex and organizations. In the opening ceremony of the conference in addition to the political officials; managers, experts and activists of mining sectors were present. The attendance of more than 30 officials of different embassies that were mostly the ambassadors and also business councils, foreign delegates and guests was another feature of this international event. Iran mr. Hormoz Nasernia (the president of Iranian mining engineering Organization), Dr. 2014 minex

Mehdi Karbasian (the chairman of IMIDRO), Dr. Mohammad Khazaei (Deputy Minister , of Economy and the president of Organization for Investment Economic and Technical s Mines & Mining Industries Exhibition Assistance of Iran), Mr. Ali Yazdani (Deputy of Management Development, Resources minex and Provincial Affairs of the Ministry of Industry, Mine and Trade), Manager of FL Smidth’s africa and middle east section, Sam Dorkian (Vice president of Schmidt Kranz Holding) and mr. Reza ashraf Semnani (chief counselor of mIDHCO Holding) were the lecturers of this conference. Throughout the conference, domestic and international workshop was held with the goal

of providing the latest achievements in different sectors from exploration to reprocess, rare 2015 minex earthly elements, tunnels and underground spaces, equipment and mineral machineries which were highly noted by considering the headlines and the contents. In total, more than 450 people participated in these workshops. In the mINeX exhibition 250 domestic and international companies attended from which some participated as a holding or as a group of several foreign companies. One of the important points in this exhibition was the strong participation of the active private sector in the field of mining. Also, the foreign companies were mostly from Germany, Australia, China, Japan, Poland, South Africa, Oman, Russia, Denmark, Turkey and Kazakhstan. 2016 minex The goals of the exhibition: 1. Providing the latest equipment, technologies, machineries and services of foreign and domestic in the field of mines and mining industries of Iran 2. Introduction of the investment opportunities in the mines and mining sector in Iran with the presence of foreign and domestic investors 3. Consulting with officials, professors, scientists and involved people related to mines and mineral industries of Iran in the form of meetings, correspondence and workshops Mines & Mining Industries on Investment in Iran’sOpportunities Industries Exhibition Iran’s Annual Mines & Mining 4. Introduction of the abilities of the private sector to the government organizations for transference of the projects capable of investing 5. Introduction of financial resources for the plans and projects 6. Recognition and introduction of the Iran’s mining abilities www.minex.ir

Who should exhibit? Processing: Separation systems, Process control equipment, Floatation equipmentequipment Professional AdviseryAdvisory Services: RecruitmentRecruitment services,services, LawLaw firms,firms, ManagementManagement consultancies,consultancies, RiskRisk consultancies Financial Institutions: Investment banks, Corporate finance, Securityservices, services, Exchanges Exchanges Exploration: Airborne surveys, Geophysical surveying, Exploration software, GIS services, Drilling, Blasting

Mine Production: Resource management software, Health & safety services, Health & construction, Engineering & construction, &

Communication systems, Mining contractors, Environmental control,control, UndergroundUnderground mining services, Open pit mining services Conference Heavy Equipment & Machinery: Crusher & grinding, eElectricallectrical mining vehicles & transportation, Power generation,generation, aAirir compressors, Conveyors & feeding, Mineral handling equipment Special Section for Precious & Semi-Precious Stones: Domestic equipment, tools processing and scraping machines of precious and semi-precious stones, Producers and distributors,distributers, Operation license of mines & suppliers of precious and semi- precious stones, Creditable institutes of gemology, designing and jewel making of precious and semi-precious stones, Precious and semi-precious stones’ publishers & content producers Opinion

Mohsen Safaee Farahani, Economist Iran Needs Korean Experience

or us Iranians, hosting the Korean also untie the tangled skein of Iran’s de- guests is instructive and enlight- velopment. With a brief look at Korea’s Fening. South Korea, a country status, one can realize that the most im- that lagged behind Iran at a point of portant reason for such an impressive time, and set in motion its development change is all-out growth in all sectors of plan at the same time that Iran did, to- the country as well as their adherence to development plans on its agenda and 30 petrochemical plants but still has to nous capabilities. Perhaps, more impor- day stands in a position quite different the rule of law. hired Iranian specialists. Western coun- seek foreign help for launching its 31st What prompted South tant than planning in South Korea is the from us. One must see what reasons It should be noted that before tries invested some 40 to 50 billion dol- one. Interestingly, Koreans have a say belief in planning. All elements of the are behind such dissimilarity that has World War II, South Korea was under lars in Korea and extended their tech- in the field. Korea to develop in these Korean society have shown in practice emerged in development rankings of the full domination of Japan and, in a sense, nological support, an event that might Economic figures, statistics and years is undoubtedly the that they adhere to the law, and that has two countries in recent years and what was its colony. It was only after Japan’s explain why Iran remained underdevel- data may be of more interest to the Ira- result of five decades of caused their progress. reasons led South Korea to reach such a defeat in WWII that Korea separated oped. However, it is necessary to men- nian society than other domains. But it Years ago, when a bridge collapsed level of development. from Japan and tasted the flavor of rela- tion here that Iran’s revenue from oil should be noted that Korea’s progress belief in law and all-out in South Korea, instead of punishing Today, the South Korean officials tive independence with the help of the sales in those years was far more than and development is not merely limited growth in the country. the contractor or consultant, the rel- sat at the negotiating table with the Ira- Allies. However, the country was divid- 40 billion dollars, a fact that cannot be to economic domain. Rather, it has met evant minister resigned to show how nian authorities under conditions that ed into two regions of north and south in taken as a pretext for justification. favorable conditions in other areas, too. much value is attached to the law and development process in both countries 1954 as a result of the war that went on For example, both Paykan and Today, democracy in South Korea has pan, to assert itself, and emerge among its status in the society. Based on this, it almost started simultaneously. Tak- between the US and the then USSR. The Hyundai auto manufacturing plants been institutionalized and is defensible, the world’s 12 leading economies. can be concluded that Korea progressed ing the initial steps on the path toward northerners remained under the shadow were established the same year. I wish while the press, radio and television Thus, a country with no mineral or oil because its people, government and the progress in 1965, Korea hired Iranian of communists while the southerners a comparison could be made between are operating under good and favor- reserves, has managed to experience de- much appreciated private sector con- experts to implement its development interacted with the opposite camp and the two today to see what each of them able conditions. Elections, whether at velopment by merely relying on its own tributed to the cause. However, studies plans. The country’s gross domestic planned changes for their country. The would have to say at international and parliamentary or any other level, are capabilities. have shown that we Iranians not only product (GDP) in 1980 was equivalent course of war and the difficulties related regional levels. On the other hand, one held democratically and the govern- What prompted South Korea to lagged behind South Korea, but also to half of Iran’s, but now it is 4.5 times to the colonized world led Korea to live should also look at the growth level of ment is totally and absolutely obedient develop in these years is undoubtedly stalled in the face of all our opportuni- higher than ours. Its per capita income for a long period of time under the rule technology in Korea. Koreans have a to the rule of law. Economic liberalism the result of five decades of belief in ties and capabilities and remained un- too has increased from half of Iran’s to of military generals. say in petrochemical technology pres- and competitive conditions have also law and all-out growth in the country. derdeveloped. We need to take great five times more. What principled policy Encouraged by the Americans, ently under conditions that they have spurred the economic growth of the What has happened in this country is all lessons from five decades of Korean has led to such a success? Korea decided in 1960 to seek develop- purchased only two petrochemical country, making it possible for Korea because of perseverance, efficient work experience! The answer to this question can ment plans, and for doing so it placed units. However, Iran has already bought that is situated between China and Ja- and reliance on the country’s indige-

38 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 39 Opinion

time outward-looking economy in 1979, it could act extremely successful. It could manufacture products that conquered many world countries. If I wish to men- tion a successful model of resistance South Korea economy that has remained undamaged in the face of any economic sanctions, I can only recall China. With the features China’s economy enjoys, one can be sure that it will be secured in the face of any political or economic adversity in future. a Successful China’s economy is so integrated in the global economy that it cannot easily be isolated or sanctioned. China’s economy is the best example and evidence of full resistance against any threat, sanctions or military attack. It is indigenous and out- Resistance ward looking in the real sense of it be- cause it has increased domestic produc- he following is an interview with tion while it exports a major part of its Dr. Musa Ghaninejad in the resis- products to the outside world. Ttance economy: With respect to the examples that How is the “economy of resis- Economy you mentioned, what is, in your opin- tance” applicable in Iran and how is it ion, the most suitable model for Iran? possible to find an appropriate model Japan, South Korea, China, Malay- of economy of resistance to implement? Now we examine the case of South Korea and how sia, Singapore and other emerging econo- Throughout the world, there are two mies have followed similar courses and models or two different ideas of resis- it could transform itself into one of the world’s by determining right targets on the eco- tance economy and an assessment of their emerging economies. nomic track, they have narrowed the gap differences can lighten our path towards between themselves and developed coun- putting it into practice. The first model tries bringing prosperity and welfare to is North Korea’s experience that has de- political position, they have in mind that ing the 60’s, turning itself to one of the their people. fined the resistance economy within its by exploiting the country’s advantages world’s major economic powers. Here the argument is that between geographical borders and through impo- plan the economy in such a way to be able South Korea, too, following the ex- North Korea and other countries that I sition of tough restrictions the country to not only provide its domestic needs, ample of Japan, treaded the same path, cited as examples of resistance economy, has turned into a place where its people but also offer a section of its products to and instead of being afraid of its northern which one we are supposed to choose as a produce as much as they need to eat. In the world markets. neighbor and strengthening its military, model. North Korea claims its economy is the economic field, North Korea is nei- Now we examine the case of South it chose the path to reconstruction of its self-sufficient and does not need to inter- ther dependent on any country nor is any Korea and how it could transform itself economy while taking advantage of its fa- act with the world. As I said before, in the country linked to or in need of it. into one of the world’s emerging econo- vorable relations with the West and their minds of senior authorities of Iran, South The other example is South Korea mies. Historically, the story of strength- experiences. Korea and other similar countries are suc- that has defined resistance economy ening of economy goes back to Japan cessful models of resistance economy. differently and has protected its national after the World War II. When the Ameri- Can we address South Korea as But it seems that certain individu- security through economic means and can atomic bombs were dropped over Ja- the second Japan while having in mind als do not mind to follow the example industrial products instead of military pan, its military suffered a heavy defeat that it was not involved in war? of North Korea. People who are nowa- apparatuses. and the country was occupied. Then the Yes, in many studies in international days referred to as “The Concerned” or Now the question may occur to you Japanese elites came to the honest con- relations, South Korea has been evaluated extremists, have such a way of thinking as to which model is more attractive to clusion that they could not take revenge as the second Japan as it did not choose and definition of resistance economy, are top authorities of the Islamic Republic of and compete with the US militarily. So war with North Korea and instead devel- willing to fight against the whole world, Iran. As I look from afar and as I have ex- they decided to bring the economy to the oped its big and small industries of desig- close all the doors of the country and amined all the paragraphs of Iran’s stipu- point that their products penetrate into nated areas so much so that it conquered have no interaction with anybody. lated resistance economy, it seems that the American markets during the 70s and major world markets and managed to Of course, they wouldn’t say any the country’s senior authorities are more 80s and overcome the Americans through earn huge revenues. It is another example such thing openly but that is the way they interested in the South Korean model of economy. By adopting such a policy, Ja- of the resistance economy that is very think at the bottom of their minds. Thus, economy. They do not want to, under any pan could introduce itself as the postwar close to what is in the minds of Iran’s se- it’s heartwarming that Iranian senior au- circumstances, shut down the country’s economic miracle and let its economy nior managers. thorities do not think that way and their doors and keep its economy extremely grow to a high place in the world market. Yet one more model of resistance definition of resistance economy is the low and poor, as is the case with North This is an example of resistance econo- economy can be probed in China where same as the ones that have been imple- Korea. Rather, with respect to Iran’s geo- my that was implemented by Japan dur- by relying on indigenous and at the same mented in many Eastern countries.

40 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 41 Partnership

ndia, Iran and Afghanistan signed a tripartite agreement (May 23) to turn the Iranian port of Chabahar into a transit hub, bypassing Pakistan, whichI has been the only route for war- stricken Afghanistan to the Indian Ocean. “The agreement can change the course of history in this region,” Indian Prime Minister Narendra Modi said. The accord, which calls for joint investments, will significantly boost the role of the under-tapped port of Chaba- har. Once the project is realized, it will connect India to Afghanistan and Central Asia, while Kabul will get an alternate route to the Indian Ocean. The idea is that if Chabahar is devel- oped it would give India the equivalent of an alternate route from India through the sea route to Chabahar and from then on the land route that would lead through Iran to Afghanistan. India agreed to finance the devel- opment of the port as a regional hub, as Modi sought to revive economic ties with Tehran after the lifting of sanctions. New Delhi signed a dozen agree- ments with Tehran (May 23), including three to develop the strategic port of Cha- in Iran and win access to Afghanistan, antee 30,000 TEUs of cargo at Chabahar bahar along the southern coasts of Iran. Russia and Europe, thus circumventing “Chabahar can become Port, which will go up to 2,50,000 TEUs The agreements were signed in the Pakistan, road transport, the daily quoted by the 10th year. presence of visiting Indian Prime Minis- India’s Highways and Shipping Minister a very big symbol of ter Narendra Modi and Iran’s President Nitin Gadkari, who was also in Tehran, cooperation between Iran Historic Event, New Era of Hassan Rouhani in Tehran. as saying. Development Modi arrived (May 22), at the helm “The distance between Kandla and and India,” Rouhani A pact to develop Chabahar Port of a high-level delegation of Indian Chabahar Port is less than the distance said in a joint press was first inked during the Atal Bihari politicians, businesspeople and cultural between New Delhi and Mumbai; so Vajpayee’s government in 2003, but the dignitaries. what this agreement does is to enable conference with Modi deal slipped through during subsequent After arriving in Tehran, the premier quick movement of goods first to Iran after the signing of years. It has been aggressively pushed in tweeted in Persian, “Reached Iran, a land and then onwards to Afghanistan and the past one year, leading to the signing with whom India shares civilization ties. Russia through a new rail and road link,” agreements. of the agreement for phase-1 today, Hope to enhance economic partnership Historic Event, he added. Gadkari said. between our nations.” “Over Rs.1 lakh crore (about “Railway PSU IRCON will build a “This is a historic event which will His visit, the first by an Indian prime $14.8 billion) investment can happen in rail line at Chabahar to move goods right herald in a new era of development. We minister in 15 years, coincided with that Chabahar Free Trade Zone,” he said. up to Afghanistan,” he said. can now go to Afghanistan and further of Afghan President Ashraf Ghani who New Era of Iran, Gadkari said, has cheap natural Gadkari said India Ports Global Pvt. to Russia and Europe without going landed in the Iranian capital (May 23). gas and power that Indian firms are keen Ltd., a joint venture of Jawaharlal Nehru through Pakistan,” he said. “Chabahar can become a very big to tap to build a 0.5-million-ton aluminum Port Trust and Kandla Port Trust, will The Zaranj-Delaram Road symbol of cooperation between Iran smelter and urea manufacturing units. invest $85 million on developing two constructed by India in 2009 can and India,” Rouhani said in a joint press Development “We spend Rs.45,000 crore ($6.6 container berths with a length of 640 give access to Afghanistan’s Garland conference with Modi after the signing of billion) annually on urea subsidy, and if meters and three multi-cargo berths. Highway, setting up road access to agreements. we can manufacture it in Chabahar Free The Indian consortium has signed four major cities in Afghanistan: Herat, “Chabahar can serve as a point of “Dosti” as Old as History India is to invest billions of dollars Trade Zone and move it through the port the port pact with Aria Banader Iranian. Kandahar, Kabul and Mazar-i-Sharif. connectivity between different countries, Modi said India and Iran are not in setting up industries—ranging from to Kandla and onward to hinterland, we “The contract is for 10 years and can India is also reported to finance especially India and Afghanistan,” he new friends. “Our ‘dosti’ is as old as aluminum smelter to urea plants— can save that amount,” he said. be extended. We will take 18 months to another road network inside Afghanistan added. history,” he said, using the Farsi word for in Iran’s Chabahar Free Trade Zone, Gadkari said Nalco will set up the complete phase one of the construction,” to enable Iran to access as far as Tajikistan Modi said the agreement to develop friendship. according to The Times of India. aluminum smelter while private and he said, adding that the first two years of through a shorter route. Chabahar Port, for which India will “The outcomes and agreements The signing of a commercial con- cooperative fertilizer firms are keen to the contract are grace period where India Chabahar is about 100 km from the provide $500 million, is a key milestone. signed today open a new chapter in our tract to build and run the strategic port of build urea plants, provided they get gas does not have to guarantee any cargo. Chinese-run Gwadar Port in Pakistan, strategic partnership.” Chabahar will help India gain a foothold at less than $2 per mmBtu. From the third year, India will guar- which is part of China’s $46 billion plan

42 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 43 Partnership

to develop China-Pakistan Economic special literature on archival topics. Corridor aimed at opening new trade and transport routes across Asia. Regional Opportunities The Indian joint venture company The Indian leader met Iranian will invest more than $85.2 million on officials including Supreme Leader the port’s development. India’s Exim Ayatollah Ali Khamenei and President Bank will provide a credit line of another Hassan Rouhani during a visit that he $150 million. said would mark “a new chapter in our India is blocked from land access to strategic partnership”. Afghanistan and through it to the Cen- Ayatollah Khamenei also received tral Asia countries because of opposition the Afghan president. from Pakistan, which sees India’s expan- Modi and Rouhani oversaw sive diplomacy in the region as a threat. the signing of a memorandum of Road and rail links are being built so understanding for the provision of a that the landlocked Afghanistan can get $500m line of credit. access to the Iranian port as an alternative “Today is an important and histori- to the Pakistani port of Karachi. cal day of development of relations be- tween the three countries,” Rouhani said Other Agreements in a televised speech, seated between the Other agreements signed in the two other leaders. presence of Modi and Rouhani included “From Tehran, New Delhi and those in the areas of science and Kabul, this is a crucial message ... technology, culture and railroads. that the path to progress for regional An MoU between India’s External Affairs Ministry and Iran’s Ministry of Foreign Affairs seeks to create a joint Iran, Gadkari said, has secretary/director general policy dialogue cheap natural gas and as well as encouraging new institutional mechanisms between think tanks on both power that Indian firms sides, The Financial Express reported. are keen to tap to build a Another agreement was signed to extend the cultural exchange program 0.5-million-ton aluminum between the two countries for 2016-19 smelter and urea covering the areas of culture and arts, radio, TV, mass media and cinema. manufacturing units. An MoU between India’s Foreign Services Institute of the External Affairs countries goes through joint cooperation Ministry and the School of International and utilizing regional opportunities.” Relations of Iran’s Ministry of Foreign The deal is crucial for the land- Affairs is intended to enhance coopera- locked Afghanistan, as it changes the tion between the two parties for training geopolitics of the region and is seen as diplomats and the exchange of eminent a way out of its dependency on Pakistan. speakers. An implementation protocol Alternate Route between India’s Department of Science The Afghan president praised his and Technology under India’s Ministry counterparts and said the Chabahar of Science and Technology, and Iran’s partnership was only the beginning. Ministry of Science, Research and “Our will starts from Chabahar Technology fleshes out the specific today, but its end will be an all-out cooperation between the two sides comprehensive development and pursuant to the 2003 MoU and covers economic-cultural cooperation,” said areas like exchange of experiences, Ghani. seminars and conferences. Export Guarantee Fund of Iran seeks to country. The volume of trade between Iran An MoU between the Indian Council establish a framework of cooperation The aim of another MoU between and India in the past 11 months reached for Cultural Relations and Islamic Culture between ECGC and EGFI in supporting the National Archives of India and Iran’s $9bn. and Relations Organization of Iran and encouraging foreign trade and National Library and Archives Organiza- Tehran was New Delhi’s second provides for institutional mechanisms investment between India and Iran. tion is to help exchange information and largest oil supplier until 2011-12, when and modalities for cooperation. Where appropriate, it will facilitate knowledge in the field of archival - mat the sanctions cut its dependence on An MoU between the Export Credit the supply of goods and services from ters through the exchange of manuals, Iranian oil. Guarantee Corporation of India and the their respective countries to a third guidelines, rules, publications and other

44 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 45 Partnership

resident Hassan Rouhani says that rails from domestic sources, but added the development of the country’s that the leading supplier in the market – Psoutheastern port of Chabahar Esfahan Steel Company (also known as will help connect India with Central Asia Zob Ahan) – is yet to announce when it and will mark a new chapter in relations can supply IRIR’s demands. between Tehran and New Delhi. Last July, IRIR’s deputy director Rouhani, in a meeting (April 17) Saeed Mohammadzadeh was quoted by with visiting Indian Foreign Minister the media as saying that India plans to Sushma Swaraj, emphasized that the finance exporting about 150,000 tons of expansion of all-out relations with India standard rail tracks to Iran. will benefit the whole region. Mohammadzadeh said that India has He said Iran and India have created a special mechanism to support significant commonalities that they can exports of rail tracks to Iran through the exploit to develop their capabilities in “full finance” scheme, and that Iran will various areas. not pay anything in return. Rouhani further said that the Officials in Tehran have already em- economies of Iran and India complement phasized that Iran wants to spend up to $8 each other, adding that Iran can satisfy billion over the next six years to revamp India’s energy needs and thus help the and expand its railway network. Indian expanding economy. To the same effect, they have em- The Indian foreign minister for her phasized that the country will need about part said New Delhi wants to promote 3 million tons of steel rails to connect all relations with Iran in all areas. major cities, industrial centers and also Swaraj said the strong bonds be- ports for faster evacuation of goods. tween Iran and India can help enhance- ment of their political and economic Long-Term Oil Deals relations. India’s biggest oil refiner says it is She emphasized that New Delhi is looking to ramp up oil imports from Iran determined to cement a mutually-benefi- after resuming purchases from the coun- cial relationship with Tehran. For that to try in March. happen, the Indian minister said, relations Private refiner Reliance Industries between the two countries should be de- imported about 90,600 barrels per day fined beyond merely trade ties. (bpd), its first shipments in about six Elsewhere in her remarks, Swaraj years, from Iran in March. said there is a wide variety of areas in lion cubic feet of in-place gas reserves. for fuel soars at a rate faster than that in The company is currently engaged which India can invest in Iran, adding that Speaking to reporters following China. in talks for bigger supplies with the pros- the development of Chabahar port is only a meeting with Pradhan in Tehran, pect of concluding a long-term supply one of them. India Seeks Zangeneh said Iran is currently exporting Huge Rail Purchase contract, Reliance’s joint chief financial She said the project – once fully around 350,000 barrels of crude oil a day In related news, Iran said it had officer V Srikanth said (April 22). developed – can benefit not only Iran and to India. made a major purchase of rails from “We have had engagements with India but also the whole region. “We hope that this number will in- India, adding the payment for almost the Iran before the sanctions and they have Chabahar is located in the Gulf of crease after the removal of sanctions [in entire of the purchase had been made by grades of crude that are attractive to us Oman on the border with Pakistan. It is Long-Term January],” the Iranian minister added. New Delhi. from where we are,” he was quoted as the closest and best access point of Iran He noted that the development of Mohsen Pour-Seyed Aqaei, the saying. to the Indian Ocean and Iran has devised Farzad-B natural gas field was the main managing director of the Islamic Republic Indian refiners are keen to rebuild serious plans to turn it into a transit hub issue discussed by the two ministers, of Iran Railways (IRIR), was quoted by ties to benefit from shorter shipping dis- for immediate access to markets in the saying, “The Iranian and Indian sides the media as saying that the total weight tances after the lifting of sanctions on northern part of the Indian Ocean and Iran Oil Deals are set to reach an agreement on the of the rails purchased from India stands at Iran. Central Asia. timeframe of the project which is a 250,000 tons. India’s crude oil imports from Iran In May 2014, India and Iran signed difficult and time-consuming task.” “Five percent of the funds required in March jumped by about 135 percent a Memorandum of Understanding (MoU) to Afghanistan and thereon to Central terpart Dharmendra Pradhan in Tehran India is currently Iran’s second- for the purchase will be provided by from February to top 500,000 bpd, reach- to jointly develop the port once the Asia. (April 9). biggest oil client after China. the IRIR,” he said. “The remaining 95 ing the highest level in at least five years. international were The development of the giant Iran is targeting India, where demand percent of the funds will be provided by Essar Oil was the biggest importer lifted. Both sides agreed as per the MoU Oil, Energy Agreement Farzad-B gas field, export of Iran’s crude for crude is growing faster than other the Indian government.” of Iranian crude in March with about to allow India lease two docks at the port Meanwhile, Iran and India signed and oil products to India and enhanced Asian countries, as well as old partners The official further added that the 207,400 bpd oil, followed by about for a period of 10 years, a move that was an agreement to boost oil and energy cooperation in the fields of petrochemical in Europe for stepped-up shipment of its rails will be used to develop the train net- 130,000 bpd by Mangalore Refinery meant to cut India’s crude oil and urea cooperation. industry are among the main provisions crude oil following the lifting of the US- work across Iran over the current Iranian and Petrochemicals Ltd. Indian Oil transportation costs by around 30 percent. The document was inked by Iran’s of the agreement. led sanctions against it. calendar year which ends in March 2017. Corp shipped in about 67,000 bpd from India is also relying on the prospects Minister of Petroleum Bijan Namdar The Farzad-B field in the offshore Indian refiners have said they are He also emphasized that the prior- Tehran. of establishing rail links from Chabahar Zangeneh and his visiting Indian coun- Farsi block is estimated to hold 12.8 tril- keen to import more from Iran, as demand ity for the IRIR is to provide its required

46 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 47 Milestone

resident Hassan Rouhani stated that with the anti-Iran sanctions Plifted, the country is ready to develop energy cooperation with Turkey, as well as with other partners. Iran is ready to ensure Turkey’s en- ergy security and satisfy its demand for oil and gas, Rouhani said after a meeting with Turkish President Recep Tayyip Er- dogan in Ankara (April 16). “In the energy sphere, we agreed with the Turkish side on Iran possibly becoming a guarantor of Turkey’s energy security and fully satisfy its demand for gas and oil; we can successfully cooperate on this… The [anti-Iran] sanctions have been lifted, and we are ready to develop cooperation between the two countries in different areas under new conditions,” Rouhani said during a joint press conference with his Turkish counterpart. The two leaders met in the Turkish capital Ankara earlier to discuss regional issues and 13th Organization of Islamic Cooperation Summit held in Istanbul earlier in the week. Iran and Turkey should simplify regulations for businesses and develop cooperation in the banking industry and stock exchanges, as well as the tourist and transport industries, Rouhani added.

Iran, Turkey Should Work Together

Speaking at the news conference, Erdogan said Ankara and Tehran should lead the way to ending violence in Iraq, Syria, and the region. He underlined the role of trans-re- gional and regional dialogue mechanisms led by OIC to promote regional peace and prosperity. Erdogan said that strengthening political dialogue between the two countries and minimizing differences Rouhani Rejec ts OIC Divisive Moves of opinion work to the benefit of both Turkey and Iran. brother Mr. Erdogan” saw a comprehen- foundation for improving cooperation He added, “We might have differ- Iran and Turkey should Level Cooperation Council meeting, “We should work together to sive discussion of bilateral relations. between our two countries in various ences on very small issues, and think dif- the two leaders issued a joint statement tackle the problems of sectarianism “The economies of Iran and Turkey domains. ferently, which is very natural. In order to simplify regulations stressing the importance of maintaining and terrorism that have occurred in our are complementary,” said Rouhani, “To reach this aim, we have to hold negotiations and cooperate further, for businesses and political dialogue on bilateral and region,” he noted. adding that his country and Turkey accelerate [cooperation] and remove all for the region’s countries and especially regional issues. Pointing to several differences of should take swift action to boost trade hurdles in the way,” he reiterated. for relations between our two countries, develop cooperation in “The talks took place in a warm and opinion between Turkey and Iran on re- between the two countries in the wake The Iranian President regretted that we are ready, to fight terrorism and por- the banking industry friendly atmosphere,” the statement said, gional issues, Erdogan said: “However, I of the lifting of sanctions over Tehran’s Muslim countries in the region face many tray a true image of Islam to the world”. and stock exchanges, as adding that Erdogan and Rouhani ex- want to gladly express that we are of the nuclear program. issues, adding: “We are supposed to help pressed determination to deepen political opinion that the bloodshed in the region “How happy it is that this session all these countries maintain security and Joint Statement well as the tourist and dialogue and boost economic and trade should be stopped”. happened at a period [after] the embargo stability. This is both a religious duty and transport industries cooperation. Rouhani said the meeting with “my was lifted, preparing an environment and one on behalf of the Islamic world”. Following the Turkish-Iranian High- The two leaders also agreed that the

48 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 49 Milestone

region is being harmed by extremism, terrorism, and sectarianism, according to the statement.

OIC Divisive Moves Invalid

President Rouhani said making divisive moves through the OIC is “invalid” as no consensus exists within the Muslim world and such an approach runs counter to the reason behind the creation of the bloc. The President made the statement in an address to the OIC summit conference in Istanbul (April 14). “No divisive message should be sent from the OIC summit that has been held under the name of unity,” he said. “Any divisive measure is definitely invalid as it is not backed by the consensus of this Trade & Business organization, in addition to the Muslim community, and is in contrast with its raison d’etre.” He was indirectly referring to four clauses of a draft final declaration of the Iran Opens Its Door summit that criticize Iran and the Leba- nese Hezbollah. The language, proposed by Saudi Arabia, was inserted into the draft during an expert-level meeting of the organiza- to SA Business tion at the OIC headquarters in Jeddah in February. Iranian diplomats were prevented ran and South Africa signed eight co- on in his meeting with President Rouhani from attending the meeting, as they were operation documents in trade, econ- South African plans to earlier in the day. denied visas by Riyadh. Iomy, joint investment, management Zuma also said the two sides agreed Rouhani and Foreign Minister of water resources, industry, fight against increase the volume of to increase non-oil trade to $1bn by 2020. money-laundering, culture, and art. He added that it was imperative for , who participated trade with Iran to as high The agreements were signed in the the two countries to focus on diversifying in the preparatory foreign ministers’ presence of President Hassan Rouhani as $8 billion by 2020. their respective trade baskets in favor of meeting of the summit, did not attend the and his South African counterpart Ja- value-added trade. closing session of the summit, in protest cob Zuma who arrived in Tehran (April This would add much impetus to- against the inclusion of the anti-Iran 23) for a three-day visit at the head of Strategic Partnership wards addressing issues of job creation as and anti-Hezbollah clauses in the final 180-strong delegation including six min- The South African president said well as skills and technology transfer in declaration. isters. that in the meeting with Rouhani discus- both countries. The 13th summit of the 57-member In a joint press conference Rouhani sions were made to turn the relations into “South Africa views the Islamic Re- OIC, themed “Unity and Solidarity for and Zuma also insisted on the need to “strategic partnership”. public of Iran as a strategic trading part- Justice and Peace”, was held (April 14- strengthen ties now that sanctions against Zuma also said that Iran has an im- ner within the Middle East and Central 15) with more than 30 heads of state in Iran have been lifted. portant status in the views of South Afri- Asian regions. Within bilateral sphere‚ attendance. Rouhani called South Africa an im- can people as the country supported them South Africa and the Islamic Republic of Founded in 1969 to represent the portant country and said, “The Islamic in their fight against apartheid. Iran share a long historical relationship. collective voice of Muslim world, OIC is Republic of Iran has always had friendly “Total trade‚ however‚ has unfortu- the largest international organization after and close ties with the Republic of South Non-Oil Trade to Reach $1bn nately been falling over the past decade the United Nations. Africa since the post-apartheid govern- by 2020 owing to‚ amongst others‚ the non-exis- Simultaneously with the summit, ment started work and the African Na- Zuma also told a meeting of Iranian tence of banking relations between South Turkey undertook periodic presidency of tional Congress took power.” and South African businessmen that his Africa and the Islamic Republic of Iran the OIC from Egypt for the next 3-year The Iranian people stood beside the country plans to increase the volume of and the various sanctions imposed by the term. South African people during their strug- trade with Iran to as high as $8 billion by West‚” Zuma noted. gle against the apartheid regime. 2020. As of 2015‚ total trade between the He said the figure had been agreed two countries stood at R358m‚ which did

50 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 51 Trade & Business Achievement

not reflect the optimal capabilities of the two economies‚ he said. “In this regard‚ I welcome the Mem- orandum of Understanding on the estab- lishment of the Joint Investment Commit- tee which puts in place‚ a measured and pragmatic form of cooperation. “I am of the firm belief that these measures will enable us to significantly increase our levels of trade. I believe the MoU on Cooperation in the field of trade and industry that we signed today‚ one of the eight MoUs that were inked‚ and the accompanying roadmap provides a good departure point for strengthening our economic cooperation. It aptly out- lines the objectives that both sides wish to achieve‚” Zuma stated. “I‚ however‚ believe that this would in various fields has provided “good GTL Deal not be optimally realized in the absence ground” for expansion of relations, he Iran signed a deal with South Africa of your involvement‚ as the captains of said, adding that, expansion of banking over production of gas to liquids (GTL) industry. It is in this regard that I wel- relations is an “important step” in accel- - an agreement that could lead to trans- come the establishment of the envisaged erating ties. fer of knowledge to the Islamic Republic South Africa-Iran Business Council. It Rouhani further highlighted the over production of the clean fuel. is imperative that the council members importance of Iran-South Africa coop- The agreement was signed between streamline their planning so as to comple- eration in fight against terrorism. “All Iran’s Research Institute of Petroleum In- ment the objectives of the roadmap. countries’ cooperation and solidarity are dustry (RIPI) and South Africa’s national “This would translate into tangible required to establish peace and stability oil company PetroSA on the sideline of deliverables and would add further im- in the region.” President Zuma’s Iran visit (April 14). petus towards expanding economic ties Zuma also said Iran has a “strategic” The agreement also envisages coop- between our respective business commu- position in the region, adding the nucle- eration between PetroSA and RIPI over nities‚” Zuma explained. ar agreement between Tehran and great the oil blending technology. powers and a consequent removal of The GTL agreement appears to have Investors Want Clear Close Trade Partners sanctions are indications of Iran’s “wise been meant to provide Iran with the aca- In a joint meeting of the senior del- policies”. demic knowledge over producing the egations of Iran and South Africa, Rou- Iran and the 5+1 group - the United clean fuel and is not expected to lead to hani said there is fierce competition for States, Britain, France, China and Rus- any industrial yield. signing contracts with Iran yet the Islamic sia plus Germany - finalized the text of South Africa’s Sasol was previously Business Prospects Republic will not forget the friends of the Joint Comprehensive Plan of Action pursuing a major project to produce GTL sanctions time. (JCPOA) in Vienna on July 14, 2015. The at industrial level in Iran’s South Pars “We will never forget our amicable deal took effect in January, 2016. energy zone. RI President Hassan Rouhani, “The Iranian nation is as Mitsubishi and Hitachi and is com- friends during the sanctions times,” he speaking at a ceremony on the oc- peting with companies such as GE and noted. casion of the International Work- proud of electricity and Siemens and this is considered a com- The President said South Africa can I ers Day (Labor Day) said: “The way train whose power plant petition and knowledge-based activity.” be one of the most important trade part- has been opened for foreign investment The President noted: “The Iranian ners of Iran, stressing that expansion of and increased production in the post- and locomotives are built nation is proud of electricity and train bilateral relations can have “positive in- JCPOA era and today we need work by the Iranian workers.” whose power plant and locomotives are ternational effects”. and production and these two are not built by the Iranian workers.” “Expansion of ties between Iran, possible in the absence of capital and it is due to the work, effort, science and Saying that today the Iranian eco- as an important country in the volatile technology.” investment in this sector and if MAPNA nomic enterprises are competing with Middle East region, and South Africa, as The President while referring to the is considered a national pride it is be- their rivals at the global level, he noted an important country in Africa, can have fact that a highly proud company called cause of its presence in an open com- that the Iranian companies should pro- positive regional and international ef- MAPNA (Iran Power Plant Projects petition.” mote their power and competition ca- fects,” Rouhani stated. Stressing that an economic enter- He reiterated that Iranians show Management Company) would have pability against the world’s big compa- great respect for South Africans due to not been established in the absence of prise cannot be successful and sustain- nies. “If we intend to increase income their long years of resistance against “the investment and knowledge-based econ- able in the absence of competing with and wealth in terms of economy and arrogant and apartheid system.” omy, pointed out: “If today workers, the world’s economic powers, Dr. Rou- along it improve condition of workers, Iran’s “good experience” of coop- engineers and managers of MAPNA are hani stated: “Today MAPNA has put the movement should be led toward the erating with South African corporations proud of the grandeur of their company aside major and great companies such knowledge-based economy.”

52 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 53 Achievement Banking

Government Owes Huge

Dr. Rouhani further noted: “If we fail to compete with the world, we can- Money to Banks, Private Sector not manage to possess the export mar- ket in the region and the world and if he debt market along with the panies and corporations. However, with we cannot take the possession of export stock market and the derivatives regard to the 50% risk factor of guarantee market, we will not be able to increase market constitute three main pil- against granting facilities, at least 50% of our production level both in terms of T lars of the capital market. The aim of this the amount of the issued bonds should be quality and quantity.” market is establishment of a mechanism used for repayment of the bank facilities. Regretting that in the past 40 years with the required depth and liquidity for In no time the total claims and li- the economic capability of the country financing short, medium and long-term abilities of the bank should be increased has not been responsive to the number costs of the private sector. with regard to the risk factor. This process of work applicants, the President said In other words, the objective behind causes reduction of financing pressure on during those years, the number of work developing the debt market under the the banking system. On the other hand, applicants has been always high and present economic circumstances is to re- investors who purchase these bonds will the economic potential has not been lease the banking system from the financ- make appropriate profit. Because, the able to absorb simple workers or even ing pressure so that economic companies interest rate in the debt market is deter- the experts. This has been the cause of and corporations (the private sector in mined in terms of market mechanisms insecurity in the employment sector for place hope in future, the future of the He further remarked that the current particular) would incline towards the and is higher than the instructed bank debt market which is being formed next to deposit interest rate. the removal of which the ground should economy should be clear and inflation calendar year started by projecting a Dr. Parviz Aghili Kermani, Economist the capital market and would be financed In other words, if the interest rate be prepared for more employment and rate should follow a downward trend, he 5% economic growth, stressing that if by issuing debt bonds. the bonds at maturity date. for bank deposits is 18% today and if the promoting the position and status of the said: “A condition should be provided in inflation continues to drop, grounds In this way, both the problems of the In other words, big corporations of interest rate of the bonds is 25%, it will worker. the country in which those who are after would be prepared for economic low bank resources can be solved and the country which received loans from the certainly be in the interest of the investors The President stressed that in the investment would see a clear future be- prosperity. Furthermore, he said, economic companies and corporations banks and were approved by the banks in to purchase the bonds. Therefore, logic same manner that competition should fore them. Tranquility of the economy domestic and foreign investments are would be financed at greater speed. Be- terms of creditability would receive guar- rules that the depositor instead of depos- exist in economy, a condition should depends on acceptable inflation rate.” attracted and banks become more active cause, for the time being rating institu- antee from the relevant bank and issue iting his/her money in the bank had bet- be provided in which the workers The President noted that in 1395 in the path of economic prosperity. “We tions have not entered Iran and we have bonds in the debt market with an interest ter purchase the bonds in order to make should have the chance to choose a job (2016/17) conditions will be more ap- can be turned into a major economic proposed that banks guarantee debt rate set by the market. It is true that the more interest. Given that these bonds consistent with their dignity. propriate for economic activities in power.” bonds temporarily in order not to face banks give guarantee in order for the debt have been guaranteed by the banks, there Emphasizing that people should comparison with the last year. any problem in the field of settlement of bonds to be issued by the economic com- Continued on page 105

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azakhstan’s President Nursul- Rouhani described Nazarbayev’s tan Nazarbayev arrived in Iran trip as a “milestone” in relations of the K(April 11) on an official visit to two sides and said Tehran welcomes en- explore avenues for further promotion of hanced ties with Astana in political, eco- bilateral relations between the two neigh- nomic and cultural areas. boring states. To develop economic cooperation, Upon arrival in Tehran at the head the Iranian President said governments of a high-profile delegation, Nazarbayev should support private sectors for estab- was received by his Iranian counterpart lishing contacts and working with each Hassan Rouhani at Saadabad Cultural other. Complex in northern Tehran. He added that the latest develop- During his two-day visit, the ments in Afghanistan, Iraq, Syria and 75-year-old Kazakh leader met and ex- Yemen were reviewed by the two sides, changed views with a number of high- who agreed that only a political approach ranking Iranian officials, including Su- could help solve problems in the Muslim preme Leader Ayatollah Ali Khamenei countries. and President Rouhani, on promotion of mutual ties as well as enhancement of re- SUNIR to Build Power Plants in gional and international security. Kazakhstan Rouhani and Nazarbayev penned Iran and Kazakhstan signed a $600 treaties on prisoner extradition, preserva- million deal to build three power produc- tion of plants, cooperation in various ar- tion units in the ex-Soviet country. eas of technology, as well as a protocol on The agreement was signed between expansion of economic ties in the fields Iran Power & Water Equipment and Ser- of industry, trade and investment. vices Export Company (SUNIR) and Ka- They also signed a memorandum zakhstan’s Eurasian Invest Group TOO of understanding on a long-term plan for during the latest session of Iran-Kazakh- transportation and transit along the Silk Road, as well as on cooperation between Tehran and Astana the Central Bank of Iran (CBI) and the National Bank of Kazakhstan. signed 66 memorandums On April 9, representatives from Ira- of understanding and nian and Kazakh state and private sectors signed 44 memoranda of understanding agreements worth $2 worth one billion US dollars. billion in various arenas, The accords were inked during a meeting of Iran-Kazakhstan Business including economy, Council in Tehran, where officials from commerce, agriculture, 10 state-run and 34 private companies of the two countries were in attendance. industries and mining.

Meeting with Leader In a meeting with President Naz- arbayev, Ayatollah Khamenei said the Is- lamic Republic welcomes the bolstering of cooperation with Kazakhstan in dif- ferent political and economic sectors and Iran, Kazakhstan Pen Deals Worth $2 bn particularly in defining the legal status of the Caspian Sea. The Kazakh president’s visit to Teh- Iran Shipping Lines (IRISL) Moham- to increase their volume of rail transport nouncement in a joint press conference sanctions on Iran as a result of its nuclear stan Commercial Commission in Tehran. ran comes at the invitation of his Iranian mad Saeedi noted that the two countries through a railroad that links Iran, Turk- with Rouhani in Tehran. deal with major powers has opened a Bahman Salehi, chief executive of counterpart and in response to an earlier signed an agreement on establishment of menistan and Kazakhstan. In the meeting of high-ranking del- “new chapter” in relations between Teh- SUNIR, said the agreement includes con- trip by Rouhani to Astana on September a joint shipping company in the presence egations of the two countries, headed by ran and Astana. struction of a 50-megawatt wind turbine 8-9, 2014. of their presidents in Tehran. Deals Worth $2 bn Inked their presidents, which was held before “There are huge capacities for in- plant and two thermal plants with an elec- The IRISL chief noted that the pro- Tehran and Astana signed 66 mem- the press conference, nine agreements creasing cooperation between the two tric output of 250 MW. Joint Shipping Company jected freight shipping line would boost orandums of understanding and agree- were signed in the fields of commerce, countries,” he said. “We are committed to “One plant will be built off the Ka- The Islamic Republic of Iran and bilateral trade through the Iranian port of ments worth $2 billion in various arenas, banking, investment, industries, railroads activate these capacities.” zakhstan coast in the Caspian Sea and the Kazakhstan agreed on establishment of a Bandar Anzali and Kazakh port of Aktau, including economy, commerce, agricul- and shipping, among others. The Kazakh president said his coun- two other projects in the city of Almaty,” joint shipping company. both on the Caspian Sea. ture, industries and mining. Nazarbayev said in the press con- try and Iran hold common stances on Salehi said without elaboration. Head of the Islamic Republic of Iran and Kazakhstan also decided Kazakhstan’s president made the an- ference that the removal of international many regional issues. The contract marks the first venture

56 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 57 Trade & Business

of SUNIR in Kazakhstan’s large energy market, which has carried out projects in 25 countries and has active operations in 13 states. According to reports, Kazakhstan has 71 power stations with a total in- stalled generating capacity of 19.6 GW. It has the largest recoverable coal reserves in Central Asia and is the second largest coal producer in the region. Coal is used to power around 70% of the country’s electricity generation, with oil, natural gas and hydropower each ac- counting for about 10% of total generated electricity. But the country is slowly tak- ing steps to diversify its electricity sup- plies. Interestingly, Kazakhstan has un- bundled its power generation, transmis- sion and distribution. About 87% of Stories electric power generation is in the private sector. Of the 21 electricity distribution companies, only two remain state-owned. Iran, Kazakhstan Sign Techno- and logical MoUs Iran’s Vice President for Science and Technology Sorena Sattari and Kazakh- stan’s Minister of Investment and Devel- opment Asset Issekeshev signed memo- Colors randums of understanding in the fields of science and technology. The MoUs were signed in the pres- ence of the two countries’ presidents. One of the most important areas dis- cussed between the two sides was devel- opment of bilateral ties and extension of collaboration in the areas of science and technology, especially space technologies Both and nanotechnology. In the area of aerospace, the two agreed to share infrastructure and space bases as well as know-how for launch- ing satellites. As for nanotechnologies, True Iran will be selling laboratory equipment to Kazakhstan and holding educational courses in the country. In addition, the two sides will team up to build technology parks and busi- ness incubators and further collaborate in future technological exhibitions, namely Kazakhstan’s Expo 2017 and Iran’s In- ternational Innovations and Technology Exhibition, otherwise known as INOTEX www.iraninternationalmagazine.com held in Tehran. www.iraninternationalmagazine.ir They also discussed expansion of www.iraninternational.ir activities of Iran-Kazakhstan Technologi- cal Exchange Center that opened in Al- maty in July 2015.

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The Iranian market is open for all Trade . goods and services after the removal of Iran is well positioned “Croatia is strongly committed to Iran a Promising Market the UN sanctions, and many Croatian in the region and can be long-term economic cooperation with companies see their chances. Some might Iran,” Grabar-Kitarovic said, emphasiz- even sign lucrative agreements pretty a good strategic partner ing that strengthening Tehran-Zagreb soon, Croatian Chamber of Economy for the marketing of ties will send a positive message to all (HGK) said in a statement released after the European Union countries that are for Croatian Companies the Iranian-Croatian economy forum held Croatian products considering engagement with the Islamic in Teheran. in both Iran and the Republic. roatian President Kolinda Grabar- fighting terrorism. Iran Chamber of Commerce, Indus- She called for boosting bilateral Kitarovic paid a three-day visit to The Croatian president, for her part, tries, Mines and Agriculture hosted the countries of the region, trade ties and said Croatia seeks to fully CIran at the head of a large delega- said Zagreb has always maintained “very gathering which included about 70 Croa- said ICCIMA President exploit the opportunities in post-sanc- tion to forge new trade and political ties good” and “friendly” relations with Teh- tian and 150 Iranian businesspersons. tions Iran. with Tehran (May 17-19). ran, which recognized Croatia right after “Iran has opened its doors widely to Mohsen Jalalpour. According to her, food, energy, President Hassan Rouhani officially its independence. Croatian companies and we should use tourism, transportation and pharmaceu- welcomed Grabar-Kitarovic (May 18). She also described her trip to Teh- this opportunity. I am happy that Gredelj marketing of Croatian products in both ticals have the highest potential among Later in the day, the two presidents signed ran as a “turning point” in Iran-Croatia (Zagreb-based rolling stock company) Iran and the countries of the region, said other sectors for the expansion of mutual two economic cooperation agreements. relations, particularly in the economic is about to sign a big business contract, ICCIMA President Mohsen Jalalpour. He cooperation. Grabar-Kitarovic arrived a day af- sphere, saying the two countries should and this is only the beginning. After the announced that he would visit Croatia. The value of Iran’s exports to Croa- ter a high-ranking delegation comprising work to expand their relations, “which sanctions, this market is hungry for all “Relations between Croatia and Iran are tia, primarily made up of fruits, livestock Croatian Minister of Economy Tomislav are not currently at a satisfactory level.” kinds of goods and services, and it also much deeper and we do not want them to and plastic products, recorded its highest Panenic, Minister of Entrepreneurship “The Islamic Republic of Iran can represents an opportunity for collabora- remain only at the economic level, but to in 2010 at $8.4 million. and Crafts Darko Horvat and representa- torical and cultural commonalities” as view Croatia as a good friend and partner tion of smaller companies, which is es- include education, tourism and culture,” However, the imposition of sanc- tives of dozens of local companies from well as Croatia’s geographical location, in the European Union,” Grabar-Kitarov- pecially important,” said Luka Burilović, he said. tions against the Islamic Republic caused energy, industrial and mining sectors which makes it a gate for Iran to the entire ic added. president of HGK, in his opening speech. Iran is one of the few countries with two-way trade to fall drastically to reach landed in Tehran. European Union (EU). Zagreb is aware that Iran is seeking Bearing in mind big infrastructure proj- which Croatia has a surplus in exchange an all-time low of $500,000 during the In addition to economic issues, the to modernize its industry and economic ects that are being planned in Iran, he said of goods. It exports seven times more last Iranian year (March 2015-16). Anti-Terror Cooperation two sides expressed their willingness to infrastructure, she said, adding that “Cro- it was not unrealistic for Croatia to par- goods than it imports, but this is still a Iran’s import during the same pe- develop technological, scientific, aca- atian companies stand ready to cooperate ticipate in Iran’s total imports with about very small amount. The market of over riod stood at $3 million, mainly including President Rouhani said during a demic, artistic and cultural ties, accord- with Iranian firms to that effect.” one percent. This would bring Croatian 80 million people offers much more pos- pharmaceuticals, industrial machinery joint news conference with his Croatian ing to Rouhani. economy 657 million dollars. sibilities. and auto parts. counterpart that the European country is He further noted that the two coun- ICCIMA Forum Iran is well positioned in the region The Croatian president also held Sanctions against Iran were lifted in of value to Iran because of bilateral “his- tries also stressed the need to cooperate in and can be a good strategic partner for the talks with Minister of Industry, Mine and Continued on page 66

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VP Urges Executives to Be Brave, Strike Big Deals

anaging Director of the year, he put the number of countries at- In the 21st oil show major companies National Iranian Oil Company tending the exhibition at 40 and added: such as BP, Shell and Total held talks with MRokneddin Javadi announced “The number shows a rise of 30% com- Iranian officials for effective participa- 30% rise in the number of foreign pared to the previous terms.” tion in Iran without attempting to conceal countries attending this year’s oil show. He pointed to the presence of about their presence. Canadian, Australian, Ital- He said: “The 21st International Oil, Gas, 1000 domestic and over 850 foreign com- ian, Korean, Japanese, American, Ger- Refining and Petrochemical Exhibition panies this year and said with the interna- man, French, Azeri and Russian compa- is an appropriate venue for domestic tional business climate that has been cre- nies tried to ink more attractive contracts. and foreign companies to get to know ated grounds have been prepared for the Apart from companies that were try- each other. It also prepares the ground growth of Iranian companies and partici- ing to maintain an effective presence in for further self-sufficiency in the oil pation of foreign companies for invest- Iran instead of mere showoff, other news industry and realization of the goals of ment and transfer of technical knowledge at the oil show indicated the powerful contracts by making bold decisions and isters. Among the most important articles the economy of resistance.” and technology. return of Iran’s oil industry to the inter- taking risks. The entire government will of these contracts is their 20-year and in Noting that this term of the oil show Presence of international oil, gas, national markets. Iran had been deprived support your measures.” Canadian, Australian, some cases 25-year terms. If the new oil was different from previous ones due to refining and petrochemical companies of this opportunity since 2011 due to the Jahangiri announced finalization Italian, Korean, contracts of Iran are implemented, for- the number of domestic and foreign com- this year was clearly different compared strategic blunders of the 10th government of new oil contracts and approval of eign companies should select an Iranian panies and diversity of the participants, he to the previous ones. The change should which brought the economy and oil in- the latest changes in them at the Coun- Japanese, American, partner from the private sector. said: “In this year’s exhibition the num- not be sought in the growing number dustry of the country five hard years. cil of Ministers and said: “Today it can German, French, Azeri Following harsh criticisms by some ber of foreign companies has increased of the companies but in diversity of certainly be said that the principles gov- MPs and other critics, the Oil Ministry by about 64% and some companies and nationalities and participation of major Bold Decisions Urged to Ink Big Deals erning over Iran’s new oil contracts are and Russian companies decided to postpone final endorsement of countries have participated in this exhibi- oil companies which were afraid of sound and I think these accords will not tried to ink more the new contracts. “Government’s prior- tion for the first time.” announcing their presence in Iran. This First Vice President Eshaq Jahan- undergo many changes.” General prin- ity is to welcome foreign investors who Announcing that companies from fear emanated from the US sanctions and giri addressing the oil industry execu- ciples of Iran’s oil contracts had been attractive contracts. want to make direct investment in Iran,” Canada and Australia are also present this Iranophobia project. tives said: “I expect you to conclude big previously approved by the cabinet min- said the first vice president, adding: “In

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using finance, priority will be given to tracts and approval of the amendments, Elsewhere in his remarks, Zangeneh these academic centers will remain be- revenues of the government. those who will not exert pressure on the according to the minister, signing of new termed this year an exemplary year for side the projects until commercialization First Vice President Stressing that the problem has been country’s foreign exchange reserves.” oil contracts should be turned into a pub- petrochemical industry, adding: “We will of these items. solved under the 10th government, Javadi lic demand. If the young people look for increase the value of petrochemical prod- Referring to the conclusion of con- referred to the increase in export of gas Oil, Gas Condensate Exports jobs, these contracts can create many job ucts by $4 billion this year.” When the oil tracts for additional exploitation and addressing the oil condensates and said: “Export of gas Up to 2.4m Barrels opportunities. minister touched on the refining sector he studies on oil reserves with different condensates prior to the sanctions was Describing the achievements of the had some good news: “With the opening universities, the oil minister said this industry executives said: 250 thousand barrels which has now in- Under the sanctions, Iran’s average 11th government, he referred to the gas of the first phase of the Persian Gulf Star way professors and MS and PhD stu- “I expect you to conclude creased to 450 thousand barrels per day. daily export of crude oil and gas conden- sector, saying: “In 1391 (2012/13) gas Refinery, this year we will be no more an dents will be trained exclusively on oil He expressed the hope that the figure will sates was 1.350 million barrels. Mean- production from the joint South Pars field importer of gasoline. In fact, as of next reserves. Meanwhile, this effort can lead big contracts by making further increase with the development of while, in April export of crude oil and gas was 240 million cubic meters per day but year and with the opening of other phases to increased exploitation and preservation bold decisions and South Pars gas field. condensates reached a total of 2.4 million in 1394 (2015/16) it increased to 360 mil- of this refinery we will export gasoline.” of production from these reserves in the Javadi’s message along with the news barrels. lion cubic meters.” Zangeneh then men- Zangeneh’s remarks concerning long run. taking risks. The entire on 50% increase in the transit of Asian Some foreign media reports had ear- tioned the 80 thousand billion rials for export of gasoline will be realized only Zangeneh said producing license government will support and European oil tankers through Iran’s lier described the jump in Iran’s oil output gas supply to villages and noted: “This when the Persian Gulf Star Refinery starts and downstream technologies for pro- oil export terminals indicate that Iran has within a short period of time as unexpect- year, a similar figure will be allocated operation on time and, on the other hand, duction of gasoline and methanol was your measures.” entered a new era in the post-sanction pe- ed. According to Oil Minister Bijan Nam- for gas supply to villages and providing gasoline consumption is checked in the among other research-based activities of riod. Moreover, with the SWIFT problem dar Zangeneh, Iran’s crude oil production gas to Sistan & Baluchestan Province is country. the Oil Ministry. “Our universities and oil industry directors and holding its first solved Iran’s economy should await more alone has reached 2 million barrels per among programs of the Oil Ministry.” research centers under contract with the course, Zangeneh has opened the way for important developments. day. Increase in oil production and regain- 10 Strategic Oil Items oil industry should cooperate with cred- rotation of the directors of this 107-year Seyed Ebrahim Hosseini, an official ing the market share, is one of the strate- Iran Will Become itable foreign centers and universities old industry. with the Kharg Oil Terminal, says: “If gic issues in the area of national interest Gasoline Exporter Next Year A good job done by the oil show for the production of these technologies The good news of the 21st oil exhi- in the past our crude oil customers were and even security of Iran. “Nothing can this year was the joint session of the first and licenses.” The opening of the door bition was that NIOC managing director merely traditional ones such as China, Ja- stop us from retaking our market share.” Another key point in the oil minis- vice president, oil minister and senior di- of the oil industry to the universities and announced that Iran’s crude oil produc- pan, Turkey, South Korea and a number The oil minister then referred to the ter’s remarks was taking the market from rectors of the oil industry with those in- research centers is among blessed events tion is 3.7 million barrels per day which of other countries, now European coun- new oil contracts and said: “Conclusion companies which intend to take projects volved in the production of 10 strategic of the past three years, he said. Develop- will soon increase to 3.8 million barrels; tries such as Italy, Russia, and France are of new oil contracts will create many new from Iran: “It is not our policy to only items of the oil industry. Zangeneh said: ment of oil-related courses in universi- Iran’s average crude oil exports is 2.1 eager to buy Iranian oil.” job opportunities. We do hope that 60% take technology from foreign companies, “In case of the manufacture of 10 com- ties is the same deep rooted measure that million barrels per day which will in- The last but not the least, today there (in value) of the new oil contracts will be rather taking the market from them is modity items in the oil industry, Iran will can guarantee industrial independence crease to 2.2 million barrels by the end of is no need for the presence of high-level taken by Iranian side.” more important for us.” For implemen- have something to say in this industry of the country in future, he added. This the current year. officials and inauguration ceremonies Unemployment in Iran is not a small tation of this policy, foreign companies in the region.” Manufacture of these 10 way oil can be put on the tablecloth of Another important issue which filled with foreign representatives and au- problem. Foreign investment in the oil with participation of domestic companies items is expected to be carried out with the youth; the elites who by entering into caused concern of economists in the 9th dience for highlighting the importance of sector and conclusion of new oil contracts should produce products in Iran that can cooperation of the country’s universities one of the advantageous sectors can guar- government is related to the drop in ex- the international oil exhibition. can create many job opportunities. After be at least presentable in regional coun- and research centers. On the basis of the antee future of the oil industry. Through port of gas condensates which constitutes Today, Iran Oil Show is an important removal of ambiguities in the oil con- tries with their own brand. contracts concluded with the universities, establishment of the center for training an important part of foreign exchange event for the entire world.

64 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 65 Partnership Internationalization

Continued from page 61 Tune in to a Global Player "Food, energy, tourism, transportation and pharmaceuticals have the highest potential among other sectors for the expansion of mutual cooperation", Grabar-Kitarovic Said.

January after the UN nuclear agency con- Demographic Upheaval firmed that the country was in compliance with the terms of last year’s nuclear deal, which required Tehran to limit the scope By: David E. Bloom ty about these projections. For example, of its nuclear program. under the UNPD’s low-variant projection For Iran, a major producer of oil and he most prominent changes are India surpassing China in (which assumes fertility is half a child gas, Croatia’s geopolitical location in Eu- rapid population growth in some 2022 to have the largest lower), world population will not reach 8 rope is of great importance. The country Tdeveloping economies and shifting national population billion until 2026; under the high-variant has the potential to act as a gateway for shares of adolescents and young adults in projection (fertility half a child higher), it distribution of Iranian products to many others, increasing longevity and popula- will reach that level in 2022. But under European countries. tion aging throughout the world, and ur- population to hit 1 billion and until the almost any circumstances, the world is on The Balkan country possesses an banization and international migration. 1920s to reach 2 billion. But during the a historically unprecedented population extensive rail network spanning 2,722 All pose formidable challenges— past century, world population has grown trajectory. kilometers across the country and is also threatening economic growth, fiscal sta- significantly faster. It reached 3 billion in Ninety-nine percent of projected home to some of Europe’s busiest ports, bility, environmental quality, and human 1960 and jumped to 7 billion in 2011. growth over the next four decades will thanks to its long coastline along the security and welfare. At the beginning of 2016, world occur in countries that are classified as Adriatic Sea. But none are insurmountable. They population was 7.4 billion, and it is pro- less developed—Africa, Asia (excluding “Iran is ready and able to meet Croa- will be best dealt with if public and pri- jected to increase another 83 million Japan), Latin America and the Caribbean, tia’s demand for at least 25 key commodi- vate policymakers act decisively, collab- this year—representing the difference Melanesia, Micronesia, and Polynesia. ties,” said Nematzadeh in a meeting with oratively, and soon. That includes reform between 140 million births and 57 mil- Africa is currently home to one-sixth of Croatian economy, entrepreneurship and of retirement policy, development of lion deaths. Medium-variant projections the world’s population, but between now crafts ministers, referring to potentials global immigration policy, provision of by the United Nations Population Divi- and 2050, it will account for 54 percent of for trading in petrochemical, copper, alu- contraception to many millions of wom- sion (UNPD), which assume that fertility global population growth. Africa’s popu- minum, cement, stone and tile sectors en, and further improvements in child behavior evolves consistently with past lation is projected to catch up to that of among others. survival and treatment of chronic disease. trends and patterns, indicate that world the more-developed regions (Australia, According to Iran’s Minister of population will surpass 8 billion in 2024, Europe, Japan, New Zealand, and north- Communications and Information Tech- World population grows 9 billion in 2038, and 10 billion in 2056. ern America—mainly Canada and the nology , Iran-Croatia Reaching 10 billion would be the equiva- United States) by 2018; by 2050, it will Joint Economic Commission will meet in Population growth was extremely lent of adding China and India to the cur- be nearly double their size. the near future to restore bilateral ties to Tune in to Iran’s Marketplace slow throughout most of human history. It rent world population. Between now and mid-2050, other pre-sanctions levels. took until the early 19th century for world Admittedly, there is some uncertain- notable projected shifts in population

66 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 67 Internationalization

include: India surpassing China in 2022 to have the largest national population; Nigeria reaching nearly 400 mil- lion people, more than double its current level, moving it ahead of Brazil, Indo- nesia, Pakistan, and the United States to become the world’s third-largest popula- tion; Russia’s population declining 10 percent and Mexico’s growing slightly below the 32 percent world rate to drop both countries from the top 10 list of na- tional populations, while the Democratic Republic of the Congo (153 percent in- crease) and Ethiopia (90 percent) join the top 10; Eighteen countries—mostly in eastern Europe (and including Rus- sia)—experiencing population declines of 10 percent or more, while 30 countries (mostly in sub-Saharan Africa) at least double their populations.

Rapid population growth poses sig- nificant challenges. Among them is the need to provide jobs for large numbers of people and give them the human capital (quality education, training, and health) they need to be productive. Nations must also lay down the requisite physical capi- tal and infrastructure to support higher employment; otherwise mass suffering and political, social, and economic in- stability and conflict could become ever more common. Increased inequality across countries could also deter inter- national cooperation, stalling or even re- ranges from 5 to 142 across those same day. Megacities are home to 471 million versing the globalization process, which Nigeria reaching nearly regions. people—12 percent of the world’s urban has great potential to elevate standards of The center of gravity for world population and 6 percent of the world’s living around the world. In addition, rapid 400 million people, more population continues to shift to the less- total population. The United Nations re- urban populations place on land, air, and Europe’s 0.04 percent is the lowest (a population growth tends to impose pres- than double its current developed regions. It is also shifting from cently introduced the concept of metaci- water resources; urban dwellers’ dispro- doubling time of 173 years). In fact, the sure on ecosystems and natural resources, rural to urban areas as a result of migra- ties, which are urban areas with 20 mil- portionate consumption of fossil fuels overall rate of population growth is fall- undermining food, energy, and water se- level, moving it ahead tion, rising birth and declining mortality lion or more residents. Eight cities had and corresponding contribution to green- ing, and projected to continue falling, in curity—promoting the degradation of lo- of Brazil, Indonesia, rates in urban areas, and rural settings reached “meta” status in 2015. Tokyo house gas emissions; and the fact that every geographic region. For the world as cal and global environmental quality and growing into urban areas. More than half heads the list, with 38 million residents— more than 1 billion of the world’s popula- a whole, the rate of population growth is diminishing the prospects for remediation Pakistan, and the United the world’s population now lives in ur- more than the population of Canada. No. tion live in squalid urban slums. projected to decline by half between now and adaptation. States to become the ban areas, up from 30 percent in 1950, 2 Delhi’s 26 million exceeds Australia’s and 2050. It has been estimated that a daunting and the proportion is projected to reach population. Other metacities are Shang- Population dynamics Demographers often describe the 734 million new jobs are needed glob- world’s third-largest two-thirds by 2050. Africa’s population is hai, São Paulo, Mumbai, Mexico City, dynamic process of population growth ally between 2010 and 2030 to accom- population the least urbanized, with 40 percent of its Beijing, and Osaka. By 2025, Dhaka, Ka- Notwithstanding the expanding using a “demographic transition” model, modate projected increases in population, people living in urban settings—just half rachi, Lagos, and Cairo are projected to numbers, the pace of population growth which reflects a shift from a regime of account for plausible changes in labor the proportion of Latin America and the grow into metacities. has recently begun to slow. Currently, high birth and death rates to low birth and force participation rates, and achieve tar- As the number of people grew over Caribbean, which is the most urbanized There is an intense debate about the world population is growing at 1.08 per- death rates. A key feature of the transition get unemployment rates of 4 percent or the second half of the 20th century, so developing region. Fifty percent of Asia’s implications of these spatial distributions cent a year, which means a population is that the mortality decline precedes the lower for adults and 8 percent or lower did population density, with considerable population is projected to be living in ur- of people. Some stress the economic ben- doubling every 64 years. That rate is fertility decline, resulting in a period of for youth. variation across geographic regions and ban areas in the next few years. efits that accompany urban concentra- down from a high of 2.06 percent during population growth. countries. In 1950, population density The number of megacities—urban tions, such as large pools of labor and 1965–70, or a doubling every 34 years. Mortality—The number of global Where people live ranged from 1.5 people a square kilo- areas with populations greater than 10 markets for selling goods and services. Africa has the highest growth rate at 2.44 deaths annually per 1,000 people has de- meter in Oceania to 45 in Asia. Today, it million—grew from 4 in 1975 to 29 to- Others highlight the pressure that dense percent (doubling every 28 years), and clined steadily from 19.2 in 1950–55, to

68 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 69 Internationalization

7.8 today. That decline reflects such fac- ment to developing nations. Remittances tors as the development and widespread can significantly mitigate poverty and delivery of vaccines; other medical ad- promote economic and social develop- vances, such as the introduction of antibi- ment through the accumulation of human otics and oral rehydration therapy; dietary and physical capital. improvements; public health interven- tions, including improved sanitation, saf- Age structure er drinking water, and insecticide-treated bed nets; expanded education (especially Perhaps the most important of the of mothers); and improvements in health global demographic developments is the system and other infrastructure. It cor- changing population age structure. Three responds to a 24-year gain in global life highly predictable sets of changes stand expectancy—from 47 in 1950–55 to 71 out: falling youth dependency (the ratio now. Given that the average newborn of children under 15 to the working-age lived to about age 30 during most of hu- population, 15 to 64), shifting numbers man history, this 24-year increase, an av- of adolescents and young adults (15- to erage of nine hours of life expectancy a 24-year-olds), and the rising proportion day for 65 years, is a truly astonishing hu- of older people (ages 60 and over or 65 man achievement—and one that has yet and over). All these changes are linked to run its course. Global life expectancy to trends in the numbers of births and is projected to increase to 78 by 2050–55. deaths. For example, falling death rates in Life expectancy varies considerably the early phases of the demographic tran- across regions, from a low of 61 in Af- sition occur disproportionately among rica to a high of 80 in northern America. infants and children, which effectively That nearly two-decade gap is projected launches a baby boom that lasts until fer- to narrow somewhat in the coming years. tility declines. As the baby-boomers get Africa is expected to outperform all other older, an age wave works its way through regions in terms of both relative and ab- the population pyramid, from the base solute population health gains, reflecting, (infants and children) to the midsections among other factors, economic catch-up (15–24 and 25–59), to the peaks (60-plus and the diffusion of technology. and 80-plus). Similar changes in age Improvements in child survival are structure occur as a result of sharply ris- a significant driver of life expectancy ing birthrates, such as the baby booms in increases. Deaths of children under age 5 across regions—from 1.6 in Europe to 4.6 57 percent, with the main methods being but are home to more than half of the many countries after World War II. declined globally by more than 50 percent in Africa. Across countries, fertility rates female sterilization (used by 19 percent world’s international migrants. Nearly 20 Russia’s population Because people’s needs and capaci- from 1990 to 2015, with improvements in vary even more. They are 7.6 in Niger, of the age group worldwide), intrauter- percent of them are in the United States, declining 10 percent ties vary considerably over the life cycle, every region, though proportionately less 6.4 in Somalia, 6.1 in Mali and Chad, and ine devices (14 percent), oral contracep- followed by Germany and Russia with the consequences of changes in age struc- in sub-Saharan Africa and Oceania. The 6.0 in Angola, but 1.2 in Singapore and tives (9 percent), male condoms (8 per- 5 percent each. The countries with the and Mexico’s growing ture can be significant. Children consume largest absolute numbers of child deaths 1.3 in Moldova, Bosnia and Herzegovi- cent), and injectables (5 percent). Of the greatest numbers of emigrants are India slightly below the 32 more output than they produce; they re- occurred in India and Nigeria, which na, Portugal, South Korea, Greece, and remaining 43 percent of women in this (16 million), Mexico (12 million), Russia quire lots of resources for food, cloth- together account for 20 percent of world Spain. Roughly half the world’s popula- demographic, roughly two-fifths have an (11 million), and China (10 million). In- percent world rate to ing, housing, medical care, and school- population and 23 percent of births—but tion lives in countries with fertility rates unmet need for family planning—mean- ternational migrants are mostly working drop both countries from ing; and they typically do not work. By 33 percent of child deaths. Preterm birth, below the long-term replacement rate of ing they are fecund, sexually active, and age and evenly distributed by sex. contrast, adults tend to contribute more pneumonia, complications associated approximately 2.1 children a woman. want to delay or forgo child bearing but Although one of the greatest cross- the top 10 list of national than they consume—both through work with labor and delivery, diarrhea, In developing economies, improve- are not using modern methods of contra- continent mass migrations in recent his- populations, while the and through their saving, which supports and malaria are the leading causes of ments in child survival are a fundamental ception. The fraction drops to about one- tory occurred in 2015—the exodus of capital accumulation. The net contribu- child mortality, with undernutrition a driver of fertility decline, which follows fourth when traditional methods such as more than 1 million Syrians to Europe— Democratic Republic of tion of the elderly is typically somewhere significant cofactor. from the realization that fewer births are rhythm or withdrawal are included. In economic and institutional barriers to the Congo and Ethiopia in between. People tend to work less as Despite major improvements in needed to reach target family size. De- Africa the unmet need for contraception immigration remain significant, as does they reach advanced age and either save child survival, more than 16,000 children sired fertility also shrinks with education- and fertility rates are both well above the staunch social and political opposition join the top 10 less or dip into savings to finance their under age 5 died every day in 2015. al progress and income growth. Lower global average. in many advanced economies. However, consumption in retirement. Most of these deaths resulted from fertility, in turn, promotes improvements International migration—Besides migration has considerable potential to because it drains them of critical human Demographic dividends—Changes diseases and causes that are preventable in child survival, both through better ma- births and deaths, movements of people benefit not only those leaving their home resources such as physicians, engineers, in age structure can promote economic or treatable using existing and affordable ternal health and by allowing more family across borders represent the final channel countries but others in their origin and and educators. Remittances are, however, growth by creating the potential for what interventions. resources to be devoted to each child. through which national population size destination countries as well. Realiza- a significant countervailing force: an esti- is known as a demographic dividend— Fertility—A decline in fertility Access to contraception is also a changes. Only 3.3 percent of the world’s tion of that potential, however, depends mated $441 billion was sent to the devel- a boost to income per capita associated is another major facet of the global de- key to fertility decline. Among 15- to population, or 244 million people, live in on a variety of factors, including policies oping world by migrants in 2015, more with fertility decline, which reduces the mographic scene. In 1950, the average 49-year-old women living with a male countries other than the one in which they to support the migrants’ integration into than three times the amount of official burden of youth dependency, increases woman bore 5 children; today, she has partner (married or otherwise), the over- were born. Europe and northern America local economies. Many countries from development assistance and roughly two- the proportion of workers and savers in 2.5 children. Fertility rates vary widely all rate of modern contraceptive use is comprise 15 percent of world population, which migrants leave oppose migration thirds the level of direct foreign invest- the population, and allows resources to

70 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 71 Internationalization

be reallocated from supporting children to building factories, laying down infra- structure, and investing in education and research and development. Declining fertility also tends to free women from childbearing and child rear- ing, further boosting the labor supply. Similarly, saving rates tend to rise with increases in adult survival and the antici- pation of longer periods of retirement, es- pecially in countries where policies and institutions deter people from working past their early or mid-60s. The demographic dividend is a win- dow of opportunity for rapid growth of income and poverty reduction. It can be catalyzed through policies and programs that lower infant and child mortality and accelerated by encouraging lower fertili- ty—for example, by broadening access to primary and reproductive health services and to girls’ education. But a demographic dividend is not automatic. Its realization depends on key aspects of the economic and legal environment such as the quality of governance, macroeconomic manage- ment, trade policy, and infrastructure; the efficiency of labor and financial markets; and rates of public and private investment Vietnam (2.3 million), Russia (1.8 mil- 24-year-olds now outnumber those ages in health, education, and training. lion), Iran (1.7 million), and the United Eighteen countries— 60 and above by 32 percent. But by 2026 Demographic dividends have been States (1.4 million). The largest percent these two groups will be equal in size. enjoyed by a number of countries in declines will be in Armenia (–25 per- mostly in eastern After that, those over age 60 will rap- recent decades, most notably the east cent), Moldova (–24 percent), and Geor- Europe—experiencing idly come to outnumber adolescents and Asian tigers (Hong Kong SAR, South gia (–23 percent). Other notable cases young adults. This crossover already took Korea, Singapore, and Taiwan Province include South Korea (–15 percent), Cuba population declines of 10 place in 1984 among advanced econo- of China), which cut their birthrates (–8 percent), Germany (–7 percent), the percent or more, while 30 mies and is projected to occur in 2035 in precipitously in the 1960s and 1970s United Kingdom (–6 percent), Japan (–4 less-developed regions. and used the economic breathing room percent), and South Africa (–3 percent). countries at least double to stunning advantage through judicious This suggests the possibility of better their populations. Undesirable effects education and health policies, sound educational and economic opportunities. macroeconomic management, and careful But the shrinking number of young people There is great concern over rapid engagement with regional and world rates have already fallen substantially, sobering reminder that populations with also has other implications, including the population was classified as old (that population aging, which has been crudely economies. In these countries, more than demographic dividends are a more near- large numbers of adolescents and young prospect of fewer workers to support is, age 60 or over). Since then, the old- linked to many undesirable phenomena, 2 percentage points of annual growth in term prospect and will depend importantly adults pose great risk to social and politi- swelling numbers of older people. The age share of world population has risen such as workforce shortages, economic income per capita (roughly one-third of on human capital investments and job cal stability in societies that fail to satisfy younger workers will face growing gradually to 12 percent today, about 900 growth slowdowns, asset market melt- the total) is attributable to falling fertility creation. people’s expectations for standards of liv- physical and financial responsibilities to million people. But a sharp change is downs, fiscal stress, the financial collapse and the corresponding sharp rise in the Ebb and flow in the youth bulge— ing, especially in nondemocratic settings. support the elderly, including higher taxes afoot. By 2050 about 2.1 billion people, of pension and health care systems, and working-age share of the population Long-term economic well-being is pow- These demographic pressures, how- to fund health care and pension spending 22 percent of global population, will the dissipation of demographic dividends. between 1965 and 2000. erfully connected to the near-term expe- ever, may soon be relaxed. Adolescents in pay-as-you go systems. The situation be older than 60. The United Nations But demographic change often spurs At the other end of the spectrum, rience of adolescents and young adults. and young adults currently represent 16 will be further complicated by a swing projects that the global median age will offsetting behavioral adjustments and countries in sub-Saharan Africa have Along with their sheer number, the skills, percent of world population—ranging in electoral power, from increasingly increase from about 30 years today to 36 technological and institutional innova- fared much worse developmentally habits, energy, and expectations of young from lows of 9 percent in Spain and 10 burdened young and prime-age adults to years in 2050 and that, with the exception tions. Dire predictions abounded when because they have been unable to escape people make them a potent agent of social percent in Bulgaria, Italy, Japan, and Slo- growing numbers of elderly dependents. of Niger, the proportion of elderly will world population was doubling from the crushing burden of youth dependency and economic progress. The persistence venia to 24 percent in Micronesia and 23 Global graying—In a 2009 survey, grow in every country. 3 to 6 billion between 1960 and 2000. and rapid population growth. High of high unemployment rates—especially percent in Lesotho and Swaziland. professional demographers said that ag- Japan’s median age of 47 is the But global income per capita more than dependency ratios throughout much of among the young—continues to under- But the share is falling in every re- ing is the greatest population issue the world’s highest and is projected to rise to doubled during those four decades, life Africa suggest that lower fertility has mine the formation of fruitful and stable gion, and in some countries even the ab- world will face in the next 20 years (ex- 53 by 2050. But by then South Korea’s expectancy increased by more than 15 much potential to spur higher rates of connections between young people and solute number of 15- to 24-year-olds is cept for African-based demographers, median age will be 54. In 2050, 34 coun- years, and primary school enrollment economic growth. the world of work. The Arab Spring at shrinking. By 2020, the largest absolute who ranked HIV/AIDS higher). tries will have median ages at or above rates approached universality in many In south Asia, where fertility the beginning of this decade serves as a declines will occur in China (32 million), In 1950, 8 percent of the world’s Japan’s current 47. The world’s 15- to countries.

72 IRAN INTERNATIONAL, July 2016, Nos. 78&79 IRAN INTERNATIONAL, July 2016, Nos. 78&79 73 Internationalization Special Report

Population aging is likely to pro- voke similar adjustments. Myriad strate- gies are available to realize the potential that increased longevity creates for gains in welfare and to deflect the burdens. One set of strategies relies on the increased savings and greater female la- Iran Foreign Trade bor force participation that follow lower fertility, possibly abetted by the adoption of policies that make it easier to com- bine work and family. Another involves over the Past Two Decades magnifying the effective size of the la- bor force through strong investments in child health and in educational attainment and quality. Businesses can also help by reforming human resources practices (1996-2016) to make workplaces friendlier for older workers and by expanding opportunities for workers of all ages to augment and sharpen skill sets. Other buffers against the effects of an elderly population are ran International Maga- force no development projects likely to include the development of tech- zine was launched almost with financial and technical nology such as “social robots” that assist two decades ago as the participation of the industrial people with vital physical and cognitive I activities and the redesign of cities to fos- only journal in English focus- countries could be carried out ter more active and healthier aging. Ad- ing on Iran’s foreign trade. in Iran. justing coverage and contribution rates Iran International is in fact Eventually, after two years, and benefit payouts from public health the forum for Iran’s market- President Rouhani managed to care and pension systems is also a natural response to the fiscal pressures associated place partners. bring negotiations with P5+1 with population aging, although it risks During the first eight years on joint cooperation with Iran provoking intergenerational tensions. of its publication, the idea of in foreign trade to fruition. Increasing the statutory retirement Dialogue among Civilizations Today, Iran is going age can be a potent response to labor- market tightening associated with popu- was top on the agenda of through post-sanctions period lation aging. Retirement ages have been Iran’s foreign policy. This waiting for complete lifting remarkably stable for decades, even in helped Iran’s foreign trade of the sanctions in order to the face of dramatic increases in longev- boost up. Top international Seyed Hussein Sanaei prepare the ground for renewed ity. Projected declines in the ratio of the Chairman & Editor-in-Chief working-age to non-working-age popu- and multinational companies trade ties with foreign partners. lations are much less sharp if the upper came to Iran and began tions. Foreign companies left As Iran and industrial bound of the working age is increased to another adaptation to population aging. though likely surmountable. Behavioral operation in various industrial Iran and in fact an economic countries in the East and West 70 over the next quarter century. Turning on the international migration adjustments, technological innovations, and mineral sectors. war was waged. Iran had no open a new chapter in bilateral Of course, adding older adults to tap as a response to population aging is and policy and institutional changes have the workforce is useful only if they are possible, but is unlikely to offer appre- significant potential to offset negative The most major of more partners in foreign trade relations, Iran International healthy enough to be productive. A ciable relief given social and political op- consequences and realize promising op- these companies began their and in the meantime used all has devoted its 78th edition heightened focus on disease prevention position to sustained mass immigration in portunities, but their implementation will activities in South Pars fields its efforts to defuse the biting Special Report to reviewing the could play an important role in adapting most high-income countries. require financial resources and strong na- to open a unique chapter in sanctions. developments in Iran’s foreign to population aging. That involves a com- tional and global leadership. It is unlikely mitment to healthier diets, more physical A way forward that the worst fears associated with rapid development of Iran’s oil, gas In the early years of the trade over the past two decades. activity, reduction of tobacco and harm- population growth and graying popula- and petrochemical sectors. third eight years since the The report recalls ful alcohol consumption, and increased The world continues to experience tions will be realized. But a great deal of In the second eight years, publication of Iran Interna- statements made by Iranian adult vaccinations against diseases such the most significant demographic trans- analysis, debate, behavioral adaptation, there was a major shift in Iran’s tional, the moderate gov- and foreign officials who have as influenza, pneumococcal pneumonia, formation in human history. Changes in and policy reform—in both the public and shingles. longevity and fertility, together with ur- and private spheres—must occur before foreign policy as a result of ernment of Hassan Rouhani played an important part in Some have also proposed fostering banization and migration, are powerful we can be sure. which foreign trade was badly came into power. The Rou- Iran’s foreign trade over the increased rates of international migration shapers of our demographic future, and hurt after the country came hani administration believes past two decades. from countries with “young” populations, they presage significant social, political, David E. Bloom is Professor of Economics under full international sanc- as long as the sanctions are in such as those in Africa, to those with economic, and environmental conse- and Demography in Harvard University’s Depart- ment of Global Health and Population. “old” populations, such as in Europe, as quences. The challenges are formidable,

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Respect, Dignity and Honor Historic Deal

Expansion of our economic and political ties with different countries should be based on mutual Today, after many months of tough, principled diplomacy, we have achieved the framework for respect and also dignity and honor of the great nation of Islamic Iran. that deal. And it is a good deal.

Ayatollah Ali Khamenei, The Supreme Leader of the Islamic Republic of Iran Barack H. Obama, President of the United States January 2014 June 2015

New Chapter Opens in Iran-EU Relations New Chapter Opens in Iran-EU Relations

It must be noted that diplomatic relations with countries such as Italy which is an influential state The British parliamentary group in its recent visit to Tehran held important talks with Iranian in the EU decision making and decision taking process, are important before implementation of officials on bilateral and regional relations, reopening of the British Embassy in Tehran and visa the Joint Plan of Action or the Geneva Accord. clearance.

Dr. Hassan Rouhani, President of Islamic Republic of Iran David Cameron, British Prime Minister January 2014 January 2014

A New Opportunity for Iran’s Development New Chapter Opens in Iran-EU Relations

The new international agreements should generally raise trade volume, perhaps significantly, Germany’s relations with Iran have always been good and growing. These relations have enjoyed and enable Iran’s economy to work and perform closer to its potential socio-economic-resource great importance especially in the economic field. transformation possibility frontier. Angela Merkel, German Chancellor Mohammad Javad Zarif, Foreign Minister of Islamic Republic of Iran January 2014 January 2014

Fuel for Better Life China Calls for Security Alliance with Iran and Russia

One of our strategic development programs is to produce clean and green fuels for a better life for CICA should also create a security response center to deal with emergencies. the future. For that purpose, in addition to GTL several projects including a DME and methanol for fuel cells are under study. The NPC is willing to initiate cooperation and partnership in these Xi Jinping, Chinese President areas with both consumers and technology providers. June 2014

Mohammad-Reza Nematzadeh, President, NPC May 2002

Karbasian Calls for Greater Private Sector Cooperation Iran Is Land of Opportunity

The private sector and economic activists should not remain inactive and wait to see what mea- Seoul will re-establish investments and expand bilateral trade to help Iran quickly rebuild its sures the government would take to encounter the economic sanctions. economy and achieve growth.

Dr. Mehdi Karbasian, Managing Director of Park Geun-hye, Korean President Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) July 2016 January 2014

Iran Welcomes Investors in a Wide Range of Fields Historic Event, New Era of Development

In the post-sanctions era and with the resumption of the activities of SWIFT, financial transfers The agreement to develop Chabahar Port, for which India will provide $500 million, is a key will become easier and cheaper and such facilitation could be effective in encouraging foreign milestone. investors. Narendra Modi, Indian Prime Minister Engineer Ali Ashraf Afkhami, Managing Director of Bank of Industry and Mine July 2016 March 2016

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Road Would Open in the Future Re-evaluation in Tehran

We hope the sanctions would be lifted in which case the road would open in the future and prob- A trip to Tehran meant a constructive dialogue with the architect of intercultural dialogue. lems would be resolved in areas we are facing shortages and the country would prosper again. Kofi Annan, The United Nations Secretary General Ayatollah Hashemi Rafsanjani, Chairman of the State Expediency Council June 2000 January 2014

A Win-Win Relationship It Takes Two to Flourish

Iran-Italy Chamber is among the oldest joint chambers with the highest number of members and Malaysia follows an exemplary development pattern. In fact, Kuala Lumpur has the most success- has always acted as a bridge between Iranian and Italian activists. ful development record among members of the Organization of the Islamic Conference (OIC).

Ahmad Pourfallah, -Italy Chamber Mahathir Mohammad, Senior Malaysian officials including Prime Minister January 2014 March 2003

Real Jobs Leaving No Country Aside

Every authority talks about job creation. However, jobs will be created once we have fixed legal Strengthening stability goes hand in hand with the fight against poverty and the social consequences structures and executive instructions for establishment of capital market. You cannot create jobs of crisis. by injecting money into economy. Jacques Chirac, French President Najma Hashemi Fesharaki, MD, Behshahr Industrial Group Investment Co. July 1999 December 2001

Partnership Priority Social Investment

The Iranian oil industry will continue stressing on the necessity of joint ventures. However, part- We want to contribute to Iran’s aspiration to create wealth from its natural resources thereby nership with international companies is valued only when it leads to the local production of further raising living standards. However, economic growth does not guarantee prosperity if it is equipment for oil, gas and petrochemical industries. not attuned to societal aspirations.

Ali Kolahdooz Isfahani, Deputy Minister of Petroleum Robert Weener, Chief Executive, Shell Development Iran B.V. June 2000 December 2001

Optimism about the 'Village' True Reunion

We have a brilliant history and have contributed a great deal to world civilization. Developments in Iran-EU ties has given Shell the encouragement that it needs to work on more projects. Dr. Manouchehr Farhang, Senior Economist June 1998 Dr. Edi Cartier, Shell October 1999

Digital Dialogue An Era of Belt-tightening

The international community must work together to secure the participation of all cultural, social The second half of last century saw the migration of the basic petrochemicals industry to the and linguistic groups in the creation of a knowledge-based society. Middle East because of feedstock availability and competitive costs.

Dr. Kazem Motamednejad, Professor of Communications Mohammed H. Al-Mady,Vice Chairman & CEO, SABIC January 2004 October 2014

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Iran’s Policies before Joining the World Market Path to Development

If we are interested in joining the WTO in the future, we are obliged to prepare our industries The global economy has become increasingly interconnected through technology, trade, and from right now, so as to avoid snags when the time comes to participate. finance, leading to larger spillovers across borders and greater interdependence among countries.

Esshaq Jahangiri, Minister of Industries & Mines Christine Lagarde, IMF’s Managing Director November 2002 October 2015

It is 'Market for Market' Now French FM Fabius Holds Talks with Senior Officials in Tehran

The incorporation of capital, technology, and market in a package would certainly be in the long- I am carrying an invitation from the president of the French republic to the Iranian president to term interests of both Iran and the European Union. visit France if he wishes, in November.

Bijan Namdar Zangeneh, Minister of Oil Laurent Fabius, French Foreign Minister November 2002 October 2015

I Pin Great Hope in Future Competence Despite Isolation

Our university as well as research, industrial and production centers should stand by each other. The steady progress toward a more liberal economy and political freedom are prerequisites for the integration of Iran into the world. Professor Madjid Samii, the President of the World Federation of Neurosurgical Societies June 2014 Rein Willems, Executive Vice President of Base Chemicals, Shell Chemicals Ltd. June 2000

Banks Bypass the Law The Human Bridge

When the law was enforced first, share of partnership contracts from bank contracts was very Right now there are some 250,000 Iranians living in Canada. This ‘human bridge’ is one of the big high while share of exchange contracts was very low. advantages of our mutual relations since people are the most important parts of the relationship.

Dr. Mousa Ghaninejad, Senior Economist Terence W. Colfer, Canadian Ambassador to Iran January 2009 June 2000

All About Customers Naphtha Vs. Gas

We need to consider our customers as honest and caring trade partners. Customers are just like Naphtha-based petrochemical producers are finding it impossible to compete against the senior advisors who are both experienced and efficient. As partners, customers introduce a new “feedstock advantage”. To bridge the gap, producers will be increasingly obliged to convert way of thinking to us. steam cracking by-products into premium products.

Ali Mirkhan, Managing Director, Peykareh Group Marcello Piccioti, Vice President, Technip – Coflexip March 2002 October 2014

Economic Policy in Relations An Obstacle?

In our foreign relations, we do attach special interests to economic aspects. Developing our There are no major obstacles in the way of attracting foreign investments [in Iran]; all major national economy would be possible when we create a favorable international environment for companies are here and they are interested. In fact, the major obstacle is the false image which the interaction between our economy and our partners. has been introduced from Iran in foreign countries.

Seyed Mohammad Hussein Adeli, Deputy Foreign Minister for Economic Affairs Werner W. Racky, License Marketing Manager, Elenac GmbH March 2001 June 2000

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Gas and Passing through Economic Crisis Expansion of Economic Ties High on the Agenda

Qatar through expansion and development of its gas industry has won the fifth place in the gas Austria is a land of dialogue. We reject violence. We want to build bridges and want to seize market and taken advantage of its benefits. every opportunity to reduce tensions and promote a climate that promises a better future than if we remain stuck in confrontation. Akbar Torkan, Member of the Center for Strategic Research of the Expediency Council March 2013 Heinz Fischer, Austrian President October 2015

Why Do Industrial Corporations Not Grow in Iran? Iran to Use Spain’s LNG Terminals for EU Exports

If we proceed on in the next few years with the same multi-rate foreign exchange system, we have Parallel with the official meetings, representatives and managers of Spanish companies were also practically moved against production and investment. planning to attend business conferences and hold meetings with their Iranian counterparts.

Dr. Masoud Nili Jose Manuel Garcia-Margallo, Spanish Foreign Minister July 2013 October 2015

One Global Move Italy Eyes Iran as a Thriving, Lucrative Market

By participation in international tenders and joining in multinational consortiums, MAPNA Undoubtedly, the numerous common interests between the two great nations of Italy and Iran can follows a global approach. serve as a suitable ground for further expansion of relations in all economic, social, cultural and political grounds. Dr. Asghar F. Kashan October 1999 Giorgio Napolitano, Italian President January 2014

Political Interventions in Banking Decisions Financing in Advance

The net result of these interrelated trends is reduced share of capital in balance sheet of banks, We have arranged for NPC a financing facility which enables them to source their goods in a inefficiency of operational expenses as well as inadequate deposits in comparison to outstanding number of countries. On that basis, we can provide favorable financing for Iran’s new projects. loans. Hans Herold, Managing Director, Structured Export Finance, Deutsche Bank Dr. Seyed Ahmad Mir-Motahari, Economist October 2014 January 2009

Countless Advantages 120-Year Old Partner in Assaluyeh

Iran can provide inexpensive, environment-friendly energy resources for all projects. NPC’s ambition to achieve a 2% global share by the end of the Third Development Plan is a very realistic goal provided that they keep the pace of the last 3-4 years. Reza Ashraf Semnani, Acting Deputy for Planning at the Ministry of Mines and Metals October 1999 Aldo Belloni, Executive Board Member of Linde AG June 2001

Dialogue among Economies Conference Good Enough

The most important role of IMIF is to find, and answer, the questions of foreign investors. We are presently cooperating with the NPC on two projects, one of which is in Assalouyeh and the other at Bandar Imam. It is very difficult to make a proposal on the improvement of the forum Massoud Roqani Zanjani, since it is well organized. Renowned Economist and Head of the Higher Institute for Research in Planning and Development October 1999 Andreas Lusch, Managing Director, Lurgi Oil, Gas & Chemicals October 2014

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Lower Risks, Lower Debts Willingness in Practice

A reduction in financing costs and relaxation of limits in foreign financing are some of our notable Having a good feedstock is an advantage, but it is not enough to form a partnership. There are a achievements in recent years. Iran has tried hard to replenish its foreign reserves and our foreign number of other conditions that have to be met. There must be a practical willingness.” debts now stand at $6.6 billion. Dr. Marcello Colitti, President, Italian Standards Organization (UNI) M. J. Mojarrad, CBI Vice Governor, International & Foreign Exchange Policies October 2014 March 2002

$72 Billion in Five Years Business as Usual

The Third Economic Development Plan prompts Iran to create 765,000 jobs per year, requiring IPF 2001 was very fruitful for us specially since we signed a contract during the forum. So I am about $14.5 billion of annual investment. In five years time, the required investment amounts to looking forward to 2002 to have even more contract signed during the forum. a total of $72 billion. Daniel Valot, Chairman & CEO, Technip Dr. Mohammad M. Navab, Senior Economist June 2001 March 2001

How Competitive? Maximizing Value

While we insist that the Iranian auto industry should become competitive, only six major To achieve its aspired share of the product markets Iran will clearly need to offer attractive international auto manufacturers account for 80% of the world auto production. Is this a feedstock prices as well as a low local cost base. Iran may also have to consider the optimum competitive industry? phase of projects by recognizing the pattern of developments.

Manouchehr Gharavi, Managing Director, Industrial Group Jeroen Van der Veer, Group Managing Director, Shell Group of Companies, Royal Dutch Shell June 2001 October 2014

Redefining a Position Assessment time

Those auto manufacturers who intend to have a future increasingly view the world as a unified We don’t know at all at the moment the amount of investment we are likely to make and I am here market. Companies with such a vision are redefining their position regardless of whether they are to take a look at what we are going to do about that. And we will find our way to decide later on in the developing or highly developed world. since this is our comany’s first participation at the forum.

Dr. Mohsen Talaei, Iranian Ambassador to South Korea Wilhelm J. Beckmann, President, Beckmann Chemikalien KG June 2001 October 2014

Mergers Essential Deeply Involved

If we are to join the WTO, we must promote quality and reduce production costs. This demands We have a lot of cooperation going on with Iranian partners. We are supplying processors and a merger between small industrial units to create component manufacturers. catalysts linked to those processors mainly for olefins and poly-olefins and also GTL systems. Our products are focused on what is mostly needed in this country. Davood Mirkhani-Rashti, Secretary, Iranian Vehicle Manufacturers’ Association June 2001 Claude Mandil, Chairman, IFP May 2002

Key to Global Markets Globally Important

Foreign part manufacturers have been able to considerably reduce costs and increase quality I’ve found out that this event is becoming more and more attractive to the business community through mass production and using modern technologies. Clearly, modern technology is the key the world over, including to the possible shareholders and the partners in the technology. As for to entering the global market. our company, it is a leading one in polypropylene and few other petrochemicals and has a large business in gas and energy. S. M. A. Seyed Abrishami, Deputy Minister of Industries & Mines – ISIRI President June 2001 Roberto Pratesi, Vice Chairman and Managing Director, Tecnimont October 2014

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The End of an Introverted Economy EU Eyes Better Ties with Iran

If Iran puts the days of an introverted economy behind it and embraces foreign partners and It was a great day for the Union, the European Commission is about to enter talks with Iran adopts their management methods, it can have its rightful place in global market. without delay.

Mohammad-Reza Aref, First Vice President Javier Solana, EU Foreign Policy Chief September 2003 September 2002

Law Journal’s Contribution to Legal Literature Beautiful Business

Edalat Ara law journal adequately fills a gap evident in Iran’s legal literature and its insightful In line with our MoU with NIOC, and further to development of Balal, Dorood, and South Pars and informative material provides vision and guidance for legal practitioners, scholars and judges phases 2 & 3, we do see Pars LNG as one major opportunity to become a player in this beautiful, alike. huge development of Iranian gas business.

Dr. Aliyar Arashadi Christophe de Margerie, Executive Vice President, TotalFinaElf January 2006 December 2001

Novel Gas Economy GTL Technology

Iran offers a good basis for foreign investment in natural gas development projects in light of its Natural gas is fast becoming the world’s more desirable source of future hydrocarbons. We political and economic stability. believe the establishment of a GTL industry would align perfectly with Iran’s stated objectives of developing domestic and export markets, while also preserving the value of its reserves for Ahmad Rahgozar, vice president of NIOC future generations. December 2001 Pat Davies, Executive Director, Sasol October 2014

Competitive Advantages A Fundamental & Lasting Recovery

The way toward globalization is developing the capabilities which are of value to the world. If a Despite staggering blows, the global economy held together and growth resumed. Consequently, country possesses low-priced energy and labor force, there is no reason why it cannot compete in we have entered a welcomed period of excess capacity absorption, which is translating into some fields with others. supply tightness, producing reinvestment quality earnings.

Seyfollah Ebrahimi, Managing Director, Saipa Automobile Corporation Gary Adams, President, CMAI, U.S.A. March 2001 October 2014

A Private Banking Culture Competitive Advantage

If the banking systems are designed in a way to be dynamic, many economic problems of the To earn acceptable financial returns, investment projects are increasingly required to meet or nation will be resolved. even surpass existing leading global standards. The criteria are multi- dimensional, covering all aspects of the investment from – feedstock through technology and from operational excellence Dr. Alireza Shirani, the governor of Bank Sepah to marketing and financing. December 2000 Mike Buzzacott, Group Vice President, BP Chemicals October 2014

Joint Product, Joint Success An Excellent Exercise

If foreign manufacturers embark on joint production in Iran and market the joint product in IPF 2001 is an excellent exercise. It’s very useful because it gives plenty of opportunity for people international markets, they are certain to meet international quality standards. to get together, for people like us coming from Western countries to know more about Iran.

Abdolvahab Shariati, Deputy for Automobile Industry, IDRO Sante Granelli, Licensing & Catalysts, Basell June 2001 June 2001

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Iran’s Renewed Presence in Global Economy Common Market

Today the private sector hopes the government, with the same logic and foresight employed for D-8 leaders have decided to boost the academic and scientific cooperation among them as a way the nuclear agreement, would think about national consensus for the development of the economy. to boost trade cooperation. Indonesia will hold the next D-8 Summit in 2006.

Masoud Khansari, Chairman of Tehran Chamber Megawati Sukarnoputri, Indonesian President March 2016 March 2004

Détente-Based Prices Simply Successful

Factors beyond OPEC control may someday push the oil prices down despite cooperation and The volume of trade between Iran and China stood at over $3 billion—which is a record in mutual consensus among member nations. economic ties. This is the reason behind the preferential tariff rate Iranian products enjoy.

Hussein Kazempour Ardebili, a senior advisor to the Oil Minister and Iran’s OPEC governor Hu Jintao, Chinese President September 2001 September 2003

Foreign Investment Tehran-Amman Plenty to Talk About

Banking and government resources are not enough to realize growth. Foreign investment which Jordan’s nation and government are happy to upgrade relations with the Iranian government and brings in technical know-how and modern technology and gives Iran a better slice of market share nation and underline expansion of mutual cooperation. is the key to success. King Abdullah II of Jordan Tahmasb Mazaheri, Minister of Economic Affairs and Finance September 2003 September 2001

Global Business Culture Research and Energy Challenges

There was a time when art and literature were the most effective tools to bridge the gaps between The experimental tools we have used for decades go back to tools for studying the surface of different nations. In the new millennium, business relationships will play a dominant role in crystals or amorphous materials, ascribing the surfaces to catalytic activities, selectivity and of synthesizing of global cultures. course kinetics.

Mohammad Souri, Managing Director, National Iranian Tanker Co. (NITC) Haldor Topsoe, President & Founder, Haldor Topsoe, Denmark December 2001 January 2009

High-Tech Reward Common Market

A proper application of high-tech facilities such as computers, satellites and the Internet has Tehran and Kuala Lumpur have cordial ties and the two will continue to elevate bilateral trade become a necessity for today’s man. The reward of this application will be a sustainable and conduct exchange of students and academics. The signing of a cooperation accord will also development in terms of culture, science, economy and environment for the benefit of all. increase the volume of trade.

Seyed Mehdi Qadimzadeh, Managing Director, Printing & Publications Organization Abdullah Ahmad Badawi, Malaysian Prime Minister September 2000 March 2004

Attractions Waiting Common Market

According to a UNESCO survey, Iran is one of the world’s top ten countries with a great variety Ankara looks in a positive light on transfer of gas from Iran to Europe and has carried out of tourist attractions. important discussion on the issue with European countries.

Javad Ghassemi, Deputy in charge of tourism in Islamic Republic of Iran Airlines Ahmet Necdet Sezer, Turkish President March 2000 March 2004

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Sky Is the Limit Iran-EU Near Neighbors

HESA has based its activities on a platform of endeavor and compatibility with the requirements Iran has always adopted an active engagement approach in its dealings with Europe, to compensate of the times. for the containment policy adopted by America. Today Iran cooperates with the most influential members of the EU in regards to the political and security threats it faces and the main challenges Mohammad Eslami, Managing Director of Iran Aircraft Industries Co. (HESA) in the region, as well as human rights issues and concerns in regards to Iran’s nuclear activities. September 2002 Romano Prodi, European Commission President May 2004

Iranian Scheme in Global Crisis Turning Misunderstanding into Understanding

Under existing circumstances, due to shortage of liquidity at banks and other financial institutions, We must all accept that this will be a long, painful journey requiring help from all over the world they may treat Iranians in an easier way. to achieve the rebuilding of people’s homes, the reconstruction of the historic citadel and the aqueduct system on which so many people’s lives depend. Dr. Hussein Abdoh Tabrizi, Economist January 2009 Britain’s Prince Charles March 2004

Decisions: Taking, Making Satisfactory Ties

We must replace decision-taking with decision-making. A manager’s merit is to benefit from We will be engaged in projects including: construction of a section of Tehran’s subway system, the collective knowledge of human resources to make a decision, rather than using his personal expansion of Iran's railway system and providing Iran’s national railroad company with advanced thoughts to take a decision. signaling equipment, constructing water generators, auto environment beautification, and communications. Seyed Jafar Marashi, Industrial Management Specialist March 2002 Thomas Klestil, Austrian President March 2004

No Worries? The Best Use of Aid? Strategic thinking may be dominating charitable feeling in the capitals of the big donor countries. Oil exports will earn Iran some Rls 100,453 billion in revenues accounting for 47% of the total Rich countries forgave debts and dispensed aid worth $58 billion in 2002, up from $52 billion in income. But there is no need to worry even if worse comes to worst. The hard currency reserve 2001. But this total pales in comparison with the $900 billion spent on defense around the world. fund is there for rainy days. If we spent $900 billion on development, we probably wouldn’t need to spend more than $50 Mohammad Satarifar, Head of the Management and Planning Organization billion on defense. March 2002 James Wolfensohn, President of the World Bank May 2004

Bitter Truth The Best Use of Aid? Some say economies grow more quickly when they receive more aid, regardless of the government’s Only 20% of companies, which have already made preparations, can make their presence felt policies; others find no correlation at all. Nonetheless, a new conventional wisdom has formed on the world stage after Iran joins the WTO. Forty percent of companies won’t survive WTO around the principle that aid flows, to be effective, must be selective. Honest governments, accession. committed to sound policies, should get aid, while equally poor countries that display no such Homayoun Heydari, Managing Director, Talash Gostar Quality Tehran commitment should not. March 2002 Horst Köhler, IMF Managing Director May 2004

Lasting Vision Financing for the Future

Our decisions should be so carefully made so that if the management retires before the completion Iran has sometimes been perceived as a crude oil based economy and its economic fortunes have of a project, those who replace them accept that the previous management did its best when it shown a marked correlation to the price of oil. However steps have been taken to reduce this decided on a certain course of action. dependence on oil and in this respect NPC has been one of the key companies in this diversification strategy, raising over $5 billion for new petrochemical projects since the 1990s. Hojatollah Ghanimifard, Acting Vice President, NIOC March 2002 David Hodgkinson, Deputy Chairman, HSBC, UK October 2014

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New Chapter Opens in Iran-EU Relations China Can Serve as a Model

Italy is currently Iran’s second trade partner in the European Union. Had it not been for the Agreements signed by Iran and China show bilateral cooperation mainly centers on joint ventures, sanctions, Rome would have been Tehran’s first trade partner. Relations between Iran and Italy oil and gas, trade visas, and exhibitions. Customs and transportation account for another part of have always enjoyed a logical trend and have been maintained at the highest political level. Tehran-Beijing cooperation.

Dr. , Presidential Chief of Staff and Advisor Jiang Zemin, Chinese President January 2014 March 2003

Digital Revolution Iran-India Entente

This dynamic momentum of digitalization quickly devoured human’s living environment and is "Iran and India call for "pluralism, diversity and tolerance" and applaud "Dialogue among now the most important factor in new economic theories and sustainable development. Civilizations" as an appropriate means of "addressing discord and differences in international relations." Dr. Shahindokht Kharazmi, Member of the Scientific Board for the Organization of Industrial Management January 2003 Atal Behari Vajpayee, Indian Prime Minister March 2003

Caspian Sea Legal Regime Making Room in Europe

Iran can declare 12 miles as its territorial water and by doing so secure its preliminary rights. Spain is Iran’s fourth biggest trading partner in the 15-member European Union following Italy, Germany and France. Dr. P. Mojtahedzadeh, President of the London-based Eurosevic Institute January 2003 Jose Maria Aznar, Spanish Prime Minister March 2003

If’s, But’s, And’s Simply Successful

Overall, the capital market in Iran is at its infancy. There are a lot of if’s, but’s and and’s. But for Kharrazi discussed Tehran-Tokyo cooperation at the regional and international levels. The visit somebody who is willing to sit down and analyze, there are plenty of opportunities that would comes at a time when there are on-going talks between Iran and Japan on the Azadegan oil field. pay off very well. Junichiro Koizumi, Japanese Prime Minister Dr. Shahin Shayan Arani, CEO, Etebar Financial Management Consultants Co. September 2003 December 2001

Gentle Taxes Common Market

Former tax rates would scare investors off. Under the new Tax Code, production and industrial There are no obstacles in the way of mutual ties in scientific, technical and cultural fields. Iran activities in underdeveloped areas will be tax-free for ten years. Mining and production activities and Egypt have close viewpoints regarding the fate of the Palestinian people, situation in Iraq and will remain exempt for four years. threats posed by extremists in the Islamic world as well as the influence of foreigners.

Issa Shahsavar Khodjasteh, Deputy Minister of Economic Affairs and Finance Mohammed Hosni Mubarak, Egyptian President December 2001 March 2004

Revising the Monetary and Banking Law Morocco, the Coolest of the Hot

Legal and structural contexts as well as the capacity to manage bank crises would indicate the Morocco is blessed with shores of varied and plentiful marine-life, to an extent that vast sections success of the Central Bank in establishing financial stability. of its coast are rented out to countries from all over the world, even Japan.

Dr. Akbar Komijani, Economic Deputy of the Central Bank of Iran King Mohammed of Morocco March 2004 January 2003

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Be Realistic, Please Iran a Promising Market for Croatian Companies

Obviously, the first essential step to be taken toward the globalization of the Iranian auto industry Food, energy, tourism, transportation and pharmaceuticals have the highest potential among other is avoiding illusions and acting realistically. The global environment does not rely on friendly sectors for the expansion of mutual cooperation. understanding. Kolinda Grabar-Kitarovic, Croatian President Dr. Hussein Azimi, Faculty Member, July 2016 June 2001

Half the Money Enlarging EU Export Opportunities

The launch of private banks is a measure that ultimately aims at giving the private sector a 50% I think the enlargement of the EU will lead to Iran enjoying more benefits, because all the new share of overall national monetary activity. Next, we will be reviewing the services rendered by member countries will enjoy the trade system like the other European countries and this will be private banks. give Iran a better opportunity to export to these new countries.

Dr. , Governor, Central Bank of Iran Cladinoro Calcina, Managing Director, S.I.C.I.F s.r.l., Italy September 2001 October 2014

CBI’s New Governor Takes Charge Iran-German Petchem Partnership

I believe that emerging from our seclusion will mean that we will be more influential, rather than Our main area of cooperation and joint ventures is in the petrochemical sector with Iran’s National more influenced. Petrochemical Company (NPC) and particularly with Assaluyeh Petrochemical Complex. I hope that the Managing Director of NPC, Mr. Nematzadeh and I can conclude agreements to have Dr. Ebrahim Sheybani, Governor of the CBI more joint projects executed by our two countries in the future. May 2003 Paul Von Maltzahn, German Ambassador to Iran May 2004

Joining Int'l Community on Intellectual Property Monopoly Seeking Policies Have Wrecked Iran’s Economy

Iran by joining the WIPO, following which the state must become a party to all other international We should focus on exporting merchandise and importing raw material and invest in production treaties and conventions relating to intellectual property rights has undertaken financial obligations and technology. for Iran’s customs. Dr. Mehrdad Emadi , Deputy Minister of Finance and Economic Affairs October 2015 January 2003

Iran’s Intellectual Avant-garde Iran’s Economy Needs Foreign Advisors

We Easterners have an ethical obligation to serve the people of Iran and this includes the 100,000 The situation in our country is such that a minister who is in charge of the affairs would himself renowned friends of ours who reside outside of Iran. adopt a critical approach and criticize what he has been supposed to do but failed to accomplish!

Professor Fazlollah Reza Dr. Mehdi Asali May 2003 March 2016

Post-Sanctions, Roadmap for Oil Management Strategic Alliance

$25 m to $30 m in Foreign Investment Needed in Oil & Gas Industry. IPF is composed of eight sessions in which 33 domestic and international speakers present their views on the current and outstanding investment issues in Iran. Dr. Mohammad Javad Assemipour October 2015 Mansour Moazami, IPF Chairman May 2003

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Blessed with Potentials The Past is the Light of Future

GSI will encourage investors to invest in both mining and industrial projects. The Central Bank of Iran has exerted utmost efforts and given priority in liquidity providing to working capital of production units. Mohammad Taqi Korehie, Head of the Organization for Geological Survey & Mineral Exploration of Iran (GSI) October 1999 Dr. Valiollah Seif, Central Bank of Iran Governor June 2014

Supply and Demand Flying in Partnership

The Iranian steel industry faces such responsibilities as supplying the domestic demands, Foreign partnership benefits us in a number of ways. It would persuade others to join in, would completing the steel production cycle and boosting non-oil exports. These can be achieved contribute to Iran Air’s management and would help us offer our services to other airlines. through a combination of endeavor and international cooperation. Davood Keshavarzian, Managing Director, Iran Air Ahmad Katani, Managing Director, Khouzestan Steel Co. September 2001 September 2000

Overcoming Hurdles A Stride of Steel

Iran’s steel industry is aiming for 14.7 and later, 18 million tons of steel production. Preparations are under way to conclude agreements that will eventually see national production hit the stated objective of 14.7 million tons. Seyed Moosa Aqaie Lankarani, Planning Deputy of National Iranian Steel Company (NISCO) October 1999 Ahmad Ali Harati-Nik, Managing Director of National Iranian Steel Co. September 2002

Attractive Return on Copper Industry Splendid Qeshm Free Area

High profitability of copper industry is guaranteed by great demands and rich reserves. Qeshm outranks all Iranian free trade and special economic zones in terms of investments so far made. Mohammad Reza Tavassoli, Executive Director and Board Member of National Iranian Copper Industries Co. October 1999 Behrooz Boushehri, Chairman and Managing Director of Qeshm Free Area Organization October 1999

Golden Opportunities Technology Transfer for 22 Turbines

Investors will have control over the mines for a period of 25 years which can be further extended. The plan for commissioning 22 combined cycle steam units is an important step towards the more efficient use of scientific methods for power generation. Jafar Sargheyni, Ph.D., Mining and Utilization Deputy of the Ministry of Mines and Metals October 1999 , Energy Minister July 2003

Future of Aluminium A Fine Resume

IMIF can adjust the global market and drive different countries toward a global economy. Possessing the required expertise, experience and location, Pars Armineh Eng. welcomes foreign partners, preferably from Europe or Canada, for building a chemical-petrochemical plant. Mehdi Hadji, Managing Director of IRALCO October 1999 Mansour Mohammadzadeh, Managing Director of Pars Armineh March 2000

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Iran’s Informatics Ingenuity Advantages of Investment in Mining Sector

The Informatics Services Corporation (ISC) is spearheading Iran’s banking automation drive If government revenues with respect to taxes depend only on units which used to pay taxes those with great success. In Iran it is the undisputed leader in this regard, and also claims a prominent units would come under additional pressure due to the current recession and their production will position in not only the region, but also on the global arena. go down.

Dr. Mehdi Nedjati, Managing Director of Informatics Services Corporation Mohammad Reza Bahraman, Vice-Chairman of Iran Mine House May 2004 June 2015

Big Claims, Insignificant Achievements Defining Ideal

The economic growth rate achieved by the ninth government is both below the projected figure of I believe our company will be an ideal company if both Iranians and foreign tourists who are the Fourth Economic Development Plan and not compatible with our growth potentials. spending their time in Iran can get a train ticket to any destination around the country any moment they wish. Dr. Alireza Baradaran Shoraka, Economist January 2009 Mohsen Pour Seyed Aqaei, Managing Director, RAJA Passenger Trains Company March 2002

Sanctions to Be Removed Soon 4% vs. 50%

Our international relations are becoming more normal by removing obstacles, and sanctions are At present, about 4% of Iranians invest in the stock market whereas in the United States the figure hoped to be removed, Italian officials are rushing to Iran to pave the road for a kind of relation hits 50%. Such a comparison shows many Iranians stay away from the stock market, and that that can be much better than before. there exist excellent potentials.

Dr. Mohammad-Mehdi Behkish, President of the Presidency, Iran-Italy Chamber Dr. H. Assadi, Managing Director, Investment Company January 2014 December 2001

Reform Necessary Apples and Oranges

To boost foreign direct investment and development in the Iranian auto industry, the foreign Iran’s capital market has become synonymous with . It is restricted and investment policy frameworks and industrial policies of the Ministry of Industries & Mines on fragile compared to monetary market. As for resources, comparing capital and monetary markets the auto industry should be reformed. is like comparing apples and oranges.

Dr. Behrouz Hadi Zenoz, Faculty Member, Allameh Tabatabai University Haji Nakhkeh, Managing Director, Rena Industrial Group Investment Company June 2001 December 2001

Restructuring Iran’s Banking Sector Mismanagement Not Monopoly

The state-owned banks can be expected to continue to be the dominant players, and for these, Due to cultural issues, consumption patterns in Iran need a long time to change. There is a wide- greater freedom in credit allocation and pricing is envisaged, while at the same time prudential spread tendency among consumers to purchase foreign-made goods. Under such circumstances, regulation and supervision is being strengthened. mismanagement is mistaken for monopoly.

Dr. Kooros Sadighi, Senior Economic Advisor, Management and Planning Organization Reza Veyseh, Managing Director, IDRO March 2004 March 2002

BIM Plays a Significant Role in the Economy & Industry A Cultural Contribution

Interaction of the NDF with this Bank can be like the relationship between two strategic partners If we aim to make a cultural contribution to the industrial sector, we must change the public view towards development targets of the country and facilitating the trend of production. toward industry and production. Automotive industry must be regarded as a pioneering endeavor, not a profit-seeking one. Seyed , Chairman of the National Development Fund October 2015 Mohammad-Baqer Rejal, Chairman, IAPMA June 2001

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Détente Continues Fifteen Years Needed to Return to 2005 Zero Point

Sustainable cooperation calls for continued exchange of views. In the age of globalization, Restoration of government's credit among citizens and the international system is one of the main dialogue and détente will provide us with the mechanisms required to capture the opportunities challenges and duties of the next government. and confront the challenges. Dr. Farshad Mo'meni Dr. Kamal Kharrazi, Minister of Foreign Affairs July 2013 March 2001

Energy Analysis at Tehran Conference Much Time to Redress

The country aims at increasing its crude oil production capacity to 5.23 million barrels per day, Unemployment, inflation, poverty, and loss of employment opportunities have been among the produce 700 million cu. m. natural gas per day, and increase production of petrochemicals to $15 kind of damage the society has sustained in recent years. billion a year by the end of the Fourth Economic Development Plan. Dr. Hossein Raghfar, Economist , Minister of Petroleum July 2013 January 2006

We Can’t Catch Up with Qatar Creating Competencies

We are not satisfied with our performance.” This was the answer given to reporters when they NPC wishes to acquire some core competencies in the next 5-10 years. One of the major challenges asked Minister of Petroleum Gholamhossein Nozari why Iran was lagging behind Qatar in for NPC will be creating the desired competencies and making them real. exploiting the South Pars gas field, which is shared by the two countries. Dr. Ali Mashayekhi, Professor of Management, Sharif University Gholamhossein Nozari, Minister of Petroleum June 2001 July 2009

How Economy Turned “Resistant” Development in Iran and Japan

If we intend to make the economy resistant and reduce shock-causing fluctuations in it and have Japan’s experience shows that the intellectual foundations of development in tandem with time economic growth, it is necessary to have a preventive power which could reduce the dimensions and age are prioritized over available elements of material production because this country is of these fluctuations. deprived of such material elements.

Dr. Davood Danesh Jaafari Dr. Mohammad Naqizadeh June 2014 January 2014

Full Employment and Sustainable Growth Objectives Not For Big Speeches

Iranian development policy is known for success in the delivery of services such as electricity, The speeches at these forums are actually an excuse to bring people together and those who come health and education, including to the poor, and for developments in infrastructure, banking, trade to these forums, particularly participants from abroad, are not here to listen to big flashy speeches. and industry. Farhad Behbahany, Senior Project Manager, Nargan Engineers & Constructors Mohammad Ali Farzin, Ph.D Development Economics May 2002 October 2014

Employment Growth, More Important than Inflation Control Foreign Investors Should Be Given Red Carpet Treatment

In my opinion government’s first priority after controlling inflation to some extent should be to The only country which is big, has relatively good capabilities, good infrastructures built during restore boom to production and the industry. the last 40 years, and many educated workforce is Iran.

Mahmoud Eslamian Mohsen Safaee Farahani, Former Member of Sixth Majlis' Plan and Budget Commission June 2014 March 2016

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We Can Run the Country without Oil Revenues Resistance Economy

I announce emphatically that our domestic resources are so huge that even under an economy Seven strategic priorities of the ministry have been broken down to 820 measures for the year minus oil, we can run the country and we tread the course of growth and welfare. 1393 and the Economy Ministry has officially started the spring with the strategic plan.

Mohammad Baqer Nobakht, Government Spokesman Dr. , Minister of Economic Affairs and Finance March 2015 June 2014

Vital Budget Development of Downstream Petrochemical Industries

The budget allocated to the Ministry of Roads & Transportation shows a 3-fold surge over that of With regard to the massive investment made during the Third Economic Development Plan in last year. Budgetary facilities and more bonds will provide us with richer monetary resources to this area and the growth and prosperity it brought about, today petrochemicals have turned into take a better aim at transportation goals. the axis for non-oil exports.

Ahmad Khorram, Minister of Roads & Transportation Dr. Pedram Soltani, Chamber of Commerce March 2002 June 2015

Knowing thy Northern Neighbor Iranian Economy on the Eve of Sixth Plan

Our ties with Russia have been strengthening in recent years and politically we are on good terms Every Government Coming to Power in Iran Has Its Own Definition of Justice, Efficiency, and on a strong footing. International Order, Development, etc.

Gholamreza Shafeyi, Tehran’s ambassador to Moscow Dr. Mahmoud Sariolghalam May 2003 October 2015

Iran’s Economy Is Political Not Economic Iranian Economy Needs Structural Reforms

Iran’s economy today is not faced with unsolvable economic problems or shortage of capital and Iranian Economy Must Get Rid of Chronic Imbalances that Make it Weak and Vulnerable against manpower. We have so far buried enough capital under the ground and made enough investment Sanctions. in training human resources. Dr. Mohammad Hashem Pesaran, Economist Dr. Mohsen Renani, Economist October 2015 June 2014

Seven Challenges Facing Iran’s Economy A Pragmatist Looks at the Iranian Capital Market

Financial structures of corporates and banks under the present condition and with regard to lack The major, and dominant, players in our capital market are commercial banks comprising of large of diversification of funding tools are faced with numerous challenges. government bureaucracies and very small private banks.

Dr. Farhad Nili, Chairman of the Monetary and Banking Research Center Ali Manavi Rad, Chairman & CEO Etebar Financial Management Consultants Co. March 2015 March 2004

South Pars, The Main Course Iran's Candidate for OPEC

Iran has the unique chance to replace oil with gas in our country. European companies like Shell, British Petroleum, and TotalFinaElf all constitute costumers of Due to the growing reliance on gas in Iran in the past 10 years, the consumption of energy is now Iranian oil, but around 60% of Iranian crude is sold in Asia. divided 50-50 between oil and gas. Hadi Nejadhusseinian, Deputy Oil Minister for International Affairs Qolam-Reza Manouchehri, Director of phases 6, 7 and 8 of the South Pars July 2003 November 2002

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the gross national product is calculated at If the tools do not operate accu- Assessing Iran’s Economic Standing Continued from page 55 about 13000 billion rials it would give us rately, or the policies are not enforced is no concern about their settlement. On a figure close to 5200 thousand billion ri- properly, what would happen to our While the global share of foreign investments in the Middle East region, like the world-wide the other hand, money will not be exclud- als. Therefore, the total government debts economy? share of developing countries in such investments, is relatively small, the special characteristics ed from the banking system. Because, the and that of the government companies There is no way back. If the of the region has kept the foreign investors’ attention to the investments opportunities in its place. company which has sold the bonds will should not exceed this amount. If in the government has come to the conclusion Mohammad Khazaiee, Deputy Minister of Economic Affairs & Finance, Iran deposit the money in its bank account for next year for example the gross national that it should launch a debt market it May 2004 spending on raw materials and paying product reaches 14000 billion rials the should provide all the infrastructures and the salaries of its staff and … in line with ceiling of the government debts should use all its potentials for the success of increasing production. increase to 5600 thousand billion rials. I this effort. First of all an organized debt guess by considering this method the con- market should be formed. Given that Hailing Private Banks How efficient are the four bonds cern would be removed. The main point the custodian of the debt market is Iran the government has stipulated in this here is transparency in which government Fara Bourse (over-the-counter) Company Private banks will pave the way for competition and more dynamism of state banks. Besides, year’s budget bill for the settlement of this market should be formed through it. private banks will take care of a part of banking operations, allowing state banks to zero in on its debts? Debt bonds should be fully transacted their original responsibilities. Under the present circumstances one in IFB and no company or institute has of the basic problems of Iran’s economy the right to transact outside the IFB. The Jalal Rasoulof, Managing Director, Bank Keshavarzi is the huge debts of the government to Stock Exchange Organization and Fara March 2002 the banks and private sector corporations Bourse Company should fully monitor that has blocked our economy today due transactions of the debt market. to the severe lack of liquidity. I believe In the next stage the number of Health Tourism Can Fetch Iran $20 bn Annually if the government distributes debt bonds brokers of Fara Bourse market should prudently and in a calculated manner it increase. We should allow the banks to I set up the laparoscopic training center of Tehran University of Medical Sciences in 2004. We can take advantage of the benefits of the receive the bonds through their branches train three groups at this center: general surgeons, gynecologists & urologists. debt market. Therefore, I propose that the The main point here is as the representatives of the bond holders Majlis set a ceiling for the total debts of who are their trusty and transact the bonds Dr. Hossein Ashegh, Chief and Founder of Laparoscopic Training Center of Tehran University the government with regard to the gross transparency in which in the Fara Bourse market and pay the October 2014 national product and if the debts surpass government debts interest to the bond holders. Given that the ceiling the government should be the capital market is a specialized market banned from issuing new bonds. Then it are regulated, paid on there is no need for all the people to would even be unable to pay the salaries time and figures are enter this market; rather it is better to do Respect Necessary of its employees. Some countries have set it indirectly. However, the indirect entry the ceiling equal to 50% of their gross na- clear to all. of the people through their trustworthy Reciprocal benefits are not sufficient factors for signing a contract. Signatories must also have tional product and some others less. What representatives will help increase the mutual respect for each other’s countries and interests. Such a respect will stabilize business ties. is important is that a big obstacle should debts are regulated, paid on time and fig- number of players in this market. The stand in the way of the government and ures are clear to all. more the number of purchasers and Mahmoud Ghaeli, senior industrial executive prevent it from issuing debt bonds when sellers increase the more the market will September 2000 it trespasses the red line or the ceiling of Do the debt bonds issued by be organized and strengthened and the permitted debts. You may remember the the government enjoy the required real rate of interest will be determined in time when at a certain juncture the US credit and backing under the present this market. government breached the authorized ceil- economic conditions? ing and the Congress did not let it issue The government enjoys the neces- What should be the mechanism Global Best Practice debt bonds. For this reason the US gov- sary credibility and we have no concern to determine the interest rate in this ernment had no alternative but cut the sal- in this regard. Widespread information market? All significant automotive industries have realized that they will have a bleak future, or none at ary of government employees and termi- should be disseminated with regard to The interest rate of the bond will be all, unless they attain ‘Global Best Practice’, and remain on that frontier. nating the services of the staff employed the debt bonds and debt market so that set in the market with regard to supply on contract basis. people will become fully acquainted with and demand. The government or the Cen- Dr. Bayazid Mardoukhi, Advisor to Head of Management & Planning Org. June 2001 Therefore, for example if we set the characteristics of the market and its ad- tral Bank should under no circumstances ceiling of government debts with regard vantages. intervene in forcefully determining the to the low oil price at 40% of the gross On the other hand, the government interest rate of the debt bonds; otherwise national product and if it is stressed that should know that it is not authorized to it would lead to failure of the market. in a period of five years this ceiling should sell bonds at whatever extent it intends Should the rates fluctuate dramatically Insuring Increasing Success be lowered to 35%, in that case concern to. It can only act within the framework the only intervention should be through over issuance of debt bonds and increase of the ceiling which has been approved the Central Bank. In that case, the Central Our services include various commercial and personal insurance products ranging from car and in the volume of government debts would by the Majlis. Meantime, no government Bank would offer the bonds it has already home insurance to fire, marine, engineering liability and property insurance. be out of the question. Then it would debt either the interest or the principal purchased in order to balance the dramat- make no difference whether the govern- should be paid even with one day delay. ically falling rates. Or if the rates increase Mohammad Asudeh, Managing Director of Alborz Insurance Co. ment debts are within the framework of In that case the government’s credibility substantially it will start buying the bonds March 2004 debt bonds or debts to the banks and con- would increase and it would act more and inject money into the market to bal- tractors. If the 40% ceiling with regard to successfully in this market. ance the rates.

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News in Brief Iran Business at a Glance: A Brief Summary of Important News

he Joint Comprehensive Plan of Action (JCPOA) or S. Korean Classification Services for zation signed a memorandum of understanding on business of Iran Shipping Lines–joined staff of the Peter W. Lampke Iran nuclear deal as it is commonly known was signed on Iran’s Shipping Industry development, creation of sustainable jobs and development of shipping agency and Terminal C. Steinweg in welcoming the T14 July 2015 between Iran and the five permanent mem- Iranian beekeeping industry. Alessandro Amadio, the represen- captain and crew of the SEVGI. bers of the United Nations Security Council - China, France, Busan-based Korean Register, a member of the International tative of UNIDO in Iran, said the country needs to enhance the The cargo service will call monthly at Hamburg as the Russia, United Kingdom, United States - plus Germany), and Association of Classification Societies, has signed a memoran- quality and added value of its honey rather than its quantity, only port in Germany transporting conventional general the European Union. dum of agreement to establish a joint venture company with the IRNA reported (May 24). cargo in addition to containers. The multi-purpose ves- Almost one year into the historic agreement, there is still a traf- Iranian Classification Society. The agreement is to deliver plant sels deployed are equipped with shipboard cranes (May 25). fic of foreign delegations in Tehran who are coming in search facility certification and engineering services. This is a grow- Austria’s OMV Keen on Oilfield Development of new opportunities to boost mutual ties. ing market, with demand for plant project and industry safety Iranian Tankers Seek to Reenter European Ports The deal has paved the way for foreign countries to boost Iran inspection services expected to increase significantly over the Austrian oil and gas company OMV has expressed readiness ties, particularly in economic and trade fields. Iran has hosted next five years (May 25). to reestablish its status in Iran’s energy sector, with develop- The state-run National Iranian Tanker Company, which has the hundreds of foreign trade delegations ever since the JCPOA ment of Band-e-Karkheh Oilfield in western Iran to rekindle largest fleet of oil tankers in the world, is pushing for reentry was signed last year. India-Iran PTA within One Year cooperation with the Persian Gulf country in the post-sanctions in European ports after being locked out of Western markets What follows is just a summary of important economic news era. “A memorandum of understanding was signed between the for years. Ramin Rajaei, the head of NITC operations in the in the month of May shortly before the publication of the latest India and Iran have agreed to conclude within a year a pref- National Iranian Oil Company and OMV to develop Band-e- southern port city of Bandar Abbas, told a news conference issue of Iran International Magazine. erential trade agreement, which is expected to boost bilateral Karkheh Oilfield,” Abdolreza Haji-Hosseinnejad, managing (May 23) that an NITC vessel will make its first shipment to trade. “A preferential trade agreement with Iran will benefit director of Petroleum Engineering and Development Compa- Europe “within weeks.” CBI Forecasts Single-Digit Inflation Rate in Summer Indian exports as tariffs in general are higher in Iran,” says ny, told Mehr News Agency (May 25). Ajay Sahai, director general of the Federation of Indian Export New Coal Deposits Put at 350m Tons Inflation in Iran will be down to single digit this summer, Organizations (May 25). IOOC Oil Output Reaches Record High said governor of Central Bank of Iran (CBI). Addressing the New deposits of thermal and metallurgical coal have been 26th annual conference on monetary and hard currency poli- Germany’s North Rhine-Westphalia Delegation in Tehran Iranian Offshore Oil Company extracted over 144 million bar- discovered (May 22) in the north and central Iran, which cies (May 24), Valiollah Seif added that the administration of rels of oil from oilfields that are mainly located on the Iranian are estimated to be more than 350 million tons, announced President Hassan Rouhani managed to bring inflation down by A commercial delegation from Germany’s North Rhine-West- side of the Persian Gulf and Oman Sea in the last Iranian year Iran Minerals Production and Supply Company, a subsid- 28.8 percent in three years by adopting a number of effective phalia, headed by the state’s Minister of Economic Affairs, En- (ended March 20, 2015), IOOC’s managing director said. “The iary of the Iranian Mines and Mining Industries Develop- monetary policies. ergy and Industry Garrelt Duin, arrived in Tehran (May 24). surge in production can translate into a major achievement as ment and Renovation Organization. The discovery came The Germans plan to discuss ways of enhancing bilateral co- it means the company has succeeded in developing 97.2% of as part of IMIDRO’s vast exploration project that surveyed Russia Signs Major Oil Rig Deal with Iran operation and joint investments with Iranian economic players its strategic economic plans,” Saeed Hafezi was also quoted as an area extending over 200,000 square kilometers in 2013. and business owners, Tehran Chamber of Commerce, Indus- saying by ISNA (May 25). Thermal coal, the world’s most abundant fossil fuel, is primar- Russia’s Krasnye Barrikady said (May 26) that it had won a tries, Mines and Agriculture’s news portal reported. ily used to produce energy, while the less plentiful metallurgi- contract worth $1 billion from Iran to construct five offshore EU Firms Face No Limit on Technology Transfer to Iran cal coal is used in the production of coke, a key material used drilling rigs for the country. An official at Krasnye Barrikady ICCIMA Seeking WB Loan for SMEs in steel manufacture. said the rigs are planned to be used in Iran’s section of the Per- Haldor Topsoe, a Danish producer of process plants, says Euro- sian Gulf shelf. Iran is set to make a 15 percent down payment Iran Chamber of Commerce Industries, Mines and Agriculture pean Union companies face no restriction in transferring tech- UK Says Will Help in Banking Issues on the $200 million price of the first rig it has ordered. hosted (May 24) a delegation of World Bank experts, who had nology to Iran more than four months after the lifting of sanc- come to assess the situation for provision of loans to the small tions against the country. “Iranian firms are highly interested Britain and Europe are trying to come up with new mecha- Austria Encouraging Banks to Restart Iran Ties and medium enterprises. “We informed the WB delegation on in advanced European technologies and we face no limits in nisms to help reestablish banking relations with Iran, said the the current state of the SMEs in Iran. We will work on the is- offering our knowhow,” Kim Braad Carlsen, a project manager UK Secretary of State for Foreign and Commonwealth Affairs, A business delegation from the Austrian state of Carinthia held sue before WB top officials travel to Tehran to give their final at Haldor Topsoe, was quoted as saying by Shana (May 25). Philip Hammond, in a meeting with the Central Bank of Iran talks with private sector leaders and economic experts in Teh- opinion,” Mohsen Jalalpour, head of ICCIMA, said. Governor, Valiollah Seif, in London (May 20). ran (May 25). The team was headed by the state’s economy IRISL’s New Cargo Service Reaches Hamburg minister. The Austrian ambassador to Tehran later said an Ira- Iran, UNIDO Sign MoU on Beekeeping Small UK Banks, Energy Firms Seek Iran Business nian business delegation will travel to his country in the fall. During the first call by its new general cargo service, repre- Iran and the United Nations Industrial Development Organi- sentatives of state shipping company IRISL–Islamic Republic Larger UK banks may keep on avoiding business with Iran as

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long as the US sanctions program remains in place, but smaller with international banking networks, David Lipton, first deputy under the same buyback agreements they had signed to devel- er plants with a total generation capacity of 5,000 megawatts. A and middle-sized banks and businesses are keen on commer- managing director of the IMF said in a meeting with Valiollah op the two fields in the first phase. Oil Minister Bijan Namdar consortium of Turkish and Belgian companies will reportedly cial engagement with the country, according to an analysis by Seif, Governor of the Central Bank of Iran, in Tehran (May 16). Zangeneh made the statement on the sidelines of a meeting finance the power plant projects that will cost an estimated $3 the Morning Risk Report. “The big global exporters are taking “The IMF can help Iran improve various aspects of its banking with Zhang Yuqing, deputy director of China’s National En- billion to be built. This will mark the first major foreign invest- their time to get into those deals…But [the small and medium- system, including anti-money laundering regulations and coun- ergy Administration (May 16). The arrangement is likely part ment deal in the power industry after the removal of sanctions. enterprises] market is really keen to reestablish relationships ter terrorism measures,” the CBI website quoted him as saying. of a memorandum of understanding that was signed between with Iran,” said (May 22) Justine Walker, the British Bankers’ Iran and China (May 15) to expand oil and gas ties. German Co. Trains Insurers Association director of financial crime (sanctions and bribery). Italy Says Iran Ties Time-Tested Foreign Supertankers Transfer 50% of Iranian Oil Munich Re and Iranian Insurance Syndicate held a joint train- ICCIMA’s Jalalpour, Singapore Officials The first edition of the Iran-Italy Summit was held in Tehran (May ing seminar for insurance experts and company directors in Discuss Areas of Cooperation 16) with a large delegation of Italian business leaders conferring Due to the sudden surge in Iran’s oil and gas condensates pro- Tehran to improve Iranian insurers’ technical knowledge, espe- with their Iranian counterparts on ways to foster closer ties duction that reached 2.5 million barrels per day, 50% of the cially in property insurance category. According to risknews. Iranian and Singaporean officials discussed launching a joint between Italy and the Middle East’s second largest economy. Persian Gulf country’s crude are being exported by interna- ir, all insurance companies participated in the seminar. German bank, in an attempt to ease investments and commercial Naming Iran as the gateway between the three continents of tional supertankers. “Oil tankers from Norway, Romania, Ja- reinsurer Munich RE has been holding talks with insurance of- relations, said head of Iran’s Chamber of Commerce, Industries, Asia, Europe and Africa, Vincenzo Amendola, Italy’s Deputy pan and Spain have been commissioned to berth in oil termi- ficials to provide services in Iran (May 15). Mines and Agriculture, Mohsen Jalalpour, following his visit Foreign Minister told the meeting that “Italy has never left Iran nals to transfer half of Iran’s oil export, 1 million bpd, to target to the Asian country. and will never give up on it.” He underscored the time-tested destinations,” Ebrahim Hosseini, head of Kharg Oil Terminal Turkish Investors to Build 10 Hotels in Iran “We also discussed 24 other fields of cooperation during the relationship between the two countries that goes back 200 years. Export Department, said (May 16). visit, including technology, tourism, shipping, renewable Investors from Turkey will build at least 10 hotels in Iran, energy and new auditing practices,” ILNA quoted him as Azeri CB Chief Calls on Iranian Counterpart Australian Office in Tehran to Promote Commercial Ties as part of an agreement signed during Turkish Culture and saying (May 20). Tourism Minister Mahir Unal’s official visit to Tehran (May Top bankers from Iran and the Republic of have Australia’s federal government will provide $5.3 million over 12). The number of flights between the two countries is also Iran, New Zealand Join Hands in Agriculture agreed to establish a joint banking and monetary committee to the next four years for reopening its trade office in Iran. The set to increase for attracting more Iranian tourists to Tur- help set the stage for founding a joint bank in the near future. office, which closed in 2010, will be located within the Austra- key, Turkish newspaper Daily Sabah reported on its website. Iran’s Agricultura Minister and New Governor of the Central Bank of Iran, Valiollah Seif, said that lian Embassy in Tehran and operated by Austrade - the Austra- Zealand’s Foreign Minister Murray McCully signed a the committee would “enable the two countries to make better lian government’s trade, investment and education promotion Dutch Deal for Building Greenhouses in Iran memorandum of understanding for furthering agricultural decisions,” in their efforts to enhance banking relations, the CBI agency, also known as Australian Trade Commission (May 15). cooperation (May 22). Given the production of agricultural website quoted him as saying in a meeting with Elman Rustamov, Aad Verbakel, founder of Dutch agricultural firm VB Group, products in the two countries, one located in the northern and governor of the Central Bank of Azerbaijan (May 16). Indian Delegation in Alborz Province has signed a preliminary deal to build a 20-hectare greenhouse the other in the southern hemisphere, the two sides expressed in Iran. “This large-scale modern greenhouse complex, which readiness for joint cooperation in the processing and export of Business Forum with Algeria A 17-member commercial delegation from India entered will meet the need for local food and flower production, will be these products to third countries. McCully arrived in Tehran for Alborz Province (May 15) to discuss opportunities for bilateral realized by VB Greenhouse Projects,” the Dutch firm reported a two-day visit (May 21) to discuss issues of mutual interest Tehran Chamber of Commerce, Industries, Mines and Agricul- cooperation with their Iranian counterparts. “The two sides on its website (May 15). with Iranian officials. ture hosted the Second Iran-Algeria Business Forum (May 16) signed a memorandum of understanding for expansion of with a large number of businessmen from both countries in at- investment and commercial ties, as well as economic, scientific German Metalworking Expo in Tehran Swedish Firm Plans IPO for Iran Investment tendance. The meeting was co-chaired by Algerian Minister of and technological cooperation,” Hassan Khani, deputy head Industry and Mines Abdeslam Bouchouareb and Iranian Depu- of Alborz Chamber of Commerce, Industry, Mines and German Machine Tool Builders’ Association (VDW) and the Swedish firm Pomegranate Investment AB plans to launch ty Minister of Industry, Mine and Trade, Valiollah Afkhamirad. Agriculture, said. European country’s exhibition and trade fair company, Messe the first initial public offering to raise capital for investments “Algeria is willing to engage in an effective partnership in the Stuggart, will hold an international metalworking exhibition in in Iran since Western sanctions on Tehran were lifted. Chief fields of mechanical industry, textile, building materials, elec- Tehran, Beijing Sign Oil, Gas MoU Tehran on May 30. The event is expected to attract industry executive Florian Hellmich told Reuters on a visit to London tronic industry and steel industry,” Bouchouareb was quoted as players from 30 countries to showcase the latest advances in (May 16) that the firm, which has raised €80 million ($91 mil- saying by Algeria Press Agency. Iran and China signed a memorandum of understanding (May metal-cutting technology and machinery. lion) from European investors since 2014 in anticipation of 15) on long-term cooperation in the oil and gas sector. The sanctions easing, hopes to launch its IPO in Sweden within 12 Financing of Airbus Deal Making Headway agreement calls for increasing the extraction of oil and conden- Energy Talks with Tunisia months, for investments in Iran’s consumer technology sector. sates by Chinese operators. It was scheduled to be signed dur- Most of the issues in the way of financing the agreement Iran ing Chinese President Xi Jinping’s visit to Tehran in January, Energy Minister discussed expansion of en- Transport MoU with Cyprus signed with French planemaker Airbus back in January for the but was put on hold because the two sides failed to finalize the ergy ties with his Tunisian counterpart Mongi Marzouk in a purchase of 118 planes have been resolved, announced Iran’s agreement on time. meeting in Tehran (May 14). “Power consumption is on the rise Iran and Cyprus have signed a memorandum of understanding deputy transport minister (May 16). Although some European in Tunisia and this can help bolster economic relations with to boost cooperation in marine and air transportation. The MoU banks and insurance institutes have expressed willingness to Iran Lays Out Major Water, Power Projects Iran,” Marzouk was quoted as saying. was signed in a meeting between Iran’s Minister of Roads and cooperate with the $10.5 billion deal, Airbus and Tehran have Urban Development Abbas Akhoundi and his Cypriot counter- so far failed to finalize a contract. Energy Minister Hamid Chitchian said more than 20 investment $3 bn Power Investment by Turk-Belgian Consortium part Marios Demetriades in Tehran (May 18). contracts in the water sector worth nearly $500 million will be China to Maintain Role in N. Azadegan, Yadavaran signed with the domestic private sector in the coming days. The Iran is about to seal an investment deal with a consortium of IMF Backs Iran Link to Global Banking contracts follow a deal that was signed (May 15) between Iranian companies from Turkey and Belgium for the construction of Chinese firms will maintain their role in the second develop- engineering consortium MAPNA Group and the Thermal Pow- five combined-cycle thermal power plants, managing director The International Monetary Fund will support Iran to reconnect ment phase of Iran’s North Azadegan and Yadavaran oilfields er Plants Holding Company to build new combined-cycle pow- of Thermal Power Plants Holding Company announced (May

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14). “The agreement, which is the first foreign investment deal legal immunity for more than 20 years and acting against in the sector in the post-sanctions era, comprises the construc- international law, he was quoted as saying by IRNA (May 10). Iran, Netherlands Sign MoU Joint Trade Events with Russia tion of five thermal power plants in Iran, which will add close to 5,000 megawatts to the power generation capacity,” Mohsen 1st Nano Shipment to S. Korea A memorandum of understanding was signed between visit- Iran and Russia jointly organized two trade events in May to Tarztalab was also quoted as saying. Iran’s electricity industry ing Dutch Minister of Economic Affairs Henk Kamp and Iran’s promote commercial ties. The first event was an exclusive Ira- ranks 14th in the world and first in the Middle East in terms Iran has exported a Nano cargo to South Korea, which is the Deputy Minister of Economic Affairs and Finance Mohammad nian exhibition in the Russian capital Moscow on May 11-13 of power generation with an installed capacity of 74,000 MW. first-ever such shipment after the removal of nuclear-related Khazaie in Tehran (May 9). The agreement entails expansion and the second a trade conference held in Moscow on May sanctions on January 16, Iran’s vice president for science and of cooperation in the fields of agriculture, water, energy, ports 24-25. Japan Eyes Threefold Rise in Oil Imports from Iran technology said. “We should make use of the opportunity for and airports development, ease of doing business and the fight interaction with other countries,” Sorena Sattari added during against money laundering. “The signed document also stipu- Tehran, Muscat Discuss Gas Project, Crude Market Japan has renewed all its oil purchase contracts with Iran for his visit to Iranian Space Agency, outside the city of Isfahan lates avoidance of double taxation and restoration of financial a year and plans to increase Iran’s oil export to the Southeast (May 10). ties,” Khazaie was quoted as saying. Oil Minister and his Omani coun- Asian country by 350,000 barrels per day. “Contracts call for terpart Mohammed bin Hamad Al Rumhy discussed a sub- providing Japanese refineries with more than 130,000 bpd for Gazprom Officials to Visit Saudi Price War Cannot Impede Iran Oil Growth sea gas pipeline and the global oil market in a meeting in a year. Nonetheless, serious negotiations are underway to have Tehran (May 8). “Iran and Oman will cooperate on lower- a threefold increase in oil export to the South Asian state,” A 30-strong delegation of Russia’s Gazprom is due in Tehran in Saudi oil officials have started a new price war to impede Iran’s ing oil prices,” the Omani official said, adding that oil- pro Mohsen Qamsari, director of international affairs at the Nation- the near future to explore grounds for cooperation in mega gas progress in achieving its pre-sanctions oil output. Addressing ducing nations have taken a significant hit in oil revenues. al Iranian Oil Company, told Mehr News Agency (May 15). projects, liquefied natural gas initiatives and mini LNG plans, newly-elected lawmakers in a panel named “Making Laws, as well as in construction of gas pipelines. Stressing the impor- Obligations and Strategies”, Oil Minister Bijan Namdar Zan- South Korea in $3.4 Billion Iranian Water Projects Claims Victory in UK tance of Gazprom official’ visit to Tehran, Azizollah Ramezani, geneh said, “Unlike international norms, which call for show- National Iranian Gas Company’s director for international af- ing respect to other competitors, Saudi officials contact our po- South Korea has signed three memoranda of understand- Iran’s leading private bank, Bank Mellat, won a major legal fairs, noted that serious negotiations have been held between tential customers to dissuade them from signing contracts with ing for implementing major water projects in Iran. The battle against the UK Treasury in its claim of $4 billion dam- NIGC and Gazprom’s joint workgroups since last December us by offering lower prices.” (May 9) MoUs, worth $3.4 billion, include building two hydroelec- ages for the sanctions imposed on it in 2009, with the English when Alexander Medvedev, deputy chairman of Gazprom’s tric dams of Bakhtiari in the western Lorestan Province Court of Appeal, presided by Lord Chief Justice Thomas of management committee, visited Tehran (May 10). Dutch Minister in Tehran to Promote Agro Ties and Karoun 2 across the Karoun River that stretches along Cwmgiedd, upholding (May 17) the bank’s claim that damages part of Iran’s western borders and flows into Iraq (May 8). should cover loss to future income as well. Iran Will Regain Access to SUMED Oil Pipeline Iran and the Netherlands surveyed possibilities of bilateral co- operation in the agriculture sector during a meeting between Italian Textile Machinery Roadshow in Iranian Tankers Free to Enter International Ports Iran will be able to use the SUMED oil pipeline in Egypt to ac- Iranian Minister of Agriculture Jihad Mahmoud Hojjati and Four Iranian Cities cess the Mediterranean Sea and boost crude exports to Europe Dutch Minister of Economic Affairs Henk Kamp in Tehran Restrictions on Iranian tankers’ insurance have been removed from there, Iran’s deputy oil minister for international affairs (May 8). “The Netherlands is looking for long-term coopera- A total of 26 Italian textile machinery manufacturers will be and the country’s crude carriers are now allowed to enter any said. “An understanding has been reached for large vessels tion in the field of agriculture. We are willing to collaborate in taking part in a forthcoming roadshow in Iran organized by the oil terminal in the world, managing director of National Iranian [carrying Iran’s crude] to unload their cargo in [a terminal in] the cultivation, processing and later on, exports of Iranian fruit. Italian Trade Agency and supported by the Ministry of Econom- Tanker Company announced (May 13). “With the resolution of the Red Sea and reload it after transferring their crude through The country has great potential for floriculture, hence the two ic Development. The gradual elimination of sanctions against insurance problems, international insurance institutes have ex- the SUMED pipeline to the Mediterranean,” Amir-Hossein Za- sides can expand cooperation in the production and processing Iran will allow Italy’s textile machinery industry to recover panded their coverage to Iranian vessels, which can now berth maninia was quoted as saying (May 10). of flowers as well,” Kamp was quoted as saying. market shares lost in recent years, Textile World, a publication at all ports,” Ali-Akbar Safaei was also quoted as saying. of US-based Textile Industries Media Group, reported (May 8). Ahvaz, Poland Commerce Chambers to Boost Ties Japan Eyes Teaming Up with India for Chabahar Project Indian Firms Pick Iranian Partner for Urea Joint Venture Leading Swiss Law Firm Opens Tehran Office A memorandum of understanding was signed by Ahvaz Cham- The Japanese government hopes to play a role in the develop- Indian fertilizer companies have shortlisted a subsidiary of ber of Commerce, Industries, Mines and Agriculture, and a vis- ment of a regional logistics hub in southeastern Iran. Accord- Swiss law firm Python & Peter has launched its office in Teh- Iran’s for jointly setting up a urea manufactur- iting delegation of Polish Chamber of Commerce in the south- ing to a report by Nikkei Asia Review - a publication of the ran, as the country opens for business in the aftermath of the ing plant in Iran’s southern Chabahar port city. A consortium ern Iranian city (May 8). The MoU stipulates furthering mutual world’s largest financial newspaper, the Tokyo-based Nikkei, lifting of economic sanctions. The firm was founded in Geneva of Indian state-owned Rashtriya Chemicals and Fertilizers, cooperation in training merchants, exchanging delegations and Japan hopes to team up with India on the construction project, by four partners in 1981 and has grown to become one of the Gujarat Narmada Valley Fertilizers & Chemicals and Guja- organizing exhibitions. Ahvaz is the capital of Khuzestan, which is set to include a port and an industrial complex. India major law firms in Switzerland with offices in Lausanne, Bern, rat Chemicals and Fertilizers looks to set up a gas-based urea/ Iran’s third biggest province in terms of GDP with oil, ship- has already begun work on the project (May 9). Sion and Zug, The Global Legal Post reported (May 8). ammonia production plant in Iran, Indian newspaper Business ping and agriculture as its main industries. Standard reported (May 10). Scandinavians Looking to British Guidelines for Resuming Business Ties Malaysian Private Sector Delegation in Iran Help Develop Iran’s HSE Sector Iran Preparing Asset Lawsuit against US The UK government has recently published a set of A 36-strong trade delegation comprising representatives of A Swedish firm and a Norwegian company are interested in guidelines on trade and doing business with Iran “to help The government is preparing a lawsuit against the US at the the Malaysian private sector arrived in Tehran to discuss cooperation and investment in the health, safety and environ- British businesses take advantage of the opportunities International Court of Justice over a US Supreme Court ruling approaches for enhancing interactions with their Iranian ment (HSE) sector of Iran’s oil and gas industry. Along with that economic reengagement with Iran will bring”. which would transfer over $2 billion in frozen Iranian funds to counterparts. The visiting delegation was to join Dzulkifli the easing of sanctions, Sweden’s Firemiks AB and Norway’s The government’s website also notes that there is a positive American victims of alleged terror attacks. Mohammad Jafar Mahmud, chief executive officer of Malaysia External Trade Fire Fighting Systems have reached preliminary agreements on outlook for UK-Iran trade relations and that the UK government Ghanbari, deputy head of presidential office for legal affairs, Development Corporation, also known as MATRADE, IRNA producing fire extinguishers and safety equipment for oil, gas fully supports expanding trade relationship with Iran (May 8). said the US courts have been violating the Iranian government’s reported (May 10). and petrochemical complexes (May 7).

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the Organization of Petroleum Exporting Countries in as little Italian Refiner to Double Crude Imports from Iran as one or two months, once it regains the market share it had CBI to Promote Currency Swap TCCIMA Hosts Swiss, Turkish Delegates before the Western sanctions were imposed over its nuclear The National Iranian Oil Company and Italian refiner Saras program. Iran, which refused to join other nations in a push to Lawmakers (May 1) passed legislation that allows the Central Tehran Chamber of Commerce, Industries, Mines and Ag- signed a new contract based on which the Italian firm will freeze output last month, could reach pre-sanctions export lev- Bank of Iran to sign currency swap agreements with Iran’s ma- riculture hosted two trade delegations (April 31) one from double its oil import from Iran. “The agreement calls for els of 2.2 million barrels in one to two months or by the end of jor commercial partners. The CBI has been tasked with pro- neighboring Turkey and another from Switzerland. The high- providing the Italian refiner with 65,000 barrels of crude per the summer, National Iranian Oil Company Managing Director moting the usage of local currencies in coordination with min- ranking Swiss delegation, led by Pierre Maudet, Geneva’s day, a twofold rise compared to its previous import volume,” Rokneddin Javadi said in Tehran (May 7). istries of foreign affairs, economy, energy, oil, and industry. councilor in charge of security and economy, included rep- Deputy Oil Minister Rokneddin Javadi told the press (May 7). resentatives of 60 Swiss companies from various sectors. Plan to Raise Europe-Bound Oil Exports to 600,000 bpd Austria to Be European Conduit for Bosch to Make Fresh Comeback Iranian Petrochem Products Tehran Hosts Heavy Transportation Confab Plans have been made to increase oil export to Europe by more German multinational engineering and electronics company than 600,000 barrels per day in the near future, which amount Petrochemical Commercial Company, the largest supplier of Tehran was host to a conference on heavy transportation titled Robert Bosch GmbH will resume its business in Iran under stood at 500,000 bpd in pre-sanctions period. “Oil contracts Iran’s petrochemicals to the international markets, has signed a “Heavy Iran 2016” in late April. Representatives of interna- the brand name of “Bosch Tejarat Pars” private joint stock. concluded with European companies like France’s Total, memorandum of understanding with an Austrian delegation on tional heavy transportation companies and experts participated The announcement was made by a member of the electron- Greece’s oil refiner Hellenic Petroleum and Italian enterprises the export of products to European countries, PCC’s managing in the event. The confab was aimed at exploring business op- ics giant’s board of management, Uwe Raschke, in the offi- are all long-term,” Mohsen Qamsari, director of international director announced (May 2). portunities in Iran, following the removal of Western sanctions cial opening ceremony of Bosch company in Tehran (May 6). affairs at the National Iranian Oil Company, told IRNA (May 6). against the country over its nuclear program. Seoul to Extend $5b Credit for Iran Trade China Invests $2b in Aluminum Project BP to Open Tehran Office Vaezi Meets Turkish Official Export Guarantee Fund of Iran (EGFI), and its South Iranian Aluminum Company (Iralco) signed an investment A deputy oil minister announced (May 5) Britain’s oil and gas Korean counterpart, Korea Trade Insurance Corpora- Iran and Turkey have the potential to increase their bilateral agreement worth $2 billion with China Railway Group Lim- heavyweight British Petroleum will open its Tehran office in tion (K-sure), took practical steps (May 2) to promote trade ten-fold to $100 billion annually, said Minister of ited in Tehran (May 4). “The project will be carried out in the summer. Rokneddin Javadi, who is also NIOC Managing Di- two-way trade by signing an MOU at the EGFI head of- Telecommunication and Information Technology Mahmoud second plant of Iralco in Kheirabad Industrial Town in Arak, rector, after meeting BP’s representative at Iran Oil Show in fice in Tehran. As part of the agreement, a $5 billion credit Vaezi in a meeting with the visiting chairman of Istanbul the capital of Markazi Province. Tehran, said that the British giant is interested in investment in line will be extended by the Korean government to Iran. Chamber of Industry, Erdal Bahcivan in Tehran (April 31). Iran’s oil and gas projects. “For now, we are focusing our efforts to reach $30 billion in Iran, Belarus Agree on Economic Roadmap Ireland to Consider Reopening Iran Embassy bilateral trade, as decreed by the presidents of our countries, Siemens to Help NIGC Renovate Equipment however the ground is prepared to lift the figure well above this Tehran and Minsk agreed over an economic cooperation road- Plans to reopen an Irish Embassy in Tehran are likely to be target,” the minister said. map for 2016-17 (May 4) during the 13th session of Iran-Belar- National Iranian Gas Company and German conglomerate discussed by the next government to cement trading ties with us Economic Commission. Iranian Minister of Industry, Mine Siemens have signed a memorandum of understanding for up- the Middle East’s second-largest economy. “Ireland’s diplo- German Banks Prefer to Wait Before Reconnect and Trade Mohammad Reza Nematzadeh and his Belarusian grading the Iranian natural gas industry’s rotating equipment. matic network is subject to ongoing review to ensure that our counterpart Vitaly Vovk signed the related document. Speaking on the sidelines of a ceremony to conclude the agree- resources are aligned with the greatest needs and opportuni- The head of the German banking association said (April 30), ment in Tehran, NIGC Managing Director Hamidreza Araqi ties,” Ireland’s Foreign Minister Charlie Flanagan was quoted that restoring German banks’ financial ties with Iran will take Tehran, Seoul Forge Scientific Partnership said the MoU calls for Siemens’ cooperation with NIGC to as saying by The Irish Times (May 2). time given debt owed to Berlin and transparency concerns, Iran renovate and enhance the efficiency of gas turbo compressors owes Germany about €500 million ($569 million) under the so- South Korea and Iran agreed to promote partnership in the (May 6). South Korea Targeting Iran’s Mega Gas Projects called Hermes cover, a German government arrangement that fields of science and technology during South Korean Presi- protects German companies if foreign debtors fail to pay. dent Park Geun-hye’s landmark visit to Tehran. South Korean Plan to Reinvest 3% of Oil, Gas Revenues South Korea (May 2) took an important step toward strength- Science Minister Choi Yang-hee and his Iranian counterpart, ening its foothold in Iran’s resurging gas industry, as it aims Joint Investment with Turkey in Industrial Towns , met in Tehran (May 2) to sign a partner- The parliament is considering a bill that will require the gov- to become a key economic partner of the Middle East na- ship deal to run joint research and development projects related ernment to earmark a fraction of its revenues from crude oil tion in the post-sanctions era. After lengthy negotiations be- Iran and Turkey will jointly invest in four industrial towns for to science and technology. and natural gas exports for development of economic and en- tween National Iranian Gas Company and Korea Gas Cor- production of apparel, leather, gold and jewelry, auto parts and ergy infrastructures and less-developed areas. The proposed poration (KOGAS), the two sides signed a memorandum of decorative stones. Two of the industrial towns are located in NDFI Lending to Non-Oil Exporters legislation targets 3% of the government’s total oil and gas rev- understanding that paves the way for the state-run Korean Iran: one in the city of , the capital of East Azarbaijan enues by reinvesting 1% of the sum in oil and gas producing company to implement mega projects in Iran’s gas sector. Province, and another in the city of Urmia in West Azarbaijan Iran’s sovereign wealth fund plans to lend 20 trillion rials ($578 cities based on their production level and 2% in construction Province, according to Deputy Minister of Industry, Mine and million at market exchange rate) to non-oil exporters, said the projects in deprived and disadvantaged areas (May 2). Qeshm FTZ Officials in China’s Guangdong Province Trade, Ali Yazdani (April 31). ICCIMA head. Mohsen Jalalpour added that the National De- velopment Fund of Iran is targeting a $10 billion increase in BMI, Korea Bank to Expand Ties China’s Guangdong Province and Iran’s Qeshm Free Trade UK Envoy Takes Stock of Trade Ties at TCCIMA non-oil exports as a means of curbing Iran’s reliance on crude Zone can play a pivotal role in strengthening relations between oil sales for its foreign exchange revenue (May 1). South Korea’s KEB Hana Bank is willing to start cooperation the two countries, said governor general of the southeastern The UK Prime Minister’s Trade Envoy to Iran Lord Lamont, with Bank Melli Iran, KEB president and CEO Ham Young-joo Chinese province. accompanied by Britain’s charge de affairs, Nicholas Hopton, Iran Promises Future Joint Action with OPEC said during a visit to BMI headquarters (May 2). “South Korea Zhu Xiaodan was speaking in a meeting with the visiting man- met with the head of Tehran Chamber of Commerce, Industries, has plans to invest in Iran and expand ties with economic sec- aging director of the Iranian FTZ, Hamid Reza Momeni, and Mines and Agriculture, Masoud Khansari, in Tehran (April 30) Iran said it may be ready for joint action with other members of tors in the country,” the Korean banker was quoted as saying. his accompanying 15-member economic delegation (April 31). to discuss ways of increasing Iran-UK bilateral trade.

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