4 September 27, 2020 ECONOMIC NEWS Opens 2nd Phase of Steel 87 Tourism Projects Inaugurated Across Iran (IFP) - Eighty seven tourism projects were inaugurated on Thursday in several Iranian prov- Manufacturing Plant in South inces in an online ceremony attended production capacity is currently 42 by President . The projects include accommo- million tons and this year up to 32 dation, tourism and entertainment million tons of steel will be pro- facilities which became opera- duced domestically,” Qaribpour tional with a price tag of well over said. $255mn. He said that Iran’s steel produc- The projects also create jobs for tion in the first 6 months of 2020 nearly two thousand people. showed 10% higher than the glob- The inauguration ceremony was al average. also attended by Minister of Tour- Qaribpour added that Iran has an ism, Cultural Heritage and Handi- annual production of 10 million crafts Ali-Asghar Mounesan. tons of concentrate and 18 million “With the president’s support, tons of pellets in its current pro- good events happened in the tour- gram. come on line by the end of the ten- “We should protect cultural heri- ism sector,” said the minister. Total exports of Iran’s largest ure of the Rouhani administration. tage, which dates back to ancient He added there has been a consid- steel mill companies hit 1.7 mil- Meanwhile, President Rouhani times and thousands of years ago,” erable rise in the number of tourists lion tons in the first five months said he was happy to see numerous he noted. visiting Iran. BANDAR ABBAS (Dispatches) phase, the company’s capacity has of the current Iranian year (March projects have been inaugurated in He said every visitor coming to Mounesan said several other proj- - The second phase of steel manu- reached 2.4 million tons. 20- August 21). the domains of culture, tourism and Iran is mesmerized by the coun- ects are also underway and will facturing of Kish South Kaveh Steel The CEO of Kish South Kaveh The performance of large steel handicrafts. try’s tourism attractions. Company (SKS) was inaugurated in Steel Company stated that the in- mills companies reveals that Iran Bandar Abbas, the capital of Hor- ternational standard has been used exported 507,302 tons in August muzgan province, southern Iran. in this company and all products of and Iran’s steel production is ex- Tajikistan, Iran Stress Expansion of Iran’s First Vice President Eshaq the company can be exported. pected to reach nearly 30 million Jahangiri and number of cabinet He specified that 70 percent of tons, more than one million tons of members attended the opening of the products of the SKS were ex- which will be exported. Economic, Energy Cooperation the second phase of a steel plant ported in 2019 and 30 percent The Iranian annual steel pro- of Kaveh Steel Company in the were used in the domes. duction is planned to amount to Commission on Economic Coopera- southern port city of Bandar Ab- In mid-September, Iranian Dep- 45 million tons by the year1400 tion between the two countries stressed bas. uty Minister of Industry, Mine (March 2021-March 2022). the need to hold a meeting of the Joint The second phase of steelmaking and Trade Khodadad Qaribpour Iran aims to become the world’s Committee by videoconference to fol- of SKS, funded with an investment said that the country’s steel pro- sixth-largest steel producer as per low up on the issues. of 311 million Euros by the Mo- duction firms and industries have the 20-Year Vision Plan, which During the meeting, Uzmonzoda also stazafan Foundation in the Persian experienced a 10 percent growth targets to expand its annual pro- expressed his satisfaction with the par- Gulf Special Economic Zone in compared with the global average duction capacity to 55 million tons ticipation in the 11th meeting of the Bandar Abbas, started operation in the first 6 months of the current and 20-25 million tons of exports Governing Council of the Regional on Saturday. year. per year by 2025. Center for Urban Water Management, The CEO of SKS Ali Dehaqin “Steel production is known as The country’s annual steel export emphasizing his country’s determina- said that with an increase of 1.2 the most brilliant industrial sec- capacity currently hovers around tion to develop cooperation. million tons of steel in the second tor of Iran and the country’s steel $4 billion. Emphasizing the deep cultural and historical ties between the two countries and the existence of great capacities for Envoy Urges Further Development of cooperation, Iranian and Tajik minis- Iranian Minister of Energy , left, and Minister of Energy ters stressed the further development of Economic, Cultural Ties of Iran, Russia and Water Resources of the Republic of Tajikistan Usmonali Uzmonzoda relations in all fields, especially in the TEHRAN (Dispatches) – Iranian Min- nomic and energy cooperation. fields of economy and energy. TEHRAN (Dispatches) - Ira- The Iranian envoy noted that together,” he further said. ister of Energy Reza Ardakanian and During the videoconference, the en- The two sides agreed to hold the 14th nian Ambassador to Moscow the two countries boast of nu- “Trade balance with Russia is Minister of Energy and Water Resources ergy ministers of Iran and Tajikistan meeting of the Joint Commission on Kazzem Jalali said that Iran and merous commonalities and de- almost $1.8 billion, which is not of the Republic of Tajikistan Usmonali stressed the development of economic Economic Cooperation between the two Russia enjoy high level of military, spite many ups and downs in the a significant figure in view of Uzmonzoda held talks via videoconfer- and energy relations. countries on a date to be subsequently defense and political cooperation, past, Tehran and Moscow have the two countries capacities,” the ence and urged on the expansion of eco- The two sides, who also chair the Joint agreed through diplomatic channels. but meantime, called for enhance- always been in contact with each ambassador went on to say. ment of the two countries’ eco- other and the history of their re- Jalali also underlined the need nomic and cultural relations. lations dates back to over 500 for implementing the agree- UK Borrowing Surges as Covid Pushes “Iran and Russia are still far be- years ago. ments already inked between the hind in the field of economic and “Iran and Russia share the two countries. National Debt to Record £2.024tn cultural cooperation,” Jalali said, same viewpoint about many in- In relevant remarks on Friday, LONDON (The Guardian) - lated borrowing for the first five year when it forecast the likely adding that this may challenge ternational and regional issues,” Kazzem Jalali announced that Government borrowing hit almost months of the fiscal year to almost gap between government spend- bilateral ties in the long-run. Jalali stressed. Tehran is determined to cooper- £36bn in August to push the UK‘s £174bn. That is the highest level ing and income. “Russia is Iran’s Northern “The fight against unilateral- ate with Moscow in developing a national debt to a record £2.024tn - for the period since the Office for Borrowing picked up in August neighbor and we must have good ism and international terrorism vaccine for the coronavirus dis- more than the value of the UK econ- National Statistics records began as the government paid out £4.7bn relations,” he said. brings the two countries closer ease (COVID-19). omy – with the economic fallout of in 1993 and overtakes the total to cover some of the lost income the Covid-19 pandemic weighing borrowed in an entire year at the of self-employed workers and heavily on the public finances. peak of the financial crisis. spent more than £500m to cover Turkey-Iran Flights Resume The monthly borrowing figure However, the deficit in August the cost of the Treasury’s eat out – a record for August – follows was £2bn lower than analysts to help out scheme. A VAT cut for unprecedented spending by the expected and £8bn below the the hospitality sector meant that After 6-Month Hiatus government to combat the coro- amount the Office for Budget Re- overall sales tax receipts were TEHRAN (IFP) - Flights to and navirus and sent the accumu- sponsibility estimated earlier this £3.7bn lower than in August 2019. from Tehran and Turkey have re- sumed after a six-month hiatus caused by the coronavirus out- India’s Debt Level to Surpass 90% of GDP– S&P break. NEW DELHI (Dispatches) - Despite A senior official at Imam Kho- retaining India’s credit rating at the meini International Airport in lowest investment grade, ratings agency southern Tehran says the airlines S&P Global warned that the Asian econ- Qatar Airways and Emirates along omy will face mounting deficit and debt with a number of Iranian carriers levels in fiscal 2021 in the aftermath of are now running flights through the coronavirus crisis. Imam Khomeini International In its forecast released earlier this Airport. week, S&P said it expects India’s debt- “The Turkish Airlines also re- to-GDP ratio (the debt levels compared sumed its flights to this airport,” to gross domestic product) to surge Alireza Majzoobi said. over 17 percent from the previous year He said the Turkish airline, before it reaches 90.6 percent in the which had stopped its flight to we saw a decline in the number the similar period in 2019,” said fiscal year to March 2021. The outlook Tehran for six months due to the of trips and, accordingly, the can- Majzoobi. is similar to the estimates of two other coronavirus outbreak, will run cellation of flights in most coun- “As countries eased restriction major ratings firms, with Fitch peg- seven flights between Istanbul tries, including in our country, so put in place to combat the CO- ging general government debt to jump avert a steeper downturn. Council for Applied Economic Re- and Tehran based on arrange- much so that based on a report by VID-19 outbreak, we are witness- to 84.5 percent of GDP and Moody’s Nine percent contraction predicted by search (NCAER), recently warned that ments made by the two countries. the Airport Council International ing air travel increasing gradually placing it at 90.1 percent. S&P is less dramatic than other prog- the country’s economy may drop by He further noted that the amount (ACI), the number of passengers although international institutions “We expect economic activity in noses, most of which expect India’s 12.6 percent this fiscal year. Moody’s of travel dropped in most coun- transferred at world airports in predict that the number of air pas- India to begin to normalize in fiscal economy to shrink in double digits in forecast a 11.5 percent contraction in tries following the pandemic. the first and second quarters of sengers will, before 2023, not 2022, resulting in real GDP growth of FY21 after its GDP fell by a record India’s economic growth, while Fitch “With the outbreak of the CO- 2020 dropped by 26.4 and 89.6 reach as many as they were in the about 10%,” it said, adding that an ad- 23.9 percent from April to June. New is just a little more optimistic, predict- VID-19 disease across the world, percent respectively compared to year 2019,” he added. ditional stimulus measure will help to Delhi-based think tank, the National ing a fall of 10.5 percent.