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The lifting of sanctions that had banned major investments in Iran and excluded the country from the global economy for many years has now left Iran with high hopes for increased foreign direct investment to promote ongoing stable economic growth.

Learn about the latest macroeconomic, industry and business development that is being witnessed in Iran. 

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Is Iran a promising destination for business?

Macroeconomics


Iran’s cross border trade shows improvement

Iran made exporting and importing easier by improving and expanding the services offered by the national single window system. This system is a trade facilitation idea enabling cross-border traders to submit regulatory documents such as customs declarations, applications for import/export permits, certificates of origin, and trading invoices at a single location. 

Read more - Tehran Times

Budget’s Oil Dependence Declines to 30%

The taxation policy of the Ministry of Economic Affairs & Finance has proven to be effective in reducing the dependency of Iran’s budget on oil revenues from 70% during the previous administration to less than 30%. 

Read more - Financial Tribune

Exports via Shahid Rajaie port grew 44%

The value of exported goods from Iran’s southern port of Shahid Rajaie grew 44% in the past Iranian calendar year (ended March 20) when compared to the preceding year, totaling to $11.141 billion. 

Read more - Tehran Times


More on Macroeconomics

Minister of Economy calls for rise in non-oil exports - Mehr News Agency

UK cautiously eyes $600bn opportunity in Iran investment drive - The Telegraph

S.Korea’s import of non-oil goods from Iran rose by 230% - Iran Front Page


Financial Services


Corporate Governance Bylaw for Insurance Industry

The new bylaw on corporate governance in Iranian insurance companies has been devised and will be implemented soon. Iran's nuclear accord with world powers has had tangible results for the insurance sector. In mid-January, the industry regulator CII published a report announcing that it has held talks with more than 140 foreign insurance and reinsurance companies that seek to enter the Iranian market; They include German, British, Swiss, French and Japanese firms, including Munich Re, the world's top reinsurance company. 

Read more - Financial Tribune

CBI Denies E-Banking Monopoly

The Central Bank of Iran is against monopolizing electronic banking and supports banks or entities that provide efficient services. Ayandeh Bank-affiliate eFarda, Bank Melli Iran's electronic banking platform BAM, Bank Refah's comprehensive financial management system SAMIM and Shahr Bank are currently some of the active players offering electronic banking services to Iranians. 

Read more - Financial Tribune

Banking Reconnection Follows Nuclear Deal

Iran's Ministry of Economic Affairs and Finance has published a report detailing the performance of seven Iranian banks in the area of correspondent relations, indicating that the international banking system is gradually warming up to re-establishing ties with the country.

Read more - Financial Tribune

Foreign Investors Eying Iranian Insurance Firms

A couple of foreign insurance companies are determined to invest in Iran in the next two or three months. According to the insurance industry's laws, foreign companies are allowed to buy up to 49% of the total shares of an Iranian Insurance company, which will materialize this spring.

Read more - Financial Tribune 

Tehran, Kuala Lumpur draft banking cooperation agreement

In the 30th meeting of The Islamic Financial Services Board (IFSB) Annual Meetings and Side Events 2017, held in Kuala Lumpur, Malaysia, the Council of the Islamic Financial Services Board (IFSB) resolved to approve the Guiding Principles on Disclosure Requirements for Islamic Capital Market Products.

Read more - Mehr News Agency


Technology


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Iran launches national fiber optic connectivity plan

Iran has launched a project to connect houses to a nationwide fiber optic network, developed by Iran Telecommunications Company (ICT). Around 900 cities and towns across Iran are currently under 3G coverage and 742 towns are under the 4G coverage.

Read more- Press TV


Energy, Oil and Gas


Private Firms Strive for Bigger Role in Overseas Energy Market

The Energy Ministry is committed to expanding the presence of Iranian companies in international projects, notably by providing financial help. He assured the companies of the government's resolve to build collaboration with internationals in pursuit of a bigger market share in the energy sector.

Read more- Financial Tribune

Chinese, Iranian firms to sign first nuclear plant redesign contracts

Companies from China and Iran will sign the first commercial contracts to redesign an Iranian nuclear plant as part of an international deal reached in 2015 over Iran's nuclear program.

Read more- Reuters

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Read more- Mehr News Agency

U.S. granted BP licence to operate joint North Sea field with Iran

BP and Iran's state-run oil company received a licence from the U.S. Treasury to operate their joint gas field in the North Sea following the lifting of Western sanctions on Tehran.

Read more- Reuters

Iran becomes No.2 oil supplier to South Korea in first quarter

Iran ranked as South Korea's 2nd-biggest oil exporter over the first thee months of 2017 as it ramped up output to regain market share after sanctions were lifted last year. South Korea's March imports from Iran more than doubled from a year ago to a record 18.54 million barrels, or 597,935 barrels per day (bpd).

Read more- Reuters

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More on Energy, Oil and Gas

Iran Petrochemical exports up by 10% - Mehr News Agency

Oil, gas condensate exports hit 3 million bpd - Tehran Times

Iran sells all its offshore oil storages post JCPOA - Tehran Times

Iran boosts gas-output capacity witn inauguration of six projects at giant Field - Bloomberg

Iran becomes self-sufficient in gasoline production - The Washington Post

30 new petchem projects to become operational by 2018 - Mehr News Agency

Hungary, Iran to cooperate in joint mini nuclear plant project - Reuters


Transport & Automotive


Airplane maker ATR signs $536M, 20-aircraft deal with Iran

European airplane manufacturer ATR sealed a $536-million sale with Iran Air for at least 20 aircraft, the latest aviation firm to strike a deal following Iran's nuclear accord with world powers. The French-Italian company will deliver nine ATR 72-600s in 2017 and the rest in 2018.

Read more- AP News

Lufthansa in talks with Iran Air over catering, maintenance deals

Lufthansa is in talks with Iran Air to provide catering, maintenance and pilot training as it seeks to take advantage of emerging business opportunities in the country. The talks with Iran Air are just held to explore business opportunities in the areas of catering and maintenance. There are however no concrete plans for a cooperation.

Read more- Reuters

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Iran Automakers Produce 1.25m Vehicles in Last Fiscal Year

Iran's state-owned and private carmakers missed their production target by 50,000 units in the last fiscal that ended on March 20; However, the industry saw a 40.7% growth in auto production year-on-year, according to the Ministry of Industries, Mining and Trade.

Read more- Financial Tribune


More on Transport and Automotive

M & M and Andreas Schmid start joint venture -  Verkehrs Rundschau

Iran Welcomes Transit Corridor Linking Persian Gulf, Black Sea - Financial Tribune


Fast-Moving Consumer Goods


Iran Exports Livestock, Poultry Products Worth $1.2 Billion

Deputy agriculture minister of Iran reported on 1.2 billion dollars of exports in livestock and poultry industry last year noting that the sector enjoyed a trade surplus of 554 million dollars.

Read more- The Poultry Site

GHM and Iba active in Iran

The German Trade Fair for Handicrafts (GHM) in Munich has signed a cooperation agreement with the trade fair iran food + bev tec (Teheran). It is the leading trade fair for food technology in Iran. The goal is to support exhibitors to open up new markets.

Read more- ABCOnline

Iran plans to export $3.5b worth of foodstuff this fiscalArtboard 12.png

The country’s food industries’ exports reached $2.7 billion during the last calendar year’s first 11 months (March 20, 2016-February 18, 2017) which was fairly close to the last year’s anticipated goal of $3 billion. Iran’s exports of foodstuffs during the last Iranian calendar year stood at $2.77 billion to register an 8 percent rise compared to the preceding year.

Read more- Tehran Times


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