World  Business and Economic Analysis 

Iran,

  • Iran makes leap to seize fresh export markets

     

     

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    Iran is after bolstering trade ties with European countries as evidenced by the steep rise in share of EU states in the country’s foreign trade.

    In recent months, trade relations between Iran and European countries have expanded and majority of EU members seek to gain a share in the Iranian market as well as to deepen commercial ties with Iranian businessmen.

    Czech Republic, for instance, had conducted negotiations with Iran’s economic activists over the past three years and intends to reinvigorate trade relations with Iranian traders. Efforts by officials of the two countries brought about 52 million dollars of trade turnover between the two sides in 2015 indicating a 50% rise as compared to the earlier year. What’s more, volume of trade turnover between Iran and Czech experienced a 25% growth in the first 11 months of 2016 and climbed to 59.139 million dollars while the figure for the corresponding period in the previous year stood at 47.433 million dollars.

    A brief look at conditions of Czech Republic reveals that the European state holds a population of about 10.6 million people with a Gross Domestic Product (GDP) of around 182 billion dollars. Moreover, the GDP growth rate of the European state reached 3.9 percent in 2015.

    Presently, the national per capital income of Czech stands at 18,200 dollars on the basis of a purchasing power of 27,600 dollars while the country’s inflation rate was 0.5 percent in 2015. A total budget of 48.8 billion euros has been allocated for Czech in 2017 while its government is facing a 2.2-billion-euro deficit.

    GDP growth rate of Czech Republic was about 2.4 percent in 2014, climbed to about 3.9% in 2015 and reached 4 per cent in the first six months of 2016. Inflation rate for 2015 stood at about 0.5% though it was reduced to around 0.3 percent in the first half of 2016.

    Industrial production of Czech has risen by 8.1 percent as compared with the previous year. In addition, manufacturing of motor vehicles, trailers and semi-trailers increased by 16% and automakers enjoyed a 2.9% share in the 8 percent of growth in industrial production. Manufacturing of machinery and equipment also increased by 15 per cent.

    As announced by the association of Czech exporters, the European country’s exports volume will soar by 4% by the end of the current year with the most important export destinations being Germany, Slovakia, Britain, America, France and Poland.

    The association has pointed to Iran and Cuba as new and interesting markets for Czech exporters and noted that further development of exports in the current and following years will be subject to political issues in North Africa, the Middle East and Greece.

    Top trade partners of Czech Republic in order of trade volume include Germany, Slovakia, China, Poland, France, Italy, England, Austria, the Netherlands, Hungary, Russia, America, Spain, Belgium, Switzerland, South Korea, Romania and Sweden. Also, major trade partners in the Middle East are Azerbaijan, UAE, Saudi Arabia, Iraq, Qatar, Georgia, Oman, Kuwait, Lebanon and Iran. Zionist regime also marks a trade partner of Czech Republic.

    The volume of economic exchanged between Czech Republic and Iran's neighbors in 2015 were three billion and 180 million dollars with Turkey, about one billion and 176 million dollars with Azerbaijan, Kazakhstan about 685 million dollars, about 897 million dollars with Emirates and Saudi Arabia about 620 million dollars.

    Eagerness of Iranian and Czech businessmen formed the impetus for an Iranian economic delegation to travel to Prague at the invitation of Czech’s National Confederation of Industries. The delegation is headed by Chairman of Tehran chamber of commerce industries Mines and agriculture (TCCIMA) Masoud Khansari who is accompanied by more than 30 Iranian companies in the fields of machinery, equipment and mining industry, heavy industry, pharmaceuticals, medical devices, renewable energy, and environmental technologies.

    The delegation, during a three-day stay in the capital of Czech Republic, will make visits to car, renewable energy, food and pharmaceutical factories. The joint meeting of the Iranian and Czech delegations will be also held within the three days with participation TCCIMA members as well as officials of the Confederation of Czech Industry.

    Previously, a 20-strong delegation of Czech’s Chamber of Commerce along with Deputy Minister of Foreign Affairs Martin Tlapa visited Tehran in September in 2014 when four agreements were signed between the two sides in Tehran, Tabriz and Isfahan. Later that year, another delegation travelled to Tehran and two major contracts were inked between Tehran and Prague.

    Also in April 2015, an economic delegation comprising directors of 21 Czech firms visited Iran and held separate meetings with senior Iranian officials.

    Minister of Foreign Affairs of the Czech Republic Lubomír Zaorálek also led a huge delegation to Tehran later in 2014 and momentous agreements were made between entrepreneurs of the two countries. Nevertheless, the visit of Iran’s Economy Minister Ali Tayebnia to Czech marked a turning point in economic relations of the two sides since the deal for elimination of extra tax was inked between the two sides and the draft of document to support mutual foreign investment was prepared.

    Also in January 2016, minister of industry and trade of the Czech, along with representatives of about 65 companies, visited Tehran and Tabriz, where in addition to signing industrial cooperation contracts, athe two sides reached fruitful agreements in areas of heavy industry and machinery. During the visit, agreements were signed between Iranian and Czech companies in the field of mining and mineral collaborations.

    Over the past three years, several measures have been taken to promote joint economic cooperation between Iran and Czech Republic one being formation of a trilateral chamber of commerce among Czech, Iran and Slovakia. Yet another noteworthy measure was holding of the first Joint Economic Commission between the two countries in December, 2016 in Prague, a summit which covered various sectors of industry and mining, energy, finance and banking in addition to health and agriculture.

  • Iran Mideast’s 2nd Largest Cosmetics Market

     

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    Iran accounts for $2.1 billion of the Middle East’s $7.2 billion beauty products market–second in the region after Saudi Arabia, according to the Iranian Association of Cosmetics, Toiletries and Perfumery Importers.

    Around 70% of cosmetics imports to Iran are smuggled and nearly 15 million people are consumers of beauty products in the country,

    The Central Bank of Iran put Iranian households’ annual average income at 270 million rials ($7,460 at market exchange rates) for the last fiscal year (March 2015-16). The CBI report also shows only 2% of the households’ annual expenditure went to recreation and culture, that is, 1.35 million rials ($37.3) for each person, compared to 4.2 million rials ($116) they spend on cosmetics.

    In other words, Iranians spend three times more on cosmetics than they do for recreational and cultural activities.

    According to the Islamic Republic of Iran Customs Administration, about 2,000 tons of cosmetic products worth more than $21.6 million were imported to Iran in the first three months of the current Iranian year (started March 20). The figures show the amount of legally imported products only.

    The imports were mostly from the UAE, France, India, Turkey, Germany, Switzerland, Italy, Spain, South Korea, China, the UK and Indonesia.

  • Iran Might Still Outwit the Saudis on Oil ,Invest in Iran

     

     

     

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    By Julian Lee

     

    Iran's oil exports are growing much more quickly than analysts predicted back in January when sanctions were eased. If the recovery continues at its recent pace, it could raise an interesting dilemma at OPEC's next meeting in June.
    Iran's Recovery
    Oil production is closer to government plans than analysts' more pessimistic expectations
    Source: Bloomberg
    April actual assumes higher exports have come from increased production, not storage

    As Bloomberg reported earlier this month, Iran exported more than 2 million barrels per day of crude during the first half of April -- a figure calculated from tracking ships loading at Iranian export terminals. This compares with 1.45 million barrels a day in March. Neither figure includes the country's exports of condensate (a type of light oil recovered from gas fields).
    Iran's Export Surge

    If we add the volume of oil refined in Iran -- estimated at about 1.6 million barrels per day -- to the exports, we get a total daily crude supply of about 3.6 million barrels. Keep that number in mind.

    When oil producers, led by Venezuela and Russia, began to talk about an output freeze back in February, Iran made it very clear that it wouldn't participate until it restored production to pre-sanctions levels. It put that figure between 4 million and 4.2 million barrels per day, although a look back at its official OPEC-supplied production numbers shows it reported daily output at between 3.7 million and 3.8 million barrels before fresh sanctions were imposed in 2012.

    Bloomberg, and the six organizations OPEC used for its "secondary sources" estimate of its members' production, saw Iran's output falling during the first half of 2012 as buyers went elsewhere before sanctions came into force. The official figures given to OPEC by Iran show production continuing at about 3.7 million barrels per day throughout 2012 and most of the following year.


    The difference probably reflects Iran's unwillingness to admit sanctions were having any impact. It's possible, though, that production didn't fall as steeply as outside observers thought, with the additional oil going into onshore storage tanks (much harder to track than oil stored on tankers). Still, Iran doesn't have enough storage capacity to have kept that up for long.

    Drawing oil out of onshore tanks may explain some of the recent boost in exports. JBC Energy, a consultancy, suggests Iran may also be blending condensate into crude exports to raise the quality of the heavier oil it's pumping.

    Iran claims it's now producing 3.5 million barrels per day, pretty close to the 3.6 million indicated by my calculation above. This suggests that the restoration of Iran's pre-sanctions production, which analysts said would take a year -- if it could be achieved at all -- has just about been managed within three months.

    That could put Saudi Arabia in a tricky spot when OPEC meets at the start of June. If Iran were willing to join the rest of OPEC in an output freeze, the Saudis would be faced with a choice. Either accept that their terms had been met and agree to freeze their own production just before it would typically start to rise to meet a seasonal surge in domestic demand; or move the goalposts again.

    As I wrote last week, Saudi Arabia doesn't want oil prices to rise to a level allowing new high-cost projects before the market's rebalanced, giving it little incentive to support further price rises. That next OPEC meeting might be testing for the kingdom.

  • Iran new market for Thailand

     Mehr News agency talks to Senior official of Thailand Ministry of Industry has said Iran is considered as a new potential market for Thailand particularly in field of consumer goods.

    In an exclusive interview with Mehr News correspondent, Ms. Anong Paijitprapapon, Deputy Director General of Department of Industry Promotion of Thailand Ministry of Industry, answered some questions on Tehran-Bangkok trade ties and its prospect after removal of sanctions.

     
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    How do you describe  Iran-Thailand current economic and industrial ties?

    According to latest statistics (May 2015-April 2016) from Thailand's Ministry of Commerce, Thailand has exported about USD 201 million’s worth of products to Iran while the total import value of Iranian goods was about USD 81 million.

    Thailand’s top 10 exports to Iran in 2016 include wood and wood products, canned and processed fruits, rubber products, rubber, beverages, fresh, chilled, frozen and dried vegetables, batteries and battery parts, shoes and shoe parts, cars and automotive parts, and compressors.

    Meanwhile, Thailand’s top 10 imports from Iran in 2016 have been iron, steel and products, plants and plant products, chemicals, fresh, chilled, frozen, processed, semi-processed aquatic animals, fruits and vegetables, other fuels, medical and pharmaceutical products, other textile products, cars and automotive parts, and compressors.

    It is still expected that the export and import values between two counties would increase continuously.

     

    What are the main fields of interest for Bangkok in Iran’s market?

    Thailand has high potential to produce various types of products, especially consumer goods. Therefore, the major targets in Iranian market could be any products which are interested by Iranian consumers, such as cosmetic.    

     

    Does Thailand have any plans to increase its share in Iran’s market? And how the Ministry of Industry would contribute to this?

    Based on the policy, Thai government would like to build up a trading relationship with Iran, which is recognized as a new potential market for Thailand. Ministry of Industry realizes the importance of this direction and thus will play a vital role in promoting relevant activities to support the national policy.

     

    How do you analyze lifting of anti-Iran sanctions would affect the issue?

    Lifting anti-Iran sanctions would definitely boost up Thailand-Iran relations, particularly Thai-Iranian trade value.

  • Iran oil customers rise to 10: Report

     

     

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    The number of the countries on the list of the buyers of Iran's oil which had been limited to five due to unfair anti-Iran sanctions has risen to 10 after the average oil exports of the country reached 2.1 million barrels per day.
    Iran oil customers rise to 10: Report
    According to a report by IRNA on Monday, some European countries have been added to the list of buyers of Iran's oil.

    This happened after the deal known as the Joint Comprehensive Plan of Action (JCPOA) between Iran and world powers on July 14, 2015. Two sides agreed to implement the deal on January 16, 2016.

    China, India, Japan, South Korea and Turkey had been customers of Iran's oil during the sanctions era.

    Under the sanctions, they were allowed to daily import near one million barrels of oil in total from Iran.

    Oil exports to Europe had almost stopped during the sanctions period. Just Turkey which is located in both Asia and Europe was importing 60,000 to 100,000 barrels per day of Iran's oil at that time.

    After the announcement of 'Implementation Day', the obstacles to export Iranian oil were removed and Tehran made efforts to increase its exports to return to oil markets.

    So, on one hand the Asian customers raised their imports of Iran's oil and on the other hand, the Europeans resumed buying oil from Iran after several years.

  • Iran Opening Up: Promises and Pitfalls

     

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    If there is a seat left in business class on a flight to Tehran, you might be hard pushed to find it. Ever since Iran signed its nuclear accord in January lifting longstanding sanctions, businesspeople of every kind have been making their way to the country in the hope of clinching a deal.
    Iran’s main industries have suffered from underinvestment, its consumers have been starved of choice and billions frozen in overseas accounts are in the process of being released.
    The country’s reintegration with the international community is well underway and with it comes a drive to return the country’s business activity to a state of normality, whether it be the strategic industries like oil and gas, or consumer retail, Gavin Hinks wrote for the UK-based magazine Financial Director.
    Jan Ward, chief executive of Corrotherm International, a former exporter of specialist piping to the energy sector in Iran, tells Financial Director: “I’ve been waiting for them to remove the sanctions … I absolutely love going there.”

      Under Starter’s Orders
    From news reports however, it’s obvious that many companies did not wait for the ink to dry on the final settlement. In anticipation of an agreement, many had clearly been in Iran to negotiate well ahead of the diplomats.
    Within days of the agreement being signed, Airbus finalized the sale of 118 planes to Iran Air worth $27 billion. Though conditional on obtaining US export licenses (10% of Airbus parts are made in the US), the deal will see Airbus build 73 wide-body jets and 45 narrow-body planes for Iran, which will also take delivery of several A380s, the world’s largest jet aircraft. More importantly though for Airbus, they have beaten Boeing to the line in helping Iran rebuild its raging passenger aircraft fleet.
    Elsewhere, President Hassan Rouhani forged a deal with Italian metals producer Danieli, reportedly worth $5.7 billion, to produce steel and aluminum for machines and equipment.
    A few days later, Japan and Iran sealed an “investment pact” intended to give Japanese investors the edge when it comes to providing capital for Iranian projects.
    For British exporters, however, there’s one important point to note. None of the high-profile deals announced were with British companies.
    “The big thing is to get out there and meet the people. You’ve got to find a partner. The Germans, French and Italians are out there in their hordes,” says Ward.

      Reasons
    And why wouldn’t they be? Iran is a country of about 80 million people with a GDP of $406.3 billion, making it the second largest economy in the Middle East.
    President Rouhani’s reforms have also seen the country turn a corner after two years of recession: 2014, according to the World Bank, saw the economy grow by 3%, with many, including the Institute of International Finance, expecting 2015 to see growth of about 6%.
    The World Bank reckons on 5.8% this year and 6.7% for 2017. These figures though are predicated on transformation, once the sanctions are lifted.
    Inflation is also down from an eye-watering 45% in 2012 to 15.6% as of July last year. Unemployment, however, has proved difficult to budge and remains around 11%.
    In September last year, the World Bank wrote: “Reforms to the business environment to promote competition, rationalize licensing and authorization requirements, reduce the imprint of state-owned enterprises in the economy and improve the health of the financial and banking sector are needed to accelerate growth and private-sector led job creation.”
    Yes, there is a job of work to be but the population is well educated and young, with some estimates placing 65% under 35.

      Banking
    Sanam Vakil, associate fellow at international affairs think tank Chatham House, has some good news for UK businesses. She says no one country is going to monopolize business in Iran, as the deals publicized so far have proved.
    “It’s been much easier to do deals with the Italians, French and Germans who have longer standing relations and remained active in the region regardless of sanctions,” she says.
    But Vakil adds the “onus” is on the British to move things forward more quickly. She observes the British Embassy has been slow to reopen in Tehran.
    However, the British have moved swiftly in one area–Iranian banking—an essential issue for exporters.
    The whole sector is one where many outstanding issues need to be resolved, according to Vakil.
    However, three UK subsidiaries of Iranian banks–Persia International Bank, Melli Bank and Bank Sepal International–have already received regulatory approval to go back to work after being helped by the startup banking unit of the Prudential Regulatory Authority.
    This is timely, because a report from professional services firm Mazars published in January highlighted key areas for improvement following a survey of financial reporting at nine Iranian banks.
    Mazars concluded the sanctions had left “deep scars”. Iranian banks are yet to adopt Basel I and II, “let alone Basel III”, says the report. IT and cyber security “are in their infancy. Corporate governance needs revision to meet international best practice,” says the report, and “international-accepted accounting and reporting standards need to be implemented”.
    Greg Simpson, head of UK banking audit at Mazars, says International Financial Reporting Standards will become applicable for listed Iranian banks from 2016, though not all banks are listed. He insists, however, that there is a “strong willingness” to adopt greater transparency.
    The fact that UK subsidiaries have been reactivated by regulators demonstrates they have “adequate capital and liquidity to satisfy regulatory requirements”, according to Simpson.
    He adds: “One of the main impediments to resuming normal trading is establishing correspondent relationships with international banks. However, recent announcements by Dr. Valiollah Seif, the governor of the Central Bank of Iran, indicate there is an increasing desire by international counterparts to facilitate trade relations.

      Frontiers
    Strong institutions will be essential to the reform and reintegration of Iran and the country is not short of them. In fact, Vakil notes the country may have so many that decision-making on issues like petroleum contracts are slow and uncertain.
    It’s a point echoed by Hassan Hakimian, director of the London Middle East Institute at SOAS, who recently wrote that Iran’s “complex post-revolutionary institutional architecture, which is beset by a labyrinth of decision-making entities interlaced with yet more bodies and agencies created to ensure compliance with Islamic tenets and revolutionary standards”, is one of the key challenges in reforming the country.
    That said, Hakimian is optimistic that trade can be done, referring to Iran as a “frontier market”.
    “When you think about it, Iran is one of the few countries where you don’t face a big US competitor,” he tells Financial Director.
    “There are opportunities in consumer goods, the energy sector and in replacing the country’s infrastructure.”
    According to Hakimian, the big risk in Iran is President Rouhani’s ability to deliver on expectations of economic improvement, the basis on which he was elected and the reason for recent success in parliamentary polling. He faces presidential elections in 2017 with victory critical if Iran is to maintain certainty around its current path.
    “There’s no market with no risk whatsoever,” he concluded.

  • Iran paves way for corporates with lease-based Islamic bonds

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    Iran's Ministry of Finance has issued 5 trillion rials ($145 million at the free market exchange rate) of lease-based Islamic bonds, expanding the range of the government's funding tools and providing a much-needed pricing benchmark for corporate issuers.

    The deal is the first time that Iran's government has issued sukuk using an ijara format, selling them through the country's over-the-counter securities market, known as Fara Bourse.

    The four-year sukuk were listed on March 16 and pay a nominal rate of 18 percent, according to Fara Bourse data. The proceeds will be used to settle debts owed by the government to Ayandesaz Pension Fund and Mahan Air, according to Novin Investment Bank, which arranged the transaction.

    The government would usually issue sukuk based on its own assets, but in this case the transaction was based on the creditors' assets, Fatemeh Khanahmadi, computational finance and risk manager at Novin Investment Bank, told Reuters.

    "The creditors accepted it as the government is still guarantor to pay the principal and the interest to investors."

    While officials have said foreigners are permitted to buy Iranian bonds, foreign portfolio investment in Iran is still very small, so all or almost all of this month's sukuk issue is likely to be held by domestic investors.

    In the wake of the lifting of economic sanctions against Iran in January, authorities are rolling out a series of initiatives to develop the country's capital markets and reduce local firms' reliance on loans from a debt-laden banking sector.

    The government has announced plans to issue 60 trillion rials worth of Islamic Treasury bills this year, after a maiden sale in September.

    Iran's capital markets have developed differently from those in the rest of the Gulf after years of isolation, and only a handful of sukuk structures are available.

    The municipality of Tehran issued the country's first sukuk in 1994 based on an investment partnership format known as musharaka, which has remained the main structure in use.

    Six years ago, the capital market regulator introduced ijara and murabaha structures - the latter is a cost-plus-profit format - but they have been slow to catch on, even though they are widely used elsewhere in the Gulf. (Reporting by Bozorg Sharafedin and Bernardo Vizcaino; Editing by Andrew Torchia and Alexander Smith)

     

    keywords: Islamic bonds

  • Iran says Boeing officials will visit Tehran soon


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    Iran says the United States has allowed Boeing Co. to have direct talks with Iranian airliners. | AP file photo
    Associated Press

     Iran says the United States has allowed Boeing to have direct talks with Iranian airliners after reports that a Boeing delegation will visit the country, the official IRNA news agency reported.

    The report quoted Ali Abedzadeh, head of Iran’s Civil Aviation Organization, as saying “Boeing intends to launch its talks with Iranian companies with permission from the U.S. government.”
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    Abedzadeh said Boeing has provided an Iranian airline with “some technical issues to upgrade flight safety.” He did not elaborate.

    He also said Iran has “appropriate offers” from airplane manufacturers in Brazil, Canada and Japan for both leasing and selling airplanes to Iran.

    On Friday, IRNA said a delegation from Boeing will visit the country to review “possible cooperation” with Iranian airlines. It said officials from Iran’s national carrier, Iran Air, and other Iranian airlines will meet the Boeing delegation.

    In March Abedzadeh said Iran will likely sign an agreement to buy airplanes from Boeing. The Chicago-based airline manufacturer has denied repeatedly that it will sell airplanes on the visit, instead saying it will discuss fleet-planning options with Iranian officials.

    Last summer’s nuclear deal between Iran and world powers has brought an end to international economic sanctions, allowing the Islamic Republic to upgrade its aging fleet of aircraft. Iran Air has already signed agreements to buy 118 planes from the European consortium Airbus and 20 more from French-Italian aircraft manufacturer ATR.

  • Iran secures €8b loan from Korea Eximbank

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    World Business Year International project Finance and Investment consulting reported that ,Iran has secured an €8-billion credit line from South Korea's Eximbank, the Islamic republic's biggest loan deal since its 2015 nuclear accord, the Iranian central bank announced Thursday.


    "The biggest contract since the atomic accord was signed with South Korea's Eximbank today for the amount of €8 billion (RM40.39 billion)," said central bank governor Valiollah Seif, in a statement carried by state news agency Irna.
    A spokesman for South Korea's export credit bank, contacted by AFP, said the deal would finance projects in Iran by companies from the Asian country.
    "We started signing with Iranian banks a framework agreement today. We did it with three Iranian banks today and will do so with nine other Iran banks in the coming week to complete the agreement," he said.


    "Under the agreement, Eximbank will provide an €8-billion credit line for those banks so that they can help finance various projects in Iran that are awarded to South Korean companies," said the bank spokesman.
    Seif said the loan would facilitate "several development and production projects", and it showed the international community was ready to restore "long-term" banking ties with Iran.


    Under the landmark July 2015 nuclear accord signed by Iran and world powers, Tehran has curbed its atomic programme in exchange for an easing of international sanctions from January 2016.


    But Washington has maintained and increased unilateral sanctions over Iran's ballistic missiles programme and alleged support for terrorist groups, deterring a full return to the Iranian market by some international players cautious over possible US punitive measures.
    "One of the problems created by international sanctions was they put a halt to financial accords," said the central bank chief.
    US President Donald Trump, who took office in January, is a fierce critic of the nuclear deal, acting as a deterrent to a normalisation between the Iranian banking sector and major international banks.


    But with the Eximbank agreement sealed, "I hope we will be able to announce more good news in the days and months ahead," said Seif.
    Iran's President Hassan Rouhani says the country, a major oil producer, needs massive foreign investment to revive its economy and combat its high unemployment, officially estimated at 12.7%.

  • Iran to build refineries abroad

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     Deputy oil minister has reported on negotiations with several European, Asian, African and South American countries on building or buying refineries.

    On Iran’s new plans to construct refineries in foreign countries, Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi said “currently, buying stocks of crude oil refineries abroad is one of the policies pursued by the National Iranian Oil Company (NIOC) to ensure guaranteed sale of Iranian crude in the long run."

    The official deemed the policy as a sound one asserting “before the Islamic Revolution, Iran held shares at four major foreign refineries while many countries implement the same policy nowadays.”

    Kazemi further commented that in negotiations with countries like Brazil and Spain, we have proposed to construct crude oil refineries within the framework of equal shares and partnership; “NIORDC mainly undertakes the technical feasibility and economic justifiability of the project while NIOC remains as the key decision maker.”

    NIORDC managing director also stressed that South Africa has voiced willingness to improve the quality of its oil refineries by Iranian experts; “Iran’s current approach is to invest in the construction of the refineries with the prerequisite that most required equipment will be supplied by Iranian manufacturers,” he maintained.

     Deputy oil minister reiterated that “recently, some talks have been conducted with Indonesian and Malaysian companies to activate their refinery projects in which Iran holds shares.”

     

  • Iran to inaugurate 15 new petrochemical projects by 2017

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    Iran will inaugurate 15 new petrochemical  projects by March 2017.


    Marzieh Shahdaee, Director of the National Iranian Petrochemical Company’s plans, said this will boost the country’s petrochemical capacity by ۸.۵ million metric tons.

    “There are 60 petrochemical plans underway in the country, " she said, adding that plans which are over 60 percent complete are main priority. She said the mentioned plans require $33.4 billion worth of investment to come on stream.

    Seven petrochemical units, with a total capacity of 2.7 million tons, will come on stream by March 2016, she added.

    The country has exported some 12 million metric tons of petrochemicals so far.
    Iran plans to increase the number of its petrochemical units to 100 and the value of petrochemical exports to $70 billion over the course of 10 years, he said.

    Iran’s petrochemical output has exceeded 40 million metric tons since the beginning of 2014.

  • Iran to purchase 500 aircrafts in 8 years

     

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     Iran’s deputy has announced that 400 to 500 airplanes will be added to the country’s aviation fleet within eight years.

    Speaking at a meeting with the Finnish Minister for Foreign Trade and Development Deputy Kai Mykkänen in Tehran, Minister for International Affairs at the Ministry of Road and Urban Development Asghar Fakhrieh Kashan said negotiations over plane purchase with Airbus and Boeing are still underway; “in case contracts to buy aircraft with ATR, Brazil and Canada become finalized, a total of 400 to 500 planes will furnish the Iranian fleet.”

    “Iran’s demand for aircraft has created an excellent opportunity for European countries to enter into aviation deals with Iran,” he continued.

    The official enumerated a number of areas for collaboration in marine, land, air and building sectors; “the Finnish have voiced readiness to bolster ties with Iran and they have agreed to present outcomes of bilateral ties in near future.”

  • Iran to reopen petchem bureau in S Korea

     

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    An Iranian oil official has announced planning to reopen and resume activities of Iran’s petrochemical office in Seoul of South Korea within weeks.

    In time with recent agreements between Iran and South Korea to double the amount of oil sales and exports, Iran’s petrochemical bureau has also been scheduled to reopen in the coming weeks.

    Currently, Samsung and LG companies comprise traditional customers of Iran’s petrochemical products and liquid gas as the first shipment of gas condensate produced at South Pars phases has been deployed to Hanwha Total Petrochemicals Company headquartered in Seoul.

    Meanwhile, Mehdi Sharifi Niknafas, Managing Director of Iran's Petrochemical Commercial Company (IPCC), has referred to elimination of banking and financial sanctions between the two countries noting “South Korea is a buyer of Iran’s polymer products; however, the export of these products to South Korea is done with caution in order to maintain market in China.”

    “Resumption of activities by the petrochemical bureau in Seoul will help increase exports of Iranian products to South Korea,” stressed the official.

    In line with the increasing export volume of petrochemical and polymer products to South Korea, the most important venues for boosting bilateral cooperation between Tehran and Seoul in the post sanction era include investment attraction, participation in construction of new petrochemical complexes as well as transfer of technology.

  • Iran welcomes boosting trade with EU


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    By Mahnaz Abdi

    Iran welcomes boosting trade ties with the European Union in a way that European investors could take advantage of unique opportunities in Iran and Iran’s economy could accelerate the process of its growth and development, according to Central Bank of Iran (CBI) Governor Valiollah Seif.



    Seif made the remarks in “The 2nd Business and Banking Forum Iran Europe” which kicked off in Tehran on Saturday and will run until Monday.

     

    In January world powers led by the United States and the European Union lifted sanctions on Iran which had been imposed over its nuclear program. The subsequent leap in Tehran’s stock market in late January and early February gave a hint of the country’s investment potential.



    The lifting of sanctions opens a new chapter of economic development and put the country’s potentialities into practice, Seif added.



    The ground is laid for more security of foreign investment in the country and also for more economic sustainability, he maintained.



    Iranian economy enjoys great advantages such as educated and expert manpower, huge natural resources, cheap price of energy, big market inside the country and also access to the regional markets, the official highlighted.



    “I hereby invite all European investors, service institutes and also banks to take the advantage of unique opportunities created in Iran in the post-sanctions time”, the CBI’s governor stated.



    He also said that all Iranian banks are now connected to the SWIFT international payment system.



    ---- 2016 economic growth above 5 percent



    Elsewhere in his remarks, Seif said that Iran’s economy is expected to witness an economic growth of more than five percent in 2016.



    “Economic growth slowed down in 2015 but domestic and international predictions both indicate that growth in 2016 would be beyond 5 percent,” he added.



    *** European banks should avoid conservatism



    Addressing the same forum, Mohammad Khazaei, the Iranian deputy economy minister and also the president of the Organization for Investment, Economic, and Technical Assistance of Iran, said: “Let me be honest with you, I see some conservative approaches from European banks to work with Iranian banks. I would like to make it clear here that conservatism is the big enemy of taking advantages in Iran’s market.”



    Banks are the routes of collaboration, transferring money, so any problem in this area of course is a big obstacle in the way of cooperation, the official stated.



    He went on to say: ”Because Iranian banking system and Iranian businessmen have been away from their traditional counterparts [during the sanctions times]; therefore we need to get together again and know how the banks can get together and there are many issues that we should solve and then we can also move.”



    Elsewhere in his remarks, Khazaei said Iranian government has adopted policies to support foreign investment especially in the fields which bring value added, such as transfer of technology and increase of exports.



    He mentioned facilitation of investment making through cutting some administrative and trade barriers as one of the mentioned policies.



    Iran will take the same approach toward the foreign investors as that towards the Iranian ones; the official stated, adding: “Based on the law, your investment in banking sector in Iran is protected and guaranteed by the laws, so there is no impediment or problem to work in this area.”



    The foreign banks and investors will be granted tax exemption of 20 percent in the mainland and 100 percent in the FTZs of Iran, he announced.



    *** ‘New, big opportunities in Iran by sanctions removal’



    Matthias Machnig, the state secretary at Germany’s Federal Ministry for Economic Affairs and Energy, was the other speaker in the forum.



    He said: “Now by lifting of sanctions there are new and big opportunities. It is very crucial that in these conferences we talk together to build up trust. I hope this conference will build up new relations and we will be able to define projects where we can work together and can build new basis for our economic and political relations.”



    “We want your country being a constructive partner, not only in this region, but also in the international level and hopefully we are able to take this opportunity and find new ground for a common work together”, he added.



    European and Iranian companies now want to take advantage of the resulting opportunity as quickly as possible, Machnig said; adding there are a lot of opportunities for long-term partnership which can benefit both sides.



    *** Views of some foreign participants



    One of the participants in the forum, Sonke Reimers, the managing director of Germany’s dfv media group, told the Tehran Times: “I think it is a very important forum, to bring together the experts from banking industry.”



    Referring to the sanctions removal, he said: “I think it’s the time to come back to the table.”



    “The world has changed since the sanctions were put in place, so there are a lot of technical and other issues we should understand. We should understand what’s going on in Iran and I think you should understand what’s going on in Europe”, he stated.



    “We had a huge financial crisis in Europe and since then regulations came in place which are even worse than sanctions, so the world of banking and finance is very different if you come to Europe now, from before the sanctions”, he added.



    “There are many opportunities and now it’s the time to take the opportunities. There are regulations in Iran that the German companies should know”, said Michael R. Fausel from Beiten Burkhardt, a commercial law practice founded in Germany and active worldwide.



    “The conference shows that Iran is open for business, is keen to reconnect to the global banking and financial system. I think this conference is very positive for Iran and also more importantly very positive for Europe and the rest of world”, said William Breeze, an energy finance expert in Britain’s Herbert Smith Freehills, one of the world’s leading law firms.



    “The reason for taking a conservative approach toward cooperating with Iranian banks is that European banks are concern about what America would think. I Think and hope that European banks can seek quite what a large opportunity Iran offers and realize that it’s an opportunity that we take and European banks should reengage as quickly as possible”, he noted.



    “The forum is important for passing information, for being able to bring together the global institutions and Iranian institutions, so we understand how we can work closely together”, said Charles Blackmore , the CEO of Britain’s Audere International Ltd.



    He said: “European banks are conservative because the primary sanctions are still in place. They have been fined many times by the Americans and they are nervous, they want to know, make sure that who they are working with. When they know who they are working with, then they can upset the American sanctions and they will be more relax about releasing money. But also you got to remember that Iran is one country of the whole world and there are many opportunities for finance, so we must evaluate the risks.”












     

  • Iran welcomes boosting trade with EU




    b_200_200_16777215_00_images_lady_business_rev.jpg

    Iran welcomes boosting trade ties with the European Union in a way that European investors could take advantage of unique opportunities in Iran and Iran’s economy could accelerate the process of its growth and development, according to Central Bank of Iran (CBI) Governor Valiollah Seif.



    Seif made the remarks in “The 2nd Business and Banking Forum Iran Europe” which kicked off in Tehran on Saturday and will run until Monday.

     

    In January world powers led by the United States and the European Union lifted sanctions on Iran which had been imposed over its nuclear program. The subsequent leap in Tehran’s stock market in late January and early February gave a hint of the country’s investment potential.



    The lifting of sanctions opens a new chapter of economic development and put the country’s potentialities into practice, Seif added.



    The ground is laid for more security of foreign investment in the country and also for more economic sustainability, he maintained.



    Iranian economy enjoys great advantages such as educated and expert manpower, huge natural resources, cheap price of energy, big market inside the country and also access to the regional markets, the official highlighted.



    “I hereby invite all European investors, service institutes and also banks to take the advantage of unique opportunities created in Iran in the post-sanctions time”, the CBI’s governor stated.



    He also said that all Iranian banks are now connected to the SWIFT international payment system.



    ---- 2016 economic growth above 5 percent



    Elsewhere in his remarks, Seif said that Iran’s economy is expected to witness an economic growth of more than five percent in 2016.



    “Economic growth slowed down in 2015 but domestic and international predictions both indicate that growth in 2016 would be beyond 5 percent,” he added.



    *** European banks should avoid conservatism



    Addressing the same forum, Mohammad Khazaei, the Iranian deputy economy minister and also the president of the Organization for Investment, Economic, and Technical Assistance of Iran, said: “Let me be honest with you, I see some conservative approaches from European banks to work with Iranian banks. I would like to make it clear here that conservatism is the big enemy of taking advantages in Iran’s market.”



    Banks are the routes of collaboration, transferring money, so any problem in this area of course is a big obstacle in the way of cooperation, the official stated.



    He went on to say: ”Because Iranian banking system and Iranian businessmen have been away from their traditional counterparts [during the sanctions times]; therefore we need to get together again and know how the banks can get together and there are many issues that we should solve and then we can also move.”



    Elsewhere in his remarks, Khazaei said Iranian government has adopted policies to support foreign investment especially in the fields which bring value added, such as transfer of technology and increase of exports.



    He mentioned facilitation of investment making through cutting some administrative and trade barriers as one of the mentioned policies.



    Iran will take the same approach toward the foreign investors as that towards the Iranian ones; the official stated, adding: “Based on the law, your investment in banking sector in Iran is protected and guaranteed by the laws, so there is no impediment or problem to work in this area.”



    The foreign banks and investors will be granted tax exemption of 20 percent in the mainland and 100 percent in the FTZs of Iran, he announced.



    *** ‘New, big opportunities in Iran by sanctions removal’



    Matthias Machnig, the state secretary at Germany’s Federal Ministry for Economic Affairs and Energy, was the other speaker in the forum.



    He said: “Now by lifting of sanctions there are new and big opportunities. It is very crucial that in these conferences we talk together to build up trust. I hope this conference will build up new relations and we will be able to define projects where we can work together and can build new basis for our economic and political relations.”



    “We want your country being a constructive partner, not only in this region, but also in the international level and hopefully we are able to take this opportunity and find new ground for a common work together”, he added.



    European and Iranian companies now want to take advantage of the resulting opportunity as quickly as possible, Machnig said; adding there are a lot of opportunities for long-term partnership which can benefit both sides.



    *** Views of some foreign participants



    One of the participants in the forum, Sonke Reimers, the managing director of Germany’s dfv media group, told the Tehran Times: “I think it is a very important forum, to bring together the experts from banking industry.”



    Referring to the sanctions removal, he said: “I think it’s the time to come back to the table.”



    “The world has changed since the sanctions were put in place, so there are a lot of technical and other issues we should understand. We should understand what’s going on in Iran and I think you should understand what’s going on in Europe”, he stated.



    “We had a huge financial crisis in Europe and since then regulations came in place which are even worse than sanctions, so the world of banking and finance is very different if you come to Europe now, from before the sanctions”, he added.



    “There are many opportunities and now it’s the time to take the opportunities. There are regulations in Iran that the German companies should know”, said Michael R. Fausel from Beiten Burkhardt, a commercial law practice founded in Germany and active worldwide.



    “The conference shows that Iran is open for business, is keen to reconnect to the global banking and financial system. I think this conference is very positive for Iran and also more importantly very positive for Europe and the rest of world”, said William Breeze, an energy finance expert in Britain’s Herbert Smith Freehills, one of the world’s leading law firms.



    “The reason for taking a conservative approach toward cooperating with Iranian banks is that European banks are concern about what America would think. I Think and hope that European banks can seek quite what a large opportunity Iran offers and realize that it’s an opportunity that we take and European banks should reengage as quickly as possible”, he noted.



    “The forum is important for passing information, for being able to bring together the global institutions and Iranian institutions, so we understand how we can work closely together”, said Charles Blackmore , the CEO of Britain’s Audere International Ltd.



    He said: “European banks are conservative because the primary sanctions are still in place. They have been fined many times by the Americans and they are nervous, they want to know, make sure that who they are working with. When they know who they are working with, then they can upset the American sanctions and they will be more relax about releasing money. But also you got to remember that Iran is one country of the whole world and there are many opportunities for finance, so we must evaluate the risks.”







    CAP: Central Bank of Iran Governor Valiollah Seif speaking in “The 2nd Business and Banking Forum Iran Europe” in Tehran on Saturday

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  • Iran, Airbus talks over signing accord

    b_200_200_16777215_00_images_airplane.jpg
    Deputy Minister for International Affairs at the Ministry of Road and Urban Development Asghar Fakhrieh Kashan believe that the latest status of the deal with Airbus Aerospace company saying “we have been hammering out an accord with Airbus over the past three  and a final agreement will hopefully be reached.”

    He Noted that the Iran-Airbus agreement comprises 500 pages dealing with numerous issues, Fakhrieh Kashan said “each page of the contract needs to be delved upon since it contains various financial, legal and administrative issues and it must be assured that the interests of both sides will be considered.”

    Deputy road minister highlighted that no exact date can be announced for inking the deal; “at the present time, we are conferring upon details of the contract which proves to be a time-consuming process.”

    “The funding issue is 80 per cent through and talks are being held over removing all existing barriers before purchasing the aircraft,” he maintained.

    He outlined lease-purchase as the final workable approach for buying Airbus planes adding “these aircraft will be imported to the country via Rent-to-Own option without government intervention.”

     

  • Iran, Czech determined to boost energy coop.

    b_200_200_16777215_00_images_b8.jpg

    The Iranian energy delegation headed by Deputy Energy Minister, Hoshang Falahatian, attended the first meeting of the joint energy working group of the two countries held in Prague .

    Energy, water, construction and renewing of power plants, development of renewable energies, small hydropower plants, urban water and sewage management were the areas of potential cooperation between the Islamic Republic of Iran and the Czech Republic discussed in the first meeting of the joint energy working group of the two countries held in Prague on Thursday.

    Czech deputy minister of industry and trade along with his Iranian counterpart, Hoshang Falahatian, headed the joint meeting.

    Following the joint meeting of the energy working group of the two countries, the Iranian delegation met with Jan Mládek who has been the Czech minister of industry and trade since January 2014.

    Asserting the Czech companies’ willingness for work with Iranian partners especially in area of energy, the Minister Mládek reassured that the Czech Ministry of Industry and Trade backs development of ties with Iran.

  • Iran, Europe launch 2 joint shipping firms

     

    b_200_200_16777215_00_images_lady_image.png

     

    IRISL managing director has announced the establishment of two Iran-Europe shipping companies.

    Managing Director of Islamic Republic of Iran Shipping Lines (IRISL) Mohammad Saeidi said “over the past six months, measures have been taken to let Iranian vessels travel on international waterways without restrictions; furthermore, we have managed to create two companies in Europe in joint collaboration with foreign companies.”

    “In new conditions, we commute to ports around the world without limitation carrying exported and imported products,” he continued.

    The official went on to note that “unlike the time of sanctions, currently access to fresh fleet will soon become available in order to compete with international rivals; a possibility which will become feasible through expansion of the fleet as well as the signed agreements.”

    Saeidi also underlined that “various shipping lines have been launched in Europe connecting East Asia to South America as well as the Persian Gulf to North and South America while IRISL had not been allowed to commute over these routes for seven years due to sanctions.”

    “Following the JCPOA-implementation, we have achieved great accomplishments inking contracts with large shipbuilding companies while it would take at least two years before the first ship joint the Iranian fleet of maritime transport,” he highlighted.

    Managing director of IRISL also noted the berthing of the first Iranian container ship at Hamburg port which will then carry freight to Belgium before returning to the Persian Gulf; “merchants will deliver goods to customers with more security if we possess a dynamic marine company since a total of 80 percent of world trade is transported on the sea.”

    “We have sealed joint accords with European companies turning them into partners in order to gain a significant share of the market in Europe,” Concluded Saeidi.

     

  • Iran, India to Discuss Gasfield Development, Oil Deal, Petchem Investment

     

     

    b_200_200_16777215_00_images_deputyminister1.jpg
    Iranian and Indian oil ministers are scheduled to meet in coming days in Tehran during which they are going to negotiate cooperation in the development of Farzad-B gas field, crude oil transaction, and investment in the petrochemical industry, said Iran’s deputy petroleum minister for international affairs and commerce.

    “Talks on the Farzad-B field are expected to extended for some time, and the Pars Oil and Gas Company will carry out the negotiations about the field,” Amir-Hossein Zamani-Nia said on Monday in an exclusive interview with Shana on the upcoming visit by India’s Petroleum and Natural Gas Minister Dharmendra Pradhan.

    Pradhan’s visit, reportedly on April 6 and 7, is the first by an Indian minister following removal of sanctions as India wants more oil imports and shipments of natural gas from Iran.

    New Delhi is looking to increase engagement with Iran for the development of Farzad-B gas field in the Persian Gulf that was discovered by India’s ONGC Videsh, the overseas arm of the India’s state-owned Oil and Natural Gas Corporation.

    Under pressure from the United States, the OVL-led consortium delayed and ultimately relinquished development of Farzad-B offshore natural gas block. New Delhi also withdrew from the Iran-Pakistan-India pipeline project slated to bring 11.3 bcm meters of Iranian natural gas per year to India.

    “A proposal on the undersea pipeline to carry natural gas from Iran to India is also under study by an Indian firm,” the deputy minister added.

    Last December, managing director of the National Iranian Gas Export Company (NIGEC) said Tehran and New Delhi are seriously negotiating construction of a trans Oman Sea-Indian Ocean pipeline to transfer gas to the energy hungry India.

    “The 4.5-billion pipeline is set to pump 31.5 mcm of Iran’s gas to India’s western Gurjarat port,” Ali-Reza Kameli said on the sidelines of the Fifth World Energy Policy Summit in New Delhi adding that the talks are underway with the pipeline construction company South Asia Gas Enterprise (SAGE) which has the expertise for laying deepwater gas pipelines.

    Zamani-Nia also told Shana that Tehran and New Delhi are in talks over payment of India’s outstanding amounts arising from crude oil transactions.

    Director general of International Affairs of the National Iranian Oil Company (NIOC) has denied media reports that Tehran has accepted receiving the arrears in Indian rupees. “If NIOC was to receive the unpaid sum in rupees, it would do it earlier,” Mohsen Qamsari told Shana.

    The debts have been overdue because of US-led sanctions which barred their transfer to Iran which were lifted in the wake of the nuclear accord with the world powers.

    Gas-rich Iran which holds the largest reservoirs of 34 tcm or 18 percent of the global resources has also entered into contracts for export of natural gas to neighboring Turkey, Pakistan, Iraq, and UAE.

    Zamani-Nia said that the Indian minister is going to negotiate with Iranian Minister of Petroleum Bijan Zangeneh and meet minister of industry, governor of Central Bank of Iran, and FTZs secretary.

    “Pradhan will travel to Chabhahr port to visit the petrochemical site under construction by Indian firms for production of fertilizers before winding up his visit to Iran,” he said.

  • Iran, Japan Ink MoU on Transport Cooperation

    b_200_200_16777215_00_images_PET_1607.jpg

     Tehran and Tokyo signed a memorandum of understanding (MoU) on Friday to further broaden mutual cooperation in the field of transportation.

    The MoU was signed in a ceremony in Tokyo today by Iran's Deputy Minister of Roads and Urban Development for international affairs Asqar Fakhrieh and his Japanese counterpart Hiroshi Tabata.

    The MoU was the outcome of the first Iran-Japan joint commission on infrastructure and transport.

    Tabata welcomed implementation of Joint Comprehensive Plan of Action (JCPOA) and underlined the important role of infrastructures for Iran-Japan cooperation in future.

    Fakhrieh visited Tubo Railroad Control Center and met with deputy minister of foreign affairs, deputy minister of economy, trade and industry as well as directors of different Japanese companies during their stay.

    The capacities for joint venture investment in Iran's railroad transport were introduced to the Japanese firms in a seminar on 'Iran Railroad' at Edmont Hotel in Tokyo by the Iranian delegation.

    In late May, Iranian Deputy Foreign Minister Seyed Abbas Araqchi voiced Tehran's readiness to expand bilateral ties with Tokyo.

    "Iran and Japan had satisfactory relations during the sanction-era as the two countries managed to maintain their good mutual cooperation despite the difficult conditions of that time," Araqchi said in a meeting with his Japanese counterpart Shinsuke Sugiyama in Tokyo.

    The Iranian deputy foreign minister, meantime, thanked the Japanese government for opening a 10-billion-dollar credit line to facilitate the volume of trade exchanges with Iran, and said, “Continuation of this important step and making full use of this credit line to pave the way for participation of Japanese companies in Iran’s economic projects requires the two countries’ joint will.”

    Sugiyama, for his part, felicitated Iran on the occasion of striking a nuclear deal with the world powers and the implementation of the Joint Comprehensive Plan of Action (JCPOA).

    In February, Iranian Economy Minister Ali Tayyebnia and his Japanese counterpart Taro Aso in a meeting in Tokyo underlined the need for the further expansion of mutual cooperation between the two countries, specially in economic and trade fields.

    During the meeting in the Japanese capital, the Iranian and Japanese economy ministers explored the avenues for the bolstering and reinvigorating bilateral ties.

    "Cheap energy and labor in Iran and the region's big market are advantages for Japan in order to make its products competitive," Tayyebnia said.

    Aso, for his part, reiterated that his country is ready for transfer of technical know-how and joint investments in Iran's infrastructure projects.

    The Japanese economy minister said that Tayyebnia's visit to Japan can contribute to expansion of economic cooperation and boost the level of bilateral relations between the two countries.

کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

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