World Business and Economic Analysis
World Business and Economic Analysis
Iran has set up an aggressive growth plan to boost green energies as a key sustainability factor as part of the economic diversification goal under its sixth five-year economic development plan (2016-21), according to the US-based research firm Frost & Sullivan.
The environmental and economic sustainability issues in Iran’s Economy Mission 2025 have led to incentive plans to attract the private sector to upgrade obsolete power technologies and develop renewable and biomass energies across the country, the firm was cited by Trade Arabia.
Based on Iran’s energy roadmap, the government plans to embrace green technologies to increase nominal capacity of power plants from 74 gigawatts to over 120 GW by the end of 2025.
Ali Mirmohammad, senior consultant and business development manager at Frost & Sullivan, said the electricity market in Iran grew at a compound annual growth rate of 6.5% over the past 10 years, which is far beyond its gross domestic product growth rate and currently not more than 3%.
“Iran has witnessed the emergence of new players in the manufacturing and agricultural sectors. Additionally, every year, almost 1.4 million new consumers are added to the electricity market. These developments require an additional capacity of 5,000 megawatts for each year and new investments in the distribution and transmission networks,” he said.
Poor efficiency in the power generation and transmission infrastructures results in a huge loss to the economy (over $200 million per 1% loss during transmission) that needs to be urgently addressed through new investments.
“Installing new generation high-efficiency turbines, design and construction of new substations, construction of high-voltage transmission lines as well as adoption of renewable and green technologies into the energy mix are major plans to be implemented by the Iranian government in the post-sanctions era," he said.
Mirmohammed added that biomass from rural waste is the other key investment opportunity in Iran.
The target is to generate over 5,000 MW of renewable energies, which include 4,500 MW of wind power and 500 MW of solar power. Currently, the potential for generating over 15 GW of wind energy in areas such as Manjil, Zahedan, Zabol and Nishabour has been recognized by the Renewable Energy Organization of Iran.
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India's cabinet has approved picking Japan to build a multibillion-dollar, high-speed railway, an Indian government official said Thursday.
The planned railway line, connecting the 500 kilometers between India's financial capital Mumbai and the western city of Ahmedabad, will cost about 980 billion rupees ($14.7 billion) and be financed by a low-interest loan from Japan, said the official who asked not to be named.
The decision was made at a cabinet meeting late Wednesday. The deal will likely be announced this weekend when Japanese Prime Minister Shinzo Abe travels to India to meet Prime Minister Narendra Modi.
Japan offered an attractive financing package on the railway project to win over Indian leaders. Japan has offered to finance the project with a 50-year loan at an interest rate as low as 0.1%, the official said. India won't have to start payment on the loan for 15 years, said another official familiar with the negotiations.
Japan couldn't confirm whether the final decision had been made, the details of the deal or when any decision would be announced but the country is looking forward to backing the project if picked, said one senior Japanese government official familiar with the negotiations on Wednesday.
"If the Japanese system is chosen, we would work hard to ensure its smooth implementation," said the official in Tokyo who asked not to be named.
Japan and India have been strengthening ties in the last 18 months as Asia's two largest democracies look to build a counterweight to China.
In October, warships and aircraft from the U.S., India and Japan practiced hunting enemy submarines together in exercises in the Bay of Bengal, signaling the their deepening relationships and rising concerns about China's growing military and economic influence in the region. China has been growing closer to many of India's neighbors by backing big infrastructure projects.
A huge deal in India would help make up for Japan's embarrassing losses in bids for high-speed rail contracts in Indonesia and Thailand to China. Japan's failure had alarmed officials in Tokyo, heightening concerns that China is eclipsing Japan as the main economic partner for key countries in Southeast Asia.
The high-speed corridor is a pet project of Mr. Modi, who is trying to modernize the Indian economy. Under the Japanese proposal, construction is expected to begin in 2017 and be completed in 2023.
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On the eve of Christmas, the birth anniversary of Jesus Christ (PBUH), President Hassan Rouhani cabled a message to the world leaders to felicitate the auspicious occasion.
In separate messages sent to the world heads of state, President Rouhani congratulated them on the eve of the new Christian year 2016.
President Rouhani whished for restoration of pace and security and removal of discrimination and annihilation of terrorism through collective contribution of world countries.
He also wished a year full of blessings and happiness for the leaders, their nations and governments.
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