World Business and Economic Analysis
World Business and Economic Analysis
Iran’s Energy Minister Hamid Chitchian has announced the signing of 15 Memoranda of Understanding (MoU) with South Korea in water and electricity sectors.
During a meeting with South Korean Minister of Land, Infrastructure and Transport Kang Ho-in, Iranian Energy Minister Chitchian said “communications among the two countries’ officials and companies have prepared the ground for mutual collaboration though the visit of the South Korean president to Tehran will further boost the ties; “in recent months, numerous issues of interest between the two sides have turned into MoUs which will be sealed at the presence of Iranian and South Korean presidents.”
Chitchian stated that nine MoUs will be inked in the field of water while six other agreements pertain to the power sector; “all deals have been turned into a strategic document between the two countries and will soon become operational.”
The member of the cabinet went on to assert that “in the water sector, the agreements will cover construction of Bakhtiari Dam and Power Plant, construction of Karun II Dam and Power Plant, smart management of water in Karun II Dam as well as construction of Beheshtabad water conveyance tunnel with 65 km in length which is considered for transferring one billion cubic meter of water annually to the central part of Iran.”
“Meanwhile, the agenda of the agreements in power sectors include creation of three power stations within the financial framework of BOO (Build Own Operate) as well as Zanjan IV, Nizar, Bafgh power houses in addition to smartification of the country’s power grid,” he continued.
Hamid Chitchian also stressed “other aspects of cooperation are promotion of transmission voltage from 400 to 765 KV as well as power transmission and distribution loss reduction; “the Iranian administration would fully support the projects and we hope that they will enjoy low interest rate loans on the part of the South Korean government.”
Energy minister emphasized that the reached agreements only mark the early steps in collaboration between the two countries commenting “given the plan to add 47 to 50 thousand megawatts to Iran’s power production capacity with 7500 megawatts of renewable energies, we are looking forward to bolster ties with South Korea in the arena.”
“Due to climate conditions in the country, we require water desalination systems on the side of the Persian Gulf and Oman Sea,” highlighted the official expressing hope that joint collaboration will take place between domestic and Korean companies.
Chitchian said that the Iranian Ministry of Energy has signed Electrical Contractors' Association (ECA) contracts with South Korea and will ensure the payment of electricity prices; “in addition to domestic sales, Korean companies will be able to sell the produced electricity to other countries.”
Minister of Communications and Information Technology Mahmoud Vaezi said on Saturday that a document for promoting Iran-South Korea cooperation in the field of communications and information technology is being compiled to be signed by the two countries' communications ministers soon.
[Iran, S. Korea to sign cooperation deals on IT]
Talking to IRNA, he said Iranian and South Korean companies involved in the communications and information technology sectors are to discuss avenues for boosting collaboration during South Korean delegation's visit to Tehran.
Communications and Information Technology Ministry is seeking to compile a document on joint cooperation, but it will not be completed until the South Korean team's visit to Tehran. Therefore, it is scheduled to be inked by the two countries' ministers of communications.
Referring to the two countries' good relations in the fields of communications and information technology before the implementation of Joint Comprehensive Plan of Action (JCPOA), Vaezi said that efforts are currently underway to further promote exchanges under current conditions.
South Korean companies including Samsung are active in Iran which will pave the way for expansion of mutual cooperation, he said.
South Korean President Park Geun-hye will start her three-day trip to Tehran Sunday at the invitation of his Iranian counterpart Hassan Rouhani.
Signing several cooperation agreements, exploring ways of strengthening collaboration in the fields of energy, banking and insurance, infrastructure projects, health and treatment, science, technology and culture are on the agenda of the two countries' officials.
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Around five to six million Iranians are living overseas, constituting 7% of the total population of the country.
Figures on their wealth are unreliable, as different sources release widely divergent numbers, Forsat-e Emrooz daily reported.
In March 2007, the Iranian Parliament Research Center, citing National Elites Foundation, put the capital assets of Iranian expatriates at over $1.3 trillion and those of Iranian-Americans alone at over $900 billion.
More than 6,500 companies and 10,000 university students were living in Dubai then and 1,400-odd Iranians have invested in Dubai Stock Exchange.
In January 2014, Alireza Rahmatnia, a deputy vice president, put Iranian investments abroad at around $700 billion, $200 billion of which were concentrated in the UAE alone.
In June 2015, Javad Qavam Shahidi, a senior official with the Iranian Expatiates Affairs High Council, mentioned an estimated $2 trillion as the wealth of foreign-based Iranians.
The interesting point is that this amount exceeded the country’s GDP in 2014 and that absorption of just 10% of this potential capital could work miracles for the country’s economy.
This is while the outflow of capital from the country is not unlikely. Rich Iranian investors are expected to put their money into buying real estates across the world.
Research by Rockstone Real Estate shows Iranian merchants and millionaires are highly likely to purchase real estate worth £6 billion within five to 10 years following the removal of nuclear sanctions.
London, Dubai, Switzerland, Germany and France are the odds-on favorite to become their destinations, the report reads.
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The Sultanate of Oman is one of Iran’s key economic and political partners in the Middle East.
While many other Middle Eastern states kept their distance from Iran during years of western sanctions, Oman kept company with its longtime trading partner. Now with an end to the anti-Iran sanctions regime, the two countries are now set to reap the benefits of their time-tested ties as they move ahead with large-scale joint economic initiatives.
A long-planned $60 billion undersea gas pipeline project has been revitalized in the post-sanctions era. The pipeline, which is expected to be laid by 2019, will supply 28 million cubic meters a day of natural gas from Iran to Oman under a 25-year contract.
Iran has been pushing for the gas contract since 2014 with the aim of capitalizing on Oman’s untapped LNG production capacity of 1.5 million to 2 million tons per annum, but the deal was thwarted time and again due to financial and trade embargoes.
The deal would bring in close to $2 billion annually, according to Iran’s Oil Minister Bijan Namdar Zanganeh.
Plans for another major bilateral project are also coming to fruition. A new memorandum of understanding, which will lead to an investment of $200 million in a new production facility in the Persian Gulf littoral state, will see the country produce its first car at home.
The MoU was signed by Oman Investment Fund, Iran’s leading car manufacturer Iran Khodro and an Omani investor during Iran’s second exclusive exhibition in the Omani capital, Muscat, in early February.
The plant, which is expected to produce 20,000 cars in two years, is set to become operational next year, with the bulk of output destined for neighboring markets, including Yemen, Sudan and Ethiopia.
The expansion of bilateral ties was also underlined recently when Oman’s central bank granted its approval for Bank Muscat, the sultanate’s largest lender, to open a branch in the Iranian capital, making it one of the first foreign banks to enter Iran following the removal of sanctions.
Referring to Oman’s housing sector as a great opportunity for Iranian investors, Mehdi Borhani, the founder of Gulf Muscat United, told our sister newspaper Donya-e-Eqtesad that unlike Iran, in which the construction sector is heavily battered and demand for construction materials such as steel is at an all-time low, Oman’s housing sector is thriving, mostly due to the falling oil prices and the sultanate’s efforts to diversify its economy.
“Iranian construction material producers can easily find their place in the 4 million-strong Omani market,” he said, noting that the market is currently dominated by either high-cost European goods or cheap Chinese products, leaving the middle ground uncontested.
“Oman can act as a gateway to Yemen’s 25 million and East Africa’s 300 million markets,” he added.
“Given Oman’s strategically important position at the mouth of the Persian Gulf, its long coastlines alongside the Arabian Sea and Sea of Oman, the sultanate can be Iran’s best route for exports to Africa,” Borhani concluded.
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