Danish Ambassador to Iran Danny Annan Denmark said his country is set to invest in the north-western province of Zanjan.

Addressing a gathering of economic activists in Zanjan on Wednesday, Ambassador Annan voiced his country’s readiness to make various investments in the province, adding that excellent investment opportunities exist in Zanjan which need to be properly exploited in line with expansion of bilateral ties.

He pointed to the rich mineral resources of Zanjan, confirming that the mining sector remains as the most important area for Denmark to make investments while Zanjan offers good opportunities in the agricultural sector too.

“Danish investors hold contracts with largest Iranian dairy companies,” underlined the official emphasizing the need to facilitate the entry of foreign investors to the market.

Denmark has also announced willingness to build a wind-turbine production plant in Iran and expand bilateral cooperation in development of domestic renewable energy sector.

The long-term objective pursued by the Danish plant construction proposal is to turn Iran into a production hub, from which products can be exported to other regional countries, said Energy Minister Hamid Chitchian following his meeting with Danish Minister of Foreign Affairs Kristian Jensen last Monday.

He added that the main aim of the meeting was to represent the investment opportunities of the Iranian water and energy sectors to Danish financiers.

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Published: 27 February 2016

Brazil says it will deal in euros with Iran to sidestep US sanctions on Tehran.

Brazil says it will ditch the dollar in trade with Iran to sidestep a US ban which prevents Tehran from using the American financial system.

Trade Minister Armando Monteiro has said Brazil seeks to boost business relations with Iran after the lifting of sanctions on Tehran, even though Washington has opted to maintain its “primary” embargo on the country.

"Everyone is racing after Iran now. The trade potential is very big," Monteiro told Reuters on Tuesday.

He said Brazil will find ways to settle payments and the type of payment and currency in transactions with Iran which President Dilma Rousseff could visit this year.

Rousseff lifted sanctions against Iran last week after meeting with the Iranian ambassador, hoping to bolster trade between the two nations, which have enjoyed warm ties for years despite tensions with the West.

Latin America's biggest economy aims to triple trade with Iran to $5 billion by 2019, Monteiro said.

He said Iran has already contacted Brazil's Embraer, the world's No. 3 commercial plane manufacturer, for the purchase of commercial jets for regional aviation.

Iran is eyeing the four models of Embraer's E1 family of regional jets, because of their low maintenance costs, Reuters said, quoting an official spokesman for the company.

"Iran is a very interesting market because there is a lot of repressed demand and it is a huge country so there is great potential for regional aviation," the spokesman said.

Monteiro said Iran is also interested in Brazilian cars and trucks as well as machinery to renew its oil refinery network.

He visited Tehran with a delegation of 60 traders and state officials through October 26-29 to discuss strengthening commercial ties.
Brazil's Trade Minister Armando Monteiro (L) and his Iranian counterpart Mohammad Reza Nematzadeh attend a joint meeting in Tehran, Oct. 27, 2015.

Monteiro said Brazil is interested in importing natural liquefied gas from Iran which possesses the world’s largest gas reserves.

Iran is the biggest economy to rejoin the global trading system since the collapse of the Soviet Union more than two decades ago.

Iranian officials say the Central Bank of Iran (CBI) has decided to carry out all foreign trade in euros since the US is preventing its banks from doing business with Iran despite the lifting of sanctions.

Washington says it has eased “secondary” sanctions targeting companies outside the US and Americans seeking certain businesses in Iran but most “primary” sanctions related to terrorism and rights accusations remain in place.

Under the order, all foreign banks operating in the US are forbidden from clearing dollar-denominated transactions involving Iran through American banks.

The measures have only clipped the wings of US companies as major companies from Asia to Europe have been rushing to resurrect trade with Iran. 

With a population of more than 80 million and annual output of $400 billion, Iran sits on the worlds’ biggest oil and gas reserves combined as well as sizable mineral deposits.

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Published: 17 February 2016