World Business and Economic Analysis
World Business and Economic Analysis
Iranian government spokesman Mohammad Baqer Nobakht said Iran has attracted over $3 billion of FDI after Tehran struck a nuclear agreement, also known as JCPOA, with world powers last year.
He called the Iranian envoys to boost efforts to attract more foreign investors for water, environment and railway transportation projects within the framework of the resistance economy plans, IRNA reported.
Nobakht announced that the country's crude exports have doubled after the implementation of the landmark nuclear deal.
"Iran's oil exports have increased more than two times after the nuclear deal," Nobakht said while addressing a gathering of Iranian ambassadors and envoys to foreign states in Tehran.
The International Energy Agency said Thursday Iran’s oil production has risen faster than expected, reaching levels not seen since before nuclear-related sanctions were tightened in 2011, the Wall Street Journal reported.
Iran ramped production up by 300,000 barrels a day month-on-month in April, hitting 3.56 million barrels a day, according to the IEA’s closely watched monthly oil-market report. The output is now at levels not seen since international nuclear-related sanctions were extended.
Iranian exports increased at greater rate, with preliminary data suggesting a month-on-month rise of 600,000 barrels a day to about two million barrels a day. However, the dramatic increase from 1.4 million barrels a day seen the previous month, may have been helped by loadings that spilled over from March, the Paris-based agency said.
Foreign Minister Mohammad Javad Zarif, who also attended the conference, said the Iranian envoys should focus on the country’s economic development and people’s livelihood in a way that the people would feel the outcome of the nuclear deal.
“We have gathered together here to exchange views on all the new chances and opportunities for making use of the nuclear agreement in the light of the resistance economy,” he added.
Referring to some opposition to Joint Comprehensive Plan of Action (JCPOA) in the US, Zarif said certain opponents to the nuclear deal, who have the record of supporting the Zionist regime, tried to slow down the implementation of the deal by pursuing their close-minded views.
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Iran’s media reported that South Korea’s Woori Bank has opened a Korea Desk in Iran’s capital Tehran to provide services for South Korean companies over their Iran business.
South Korea’s Woori Bank has launched a “Korea Desk” in Tehran to help Korean companies over their business activities in the Islamic Republic.
The move, a first by a foreign bank for post-sanctions activities in Iran, has been announced by the Central Bank of Iran (CBI). The CBI added that Woori Bank, which is one of major commercial banks in South Korea, has launched the Desk at a domestic bank in Tehran.
This will help the bank to relay financial regulations and market information in Iran to Korean companies and in Korea to Iranian firms.
CBI Deputy for Foreign Currency Affairs Gholam-Ali Kamyab has been quoted by the media as saying that the move could prepare the ground for the opening of Woori branches in Iran.
South Korea’s media reported in early March that a deal is in the pipeline between Woori Bank and Iran’s second largest lender Bank Pasargad to set up a Korea Desk.
The initiative was also described as a temporary market-probing arrangement to provide services for Korean companies ahead of their full entry into the Iranian market.
Woori Bank would decide by the end of this year whether to open a branch or incorporated entity in Iran after the trial service, reported South Korea’s media in March.
Korean companies will be able to use Woori Bank’s service in the Iranian bank or the Korean bank’s outlets in neighboring cities of Bahrain and Dubai for their businesses in Iran, reports added.
Woori Bank has been aggressively seeking to advance into countries in the Middle East. It is one of two Korean banks where the Central Bank of Iran has accounts. After U.S. dollars were banned in direct trading with Iran, companies in Iran and Korea have been trading with each other in dollars indirectly through these accounts.
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Spanish Secretary of State for Trade met and talked with Mohammad Khazaei, President of Organization for Investment, Economic and Technical Assistance of Iran.
Mohammad Khazaei pointed to the potential for high investment in Iran and added Spain is willing to invest in Iran's insurance coverage with no limitation.
Mutual economic cooperation, investment in automobile parts, tourism industry, petrochemicals, oil and gas, and financial cooperation, particularly insurance coverage, were among the issues discussed in the meeting, he said.The volume of bilateral trade has declined since 2011 and we are trying to increase the volume of trade relations to $3 billion,he added.
Spain's economy is a great economy and it is necessary that the two countries' banks, which did not work together for a long time, become familiar with each other to facilitate investment, Khazaei stressed.
It was agreed that Spain's banking board would begin serious negotiations to renew relationships and facilitate financial transactions with the banking system of our country, he added.
In the meeting, García-Legaz, Spanish Secretary of State for Trade, expressed his country's interest to expand economic cooperation and investment with Iran.
Spain is ready to cover the funding needed to provide investment in Iran, he stated, adding: the financial measures are scheduled to take place from October.
Investment in petrochemical sphere is important to us, because we have strong companies that currently operate in various countries including America, García-Legaz stressed.
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