World Business and Economic Analysis
World Business and Economic Analysis
976,836 cars were manufactured in Iran in the past Iranian calendar year (which ended on March 19), a 13.7 percent fall from the past year, the Fars news agency reported on Sunday.
It is while the country’s car production had rose 53.4 percent in the previous calendar year compared to its preceding year.
Iran is scheduled to produce 1.35 million cars by the end of the current calendar year of 1395 (which will end on March 20, 2017), according to Deputy Minister of Industry, Mining and Trade Mohsen Salehinia.
As Salehinia underlined, the government seeks to improve the quality as well as the quantity of the domestically produced cars on the way to boost their exports, the IRIB reported on April 6.
“Iran has commenced cooperation with foreign partners in auto sector,” he added, “One of Iranian giant auto-makers has signed joint venture with one of the foreign eminent car-producers and the executive officials of the agreement have been assigned.”
The deputy minister also noted that the cooperatively produced cars will be unveiled and presented to the domestic market in the last two months of the current Iranian Year.
The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market.
Iran ranked 13th in the world sales of passenger cars, hitting the sale of 1,055,400 cars in 2015, according to a recent report of the International Organization of Motor Vehicle Manufacturers.
According to the report, the amount of passenger cars sold in Iran in 2015 accounted for 1.59 percent of the world’s total sale.
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A 30-strong business delegation from the Czech Republic, made up mainly of representatives of the country’s mining sector, visited Tehran on Sunday and met with members of Tehran Chamber of Commerce, Industries, Mines and Agriculture to explore potential avenues of cooperation and trade.
The delegation was headed by Deputy Foreign Minister Martin Tlapa, our sister publication Donya-e-Eqtesad reported.
“The purpose of this visit is to cooperate with Iranian firms in the mining industry,” said the Czech official, emphasizing that the European country’s industry players are ready to strike deals with their Iranian counterparts with the full support of Czech central bank and Export Guarantee and Insurance Corporation.
Tlapa pointed to some of the signed economic agreements between Iran and the Czech Republic, including a 50-megawatt power plant construction project worth €50 million, as examples of successful cooperation between Tehran and Prague. He explained that the required turbines for the project are being manufactured by the Czech Republic and that Iran will also be provided with the construction technology.
“The Czech Republic can meet the Iranian market’s requirements in the fields of petrochemicals, agriculture and food, auto manufacturing, railroad production and mineral extraction and processing,” he said.
Establishment of direct flights between Tehran and Prague, cooperation in developing Iran’s infrastructure and undertaking joint ventures in the country’s gas sector were some of the other potential economic sectors discussed by the foreign official.
Tlapa also met with his Iranian counterpart, Majid Takht-Ravanchi, on Sunday. The trade delegation travelled to South Khorasan Province on Monday to attend a business forum alongside the province’s economic players.
Mohammad Reza Bahraman, the head of Iran Mining House, described the untapped potential in Iran’s mining sector as “significant”, and said the Mining Act of the Islamic Republic of Iran allows foreign firms to hold up to 100% stake in the country’s mines and mining industrial firms, offering a good opportunity for Czech investors.
Emphasizing that the government intends to boost the output of Iran’s mining sector, the Iranian official noted that the industry has a “pressing need for foreign investments”.
“Czech companies’ investments in the sector can be highly beneficial for both sides,” he added.
Bahman Eshqi, secretary-general of TCCIMA, said the current annual trade value between Iran and the Czech Republic is too low considering the two countries’ industrial capabilities and longstanding ties. The figure stood at about $52 million in 2015.
The official pointed to sectors such as oil and gas, transportation, auto manufacturing, pharmaceutical production and tourism as potential areas for boosting mutual cooperation.
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An Iranian official said 500 companies from 25 countries will take part in the 10th Iran Plast exhibition in April, in an unprecedented number of participation since the sanctions against Iran were lifted.
Mohammad Maghareh, Director of the 10th Iran Plast, as one of the largest and most important exhibitions in Iran in the fields of raw materials and plastics, announced the participation of 500 foreign companies from 25 companies including Germany, Austria, Italy, France, England, Spain, Czech, Switzerland, Netherlands, Denmark, Poland, Russia, Belgium, China, South Korea, Taiwan, India, Singapore, Turkey, UAE, Iraq, Bahrain, Pakistan, South Africa and Australia.
He maintained that the lifting of sanctions against Iran has increased the demands from reputable European companies to attend the 10th Iran Plast exhibition.
"At the moment, the total area of the exhibition has reached 25,000 sqm, 32 percent of which are allocated to foreign companies and 68 percent to domestic firms," he said.
The 10th edition of Iran Plast exhibition, organized by National Petrochemical Company (NPC) in the fields raw materials, machinery & molds, auxiliaries and services for plastics & rubber industries, will be held on 13-17 April 2016 at Tehran International Permanent Fairground.
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