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Why should I invest in Iran
Iran qualifies from many respects to be a good location for investment and doing business. it has huge potential for investing after the termination of economic sanctions, Some of the features are highlighted below:
1. Vast domestic market with a population of 80 million growing steadily
2. Young, educated and cheap labor force
3. Excellent strategic geographical position
4. The quick and easy access to neighboring markets with a population of 350 to 400 million
5. Developed and ready infrastructure
6. Cheap and abundant raw materials, energy and transportation
7. The four-season climate and climate variability in the country
8. Fiscal incentives
9. Security and political stability
10. Untapped and consumer market ..
Minister of Petroleum said that his Tuesday evening talks with the Belarusian Minister of Industry Vitaly M. Vovk focused on manufacturing oil and gas equipment and exchange of oil products.
Bijan Zangeneh said Tehran is willing to develop relations with Minsk in line with serving the two sides’ interests in a long-term period.
Zangeneh hoped the visit of Vovk to Iran would be successful.
In Iran, the Belarusian minister held separate meetings with different top Iranian officials including First Vice-President Eshaq Jahangiri.
During his talks with Jahangiri, Vovk described the July 2015 deal between Iran and the six world countries as an outcome of the Iranian nation’s patience and the officials’ merit.
He further said his country is ready to cooperate with Iran in the areas of refining oil and exporting petrochemical products.
Bulgarian Ambassador to Iran Haristo Polendakov said on Sunday that in post-JCPOA era, Bulgarian government is keen on closer politico-economic and culture relations with the Islamic Republic of Iran.
He made the remarks in a meeting with Governor General of Kohgiluyeh and Buyer Ahmad province Mussa Khademi.
The ambassador said that the Bulgarian political officials have underlined development of friendly ties with big and strategic country like Iran in the region of the Middle East.
Over the past two years, Bulgarian Prime Minister visited Iran two times and seven of cabinet ministers paid visit to Iran and a lot of Memorandum of Understandings have been signed between the two countries.
Polendakov said that at the 18th joint economic commission meeting, which took place in last March, ministers of Road and Urban Development of Iran and Bulgarian Minister of Transportation signed MoU on cooperation on industry, trade, transport, agriculture, energy, meteorology, tourism and culture.
According to the Trade Promotion Organization of Iran, trade between Iran and Bulgaria stood at around 150 million dollars and the two countries agreed to boost trade several times at the end of 18th joint commission.
Trade between Tehran and Sofia has been on a growing trend in the past several years and the two countries underlined creation of transport corridor between Iran, Bulgaria, Azerbaijan Republic, Armenia and Georgia.
The Bulgarian ambassador said that there are plenty of natural and economic capacities to carry out joint venture investments in this province.
Polendakov reminded that Bulgarian trade companies are ready to invest in different fields of petrochemical and oil related industries, tourism, industry and agriculture.
The Bulgarian delegation is to stay in Yasuj for two days and is to pay visit to the industrial, agricultural and tourism plans and hold meeting with the private sector activists.
Iran’s flag carrier ‘Iran Air’ says it has signed a much-awaited agreement with US aviation giant Boeing to purchase 80 planes.
The agreement envisages the purchase of 50 twinjet narrow-body Boeing 737 planes and 30 long-range wide-body 777 aircraft at a total cost of $16.6 billion.
Iran Air Managing Director Farhad Parvaresh was quoted by local media as saying that the planes would to be handed over to Iran within 10 years, adding that the first deliveries are expected in 2018.
Fletcher Barkdull, Boeing’s regional sales director, told IRNA that the company was happy to return to Iran after a hiatus of multiple decades.
Barkdull emphasized that the finalization of the plane purchase agreement with Iran Air had been carried out by virtue of the direct approval from the administration of US President Barack Obama.
Iran signed a basic plane purchase agreement with Boeing earlier this year. However, the agreement hit a bumpy road last month after US lawmakers approved a bill that banned the export, or re-export, of commercial aircraft to Iran by American financial institutions.
The country has signed another agreement with France’s aviation giant Airbus to purchase scores of planes.
The deal is yet to be finalized but it has already received the go-ahead from the US Treasury Department.
The Department’s seal for Iran-Airbus agreement was necessary given that at least 10 percent of Airbus’ components are made in the US which has imposed a series of economic sanctions against Iran for years now.
The US Treasury Department has also given the green light to Boeing to sell planes to Iran.
Italian holding company, Sycamore Holdings, has expressed eagerness to invest in hotel construction projects in Iran.
Sycamore Holdings is interested to prepare the ground for the Italian companies to invest in Iran’s and especially in Isfahan’s tourism projects as well as hotel design and construction in the historical city, said Raniero Botti Head and Founder of the Italian holding company during a meeting with officials at Isfahan’s Chamber of Commerce on Saturday.
The senior architect at Sycamore also said the implementation of the nuclear deal between Tehran and major world powers, known as the Joint Comprehensive Plan of Action, constitutes the best opportunity for foreign investors to engage with the Islamic Republic.
Mostafa Ronasi, Deputy Head of Isfahan’s Chamber of Commerce, on his part, said that Isfahan needs to develop its tourism infrastructure, including its hotels and foreign tourist’s residences to better host foreign visitors.
We welcome foreign investors, Ronasi said.
Headquartered in the Italian capital Rome, Sycamore Holdings is internationally well-known for designing and constructing hotels and other buildings.
Iranian Shipping Lines (IRISL) finalized a contract with Hyundai Heavy Industries Company to buy 10 ships worth dlrs 650 million and develop technical cooperation on shipbuilding, the South Korean industry giant, Hyundai, said in a statement on Saturday.
Hyundai said that the company wll build several container ships and oil tankers for the Islamic Republic of Iran Shipping Lines for delivery from year 2018.
One of the container ship will have capacity of 14,500 containers, but the exact number of containers and oil tankers has not been declared yet.
It is the first contract to purchase ships from South Koreaafter lifting sanctions by implementing the nuclear deal last January.
IRISL said that the Iranian and South Korean companies have record of close cooperation to develop shipping industry and joint venture investment in Iran.
IRNA economic correspondent said that Iran required the South African industrialists to develop joint venture investment with Iranian partners in Iran in parallel with purchase of industrial products.
During the Joint Economic Commission meeting in Prague, the capital of the Czech Republic, Iran and the Czech Republic agreed to boost cooperation in different economic sectors.
Both sides signed agreements in petrochemical, economic and industrial fields including bus, train wagons, electrical and diesel locomotives, small planes and helicopter manufacturing.
The agreements were signed for Iran by Minister of Economic Affairs and Finance Ali Tayebnia and Chairman of Czech-Slovak-Iranian Chamber of Commerce Jan Kavan.
A number of senior economic officials from both countries were present in the event as well.
During the event Iran and the Czech Republic also signed a number of cooperation documents.
Based on Czech statistical administration, economic ties between Iran and the Czech Republic showed a 5-percent growth in 2015 and the volume of exchange was $52m.
The figure, indicating a 10% rise, reached $27,100,000 during the first half of 2016 while the figure stood at $24,236,000 during the same period last year.
Tayyebnia has travelled to Prague to attend the 1st Iran-Czech Republic Joint Economic Commission session.
Iranian chargé d’affaires in Switzerland Mahdi Abedi assessed the prospects for trade relations between Iran and Switzerland as positive, saying that a new phase of cooperation is being established in both countries’ economic relations.
Abedi told IRNA that developing ties with Switzerland is important as the country is regarded as one of world’s most important financial and economic centers.
After the implementation of the JCPOA, Switzerland also removed sanctions on Iran and new movements were started in different economic fields like the trip of the Swiss
president to Iran last year during which both sides agreed on drawing the road map of all-out ties, he added.
He referred to considerable increase in trade ties between Iranian and Swiss firms as one of the most important achievements of the JCPOA, noting that various MoUs and agreements have been sealed so far.
Abedi said that Iran’s Presidential Chief of Staff Mohammad Nahavandian’s meeting with the Swiss Bankers Association (SBA) on Thursday was held to develop banking ties.
Nahavandian arrived in Switzerland on December 7 (Wednesday evening) to discuss promotion of bilateral banking relations and financial cooperation in meetings with the Swiss President Johann Schneider-Ammann and bankers.
Schneider-Ammann heading a 45-member delegation had a trip to Iran on February 26, 2016.
He met with the Supreme Leader of the Islamic Revolution, Iran’s President Rouhani and a number of other officials.
Governor of the Czech National Bank (CNB) Jiri Rusnok said on Friday that CNB sees no limitations for banking cooperation with Iran.
Speaking during a meeting in Prague with Iranian Minister of Economic Affairs and Finance Ali Tayyebnia, the CNB governor voiced support for the activities of Czech banks and companies in Iran.
Tayyebnia has travelled to Prague to attend the 1st Iran-Czech Republic Joint Economic Commission session.
During the meeting, the Iranian minister underlined the need for boosting banking brokerage ties between the two countries to facilitate Tehran-Prague economic cooperation.
Figures released by the Czech Statistical Office suggests that Iran-Czech Republic economic relations rose up to $52 million in 2015, showing a 50% increase since a year ago.
Iran says it has signed contracts with South Korea’s shipyard Hyundai Heavy Industries Company to build at least eight Ultra Large Container Vessels (ULCVs) as well as medium-range tankers for carrying petroleum products.
The contracts were the first of their kinds that Iran has signed after the removal of sanctions in January. They were sealed between Hyundai Heavy – the world’s biggest shipbuilder – and the Islamic Republic of Iran Shipping Lines (IRISL) – the biggest shipping company of the Middle East – at a total value of above $600 million.
Iran’s original order, as earlier reported by the Wall Street Journal, comprised four ULCVs and six containers. The exact breakdown of the order is still not clear.
The funding for the orders would be provided by South Korean banks and financial institutions, Iran’s IRNA news agency reported.
The capacity of the container vessels will be 14,500 twenty-foot equivalent units (TEU) and the capacity of the tankers will be 49,000 deadweight tonnages (DWT).
The move is expected to help speed up Iran’s overseas exports – particularly exports of crude oil as well as oil products – within the next few years.
“The ULCVs that have been ordered to be built will be the first of a new generation of vessels that Iran will acquire,” the IRISL announced in a statement. Hyundai Heavy is expected to start delivering the vessels from the second quarter of 2018, IRNA added.
Discussions with the company over IRISL’s vessel orders had started last December.
The contracts were parts of the IRISL’s plans to renovate its fleet through a total investment of $2.5 billion, the Wall Street Journal had earlier reported.
The company operates about 115 oceangoing vessels, but many of the ships are old, have been deemed unsafe to travel and cannot be insured, it had added in its report.
Marriott International has become the first US hotel group to announce its interest in the Iranian tourism market which is seeing a march by global hospitality companies in search of opportunities.
Alex Kyriakidis, president and managing director for the Middle East and Africa at Marriott, has said the hotel group is “very keen” to enter Iran, calling the country a “substantial market” in terms of demand for hotels.
American hotel and leisure companies such as Hyatt, Hilton, Sheraton and Starwood all operated properties in prime locations in Iran before the Islamic Revolution in 1979.
US firms are currently precluded from doing business under American laws and Marriott International, being a United States publicly-floated company, is not an exception – a fact that Kyriakidis acknowledged.
“Depending on what happens in the future and what agreements are reached between the United States and Iran, if the doors open legally to do business in Iran, we would be very keen to pursue that opportunity,” he was quoted by Dubai-based media as saying.
The announcement, however, put Marriot among a long list of global companies looking to steal a march on their rivals for a foothold in Iran.
Visitor numbers have soared since Iran reached an international nuclear agreement, rising from 2.2 million annually in 2009 to 5.2 million in 2015.
International leisure groups are heartened by a raft of incentives which the country has put in place, including 100% tax holidays offered to hoteliers.
The government has made tourism a top priority for rebuilding Iran’s economy, hoping to attract 20 million visitors a year by 2025. In 2014, the 4.8 million tourists brought around $6.5 billion in revenue to the country despite sanctions.
Tourism made up 7.6% of Iran’s GDP in 2015, which the country hopes to increase to about nine percent in 2016, according to Minister for Roads and Urban Development Abbas Akhoundi.
Once the seat of great empires, the country sits on the crossroads of civilians and retains lasting allure to visitors in diverse cultural, religious, medical, eco-tourism and adventure segments.
With the removal of sanctions, business tourism is also being given a great deal of consideration by international companies which are wooing the country for big stakes.
Beside sitting on rich reserves of oil, gas and metals, Iran has a promising consumer sector with a well-educated population of 80 million.
The French group AccorHotels became the first international hotel group to enter the Iran market since the 1979 revolution, opening an Ibis hotel and a Novotel branch near Tehran’s international airport in September 2015.
Abu Dhabi-based-Rotana Hotel Management Corp, Spain’s Melia Hotels International and Germany’s Steigenberger Hotel Group are also settled in.
Rotana plans to open two hotels in Tehran in 2018 and two others in Mashhad in 2017. Melia is planning to open a 319-room hotel in 2017 on the Caspian Sea.
Iran plans to build 300 new hotels over the next five years. According to Akhoundi, projects are already underway to build some 170 four- and five-star hotels.
Foreign companies are specially trying tap Iran’s huge religious tourism market in Mashhad and Qom which attract about 25 million pilgrims a year – more than Mecca in Saudi Arabia.
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