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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 ..
Deputy Head of the Commercial Development Section in Italian Embassy in Tehran Tony Giardini says Italians are ready to invest in Iranian petrochemical industry.
Corradini said Iranian and Italian oil and gas industries share firm bonds as is testified by design of two refineries in Italy to use Iranian crude oil and it is the customer of National Iranian Oil Company (NIOC).
He said since when the Joint Comprehensive Plan of Action (JCPOA) has been implemented, tens of Italian economic activists have visited Iran in teams and regarding the attractions of Iranian oil and gas industries and the big market available for it, stronger cooperation is expected to come about between Iranian and Italian major companies.
Also referring to attractions of investment of Italian companies in Iranian petrochemical industries, the diplomat said certain Italian investors had immediately after enforcement of the JCPOA imagined they can sell their products in Iran but gradually they realized that Iranian economy is thirsty of investment. ‘Iranian petrochemical industry as a vanguard in economic growth is in dire need of investment and development.’
Corradini said beside investment in Iranian petrochemical industry, certain Italian companies are willing to invest in Iranian small- and medium-sized downstream oil and gas industries, expanding cooperation with the Iranian party in the field.
He added that Italy enjoys technology in the small- and medium-sized industries and Italian companies want to enter talks with Iranians for sale of equipment and investment in the industry.
Corradini said Italian companies are also capable of producing and mobilizing industrial machinery, willing to embark on renovation of certain Iranian oil industries and put industry machinery at the disposal of the Iranian party under special condition.
After Germany, Italy is the second major trade partner of Iran and it seems that cooperation between the two countries in petrochemical field will not be a hard accessible goal, said the diplomat, adding that Italian companies are able to help Iran with machinery and joint production.
To the end of his remarks, Corradini said Italian companies seek purchase of Iranian crude oil and wish transfer of money to Iran through certain small banks after implementation of the JCPOA.
He noted that Italian companies are also ready to mobilize Iranian refineries, trying to put their technical know-how at the disposal of Iranian party.
Head of Iran’s Ports and Maritime Organization Mohammad Saeidnejad said there are no restrictions on return of International shipping lines to Iran.
Following the implementation of Iran’s nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), Saeidnejad said, Denmark’s Maersk shipping group has voiced its readiness to return to Iran like many other foreign companies.
Before the sanctions, at least 27 international ship-liners were fully active in the country’s territorial waters, he added.
Saeidneja underscored that at present 17 international shipping lines have returned to Iran without any limitation and the rest have voiced their readiness to back the country.
Iran says it will start direct exports of its traditional hand-woven carpets to the United States from early 2017.
Hamid Karegar, the head of Iran’s National Carpet Center, was quoted by the domestic media as saying that exports of Persian carpets to the US used to be carried out from Germany.
On the same front, Karegar said Iran had shipped a cargo of carpets to Los Angeles from Hamburg after the removal of sanctions in January.
The cargo weighed above 1,000 tons and had a total value of about $37 million, he added.
“As of the calendar month of Bahman (21 January-February 2017), Iran will export carpets directly from its own ports,” the official was quoted as saying by IRNA news agency.
Karegar said Iran used to export as much as $80 million of Persian carpets – globally known as one of the oldest and most valuable oriental handicrafts – to the US. He added that the sanctions, however, brought the exports to the world’s largest buyer to zero in 2010.
He further added that Iran had exported $134 million worth of handmade carpets, or 2,330 tons, to 80 countries between March and September this year.
The exports over the period, he emphasized, showed an increase of 18 percent in value and 11 percent in weight compared to the same period last year.
Karegar also said Iran’s Ministry of Industry, Mine and Trade was trying to have the designs of Persian carpets registered internationally, stressing that this is meant to prevent rivals producers such as India and Pakistan from copying Iranian designs.
The official said Iran has a total of 40 carpet designs that each belong to a different geographical region. He added that 29 of those designs have been internationally registered in the World Intellectual Property Organization (WIPO) over the past two years.
Iranian bank, Sepah, has expressed readiness to help foreign entities, that following the removal of West’s sanctions on the country, are interested in investing in the Islamic Republic’s stock market.
The Sepah Bank is ready to absorb foreign companies interested in investing in Iran’s commodities, energy and bonds stock market, Ebrahim Enayat Managing Director of the bank’s Brokerage Company told The Islamic Republic News Agency on the sidelines of an exhibition on the Persian Gulf Island of Kish.
‘Bank Sepah as an internationally well-known bank maintains its subsidiaries in a number of major cities across Europe, Including Rome, Paris, Frankfurt and London,’ Enayat said.
‘The Bank is ready to offer foreign companies and investors services they need to open Letter of Credits, make payments, and buy shares in Iran’s stock markets,’ he said.
‘The bank is also ready to invest in foreign projects as a partner,’ he added.
The Bank Sepah official also said that before the removal of sanctions, it was very risky for foreign investors to engage in Iran’s financial markets.
But now, by thanks to operation of free trade zones, like the one on the Kish Island, and the visa and tax exemptions foreign companies enjoy in these areas, they can transfer money and make investments more easily, Enayat said.
Iran and Australian have inked two agreements for aviation and air transportation cooperation.
Officials at Iran Civil Aviation Organization and at Australia’s Department of Infrastructure and Regional Development were present in the inking ceremony in Canberra, Australia.
Three foreign banks are in the process of opening branches in Iran, the country’s vice central bank governor says.
This is good news for Iran which is still facing a drought of outside investment because major Western banks are reluctant to finance projects or process financial transactions with the country.
According to Central Bank of Iran Vice Governor Peyman Ghorbani, Oman’s Bank Muscat SAOG, Woori Bank of South Korea and India’s UCO Bank Ltd. are all in the process of establishing a presence in Tehran.
Iranian officials have said the US is “terrorizing” the Europeans into shunning business with Iran despite the lifting of sanctions under a landmark nuclear deal.
They say US officials are deliberately keeping the terms of engagement with Iran opaque as a result of which European banks and investors are not clear about how they can operate in Iran without falling foul of US law.
Central bank governor Valiollah Seif has said progress with foreign banks has been “slow”. Some European banks have reportedly discussed resumption of trade financing in Iran but they have yet to move in.
According to a Tuesday report, Greece has undertaken to rehabilitate Iran’s Bank Saderat, defying US sanctions and other countries in the European Union.
President Alexis Tsipras was among the first Western leaders to lead a big delegation of businesses to Tehran soon after the sanctions were lifted in mid-January 2016.
Greece’s largest refinery, Hellenic Petroleum, has resumed taking Iranian crude oil after repaying $548 million worth of debt it owed Iranian firms.
Other European leaders have also flocked to Tehran along with dozens of corporate executives but largest banks have refused to finance deals out of fear they could run afoul of US sanctions.
This situation has allowed smaller German banks to begin offering limited financing and payment services. Medium-sized banks are also showing a great deal of interest in Iran business but they are biding their time.
“The potential in Iran is enormous and the demand for export credit guarantees is high, both in terms of formal applications and expressions of interest,” Reuters quoted Siegfried Utzig, acting head of economic policy and international affairs at the Association of German Banks (BvB), as saying on Tuesday.
He expected to see the first large-scale, credit-financed deals in 2017.
In June, the German government began offering export credit guarantees via insurance group Euler Hermes for firms wanting to trade with Iran.
Edna Schoene, head of German government business at Euler Hermes, said about 30 formal applications had been received since then with a total value of about 2.5 billion euros.
Nearly 70 non-binding letters of interest have also been issued, which pushed the total volume of commitments up into the double-digit billions of euros, she added.
Minister-President of Flanders Geert Bourgeois announced that despite some problems remaining in financial cooperation and investment in Iran, two Belgian banks expressed readiness in this regard.
Bourgeois said that no contract has yet been inked between the countries but it is hoped that trade ties will be sustainable and long-term.
He added that most of Belgian firms are experiencing their first attendance in Iran and after getting information from Flanders Investment & Trade, they came to Iran to be familiar with cooperation opportunities and investment.
Bourgeois had earlier said on October 30 that Belgian trade office could be opened in Iran.
Speaking in Iran-Belgium Trade Conference, the Deputy Minister of Industry, Mine and trade Mojtaba Khosro Taj said that the trade exchange volume of Iran and Belgium is 300-400 million dollars per year and attempts should be made to boost the figure to over $1b.
Iran-Belgium Trade conference was held in the presence of 200 representatives of 140 Belgian firms on October 30 in Tehran.
Spanish investors are keen to take part in the project of gas transit pipeline from Iranshahr to Chabahar in southeastern of the country.
In a meeting with the Director General of the Chabahar Free Trade Zone Abdolrahim Kordi Monday night, the Spanish delegation expressed interest in implementing the project.
The Spanish delegation led by the managing director of Ecisa international engineering company Louis Andrew Caberra, visited the province in a one-day tour.
They visited Shahid Beheshti jetty, Makran Petrochemical Complex and a number of tourist and natural attractions of the province which borders Pakistan and explored investment opportunities in construction of airports, ports, hotels, residential and administrative complexes and gas, oil and water transit pipelines.
The Spanish official stressed that his company is keen to carry out gas pipeline projects using its own financial resources without seeking help from Iranian government.
The Iranian official too welcomed the investments by foreign companies in the province, saying that their activities will result in better implementation of construction and infra-structure projects in the province.
Development of banking cooperation with Iran is on the agenda of Ukraine government, Deputy Minister of foreign Affairs of Ukraine Sergey Kislitsa said on Friday.
He made the remarks in a meeting with visiting Iran’s Deputy Foreign Minister for Asia-Pacific Affairs Ebrahim Rahimpour.
The Iranian deputy foreign minister for his part said that there are widescale potentials for economic cooperation between Iran and Ukraine in fields of agriculture, energy, transit and tourism.
He called for facilitation of visa issuance and customs formality between Tehran and Kiev.
Iranian Ambassador to Singapore Javed Ansari says conditions in Iran after the removal of sanctiosn are fovourable and the opportunities for trade are unending.
Addressing the 1st Iran Investment Summit held in Singapore on Wednesday, the amabssador said Iran is the 29th largest economy globally with huge reseves of gas and oil and the economy and industry of Singapore can be a complementary to that of Iran in various ways.
The following is the full text of the ambassaoor’s speech:
His Excellency Dr Valiollah Seif, Dr Ahmad Jamali, respected officials and delegates – welcome and thank you for being here today.
It is heartening to know that today we have representatives not just from Singapore, but from Iran, Hong Kong, Malaysia, Indonesia and even Australia. We are glad you could join us and make the 1st Iran Investment Summit in Singapore, organised by MillionaireAsia, in collaboration with Basio Consultants & Services (Hong Kong), a success. That many of you have travelled long distances to be here serves to remind us all just how important and fruitful good trade relations are to both the economy and business community.
Speaking as a representative of the Islamic Republic of Iran, we have been fortunate to have had many years of close relations with Singapore that have been marked with mutual respect, warm political relations, and a fair size of trade. While the sanctions on the Iranian banking and industrial sectors did hamper this growth, the recent lifting of these sanctions, the execution of the Joint Comprehensive Plan of Action (JCPOA), and the signing of the bilateral investment treaty in February has allowed us to see increasing economic and cultural exchanges between Singapore and Iran.
As many of you here would know, Iran is the 29th largest economy globally, holding the world’s second biggest gas reserves and fourth largest oil reserves. Some important numbers to look at is a GDP of approximately USD400 billion spread over a population of 80 million and such GDP is expected to have a growth of at least 4.5% further next year. After a few years of relatively-high inflation, this year Iranians are experiencing single-digit inflation, marked by greater ease in transfer of foreign currencies, opening LCs, operational connection to the SWIFT network. The current period of economic recovery is marked by lower cost of trade, lower banking rates and 2 faster growth of import/export activity. Over 60% of Iran’s local workforce is estimated to be below 30 years of age and highly educated by any standard
norm, including IT and foreign languages.
With these statistics in mind, Singapore’s economy and industry is complementary to that of Iran in numerous ways. Marine industries, for example, form a vast area of interest. Apart from the aggressive growth of oil and gas related offshore opportunities, Iran is also looking to expand its shipping fleet, which is an area that would welcome the cooperation of Singaporean companies for maintenance of rigs and vessels, among other things. Back on land, other large areas ripe for foreign investment include water desalination, irrigation technology and hydro-transfer projects.
Conversely, Singaporean companies can represent Iranian exporters of energy commodities, dried fruit, bitumen and petrochemical products in the SEA region. The cooperation grounds are also vast in soft commodities, power generation and engineering services.
As you will find out in the course of the day, the opportunities for trade are unending, and the time is now. It is my sincere hope that all of you here today will be able to find useful solutions to augment your business and form partnerships that will take you far in actualizing this long and historic relationship between our nations.
I would like to thank His Excellency, Dr Valiollah Seif, Governor, Central Bank of the Islamic Republic of Iran for gracing the Summit as Keynote Speaker.
My thanks also go to MillionaireAsia for taking the initiative to organize the event together with Basio Consultants & Services (Hong Kong).
Thank you and I wish you all a busy and productive summit ahead.
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