Archive | Industry

Linglong “gets Cold Feet with Iran Project”

By John Lee. China’s Shandong Linglong Tire Co (Linglong) is reportedly now hesitant about going ahead with a previously announced contract to supply technology to a greenfield tire plant in south-eastern Iran, according to an ERJ source. “They are asking for more time because of pressures by Trump,” the industry insider told ERJ. The contract, […]

Proton to Return to Iran

By John Lee. Malaysian automaker Proton Holdings will reportedly return to Iran. According to New Straits Times, Proton’s parent company set up Proton Motor Parsian Company (Ltd) (PMPC) on 10th April. The new company will assemble cars with completely knocked down and semi knocked down parts. (Source: New Straits Times)

Iran Replaces US Dollar with Euro

Iran Replaces US Dollar with Euro as Official Reporting Currency The Iranian cabinet on Wednesday approved a plan to replace the US dollar with euro in reporting foreign currency amounts. During a meeting chaired by Iranian President Hassan Rouhani in Tehran on Wednesday, the cabinet obliged all ministries, and governmental organizations and companies to use […]

Unilever pleased with Omo’s Iran Roll-Out

By John Lee. Unilever has announced that the roll-out of its Omo washing powder brand into Iran has “continued to perform well“. In its first-quarter results, the Anglo-Dutch multinational also declared a share buy-back programme of up to €6 billion to start in May 2018. (Source: Unilever)

Finnish Fast Food Chain Opens in Tehran

By John Lee. Finnish fast food chain Hesburger has opened an outlet in Tehran. The restaurant, in Tehran’s Pars district, is run by a local franchise entrepreneur. Hesburger CEO Kari Salmela said: “Iran has a market of 80 million customers, who don’t yet have access to Western burger restaurants … We see it as an […]

Speaker Calls for Closer Iran-Vietnam Trade Ties

Iranian Parliament Speaker Ali Larijani said Iran and Vietnam’s business people should be informed of the economic capacities of the two countries as part of efforts to boost bilateral trade. Speaking to reporters after an economic meeting between Iranian and Vietnamese delegations in Hanoi, Larijani said during the session, business people from the two sides […]

Iranian firm to set up Farm Machinery Factory in Philippines

By John Lee. An Iranian firm is reportedly seeking to establish a 50-meter assembly line in the Philippines to produce farm machinery such as tractors. The Philippines Department of Agriculture (DA) said in a statement that the Special Trade Adviser to the Embassy of the Philippines in Tehran, Nader Saeedi, discussed with Agriculture Secretary Emmanuel […]

CyanConnode developing New Opportunities in Iran

By John Lee. CyanConnode, a provider of narrowband radio mesh networks, has said it is developing new opportunities in Iran. In its trading update for the first calendar quarter of 2018, the company says: “During the quarter, work on the smart metering contracts in Iran continued. System integration work has taken place on both the […]

Iran, Russia discuss Increased Cooperation

Top officials from the parliaments of Iran and Russia met in Tehran on Monday to coordinate policies for closer cooperation and enhanced economic relations between the two countries under a framework of parliamentary interaction. Speaking at a joint press conference in Tehran with Vyacheslav Volodin, the speaker of Russia’s State Duma, Iranian Parliament Speaker Ali […]

Singaporean Firm wins $98m Iran Desalination Deal

Singapore-based Hyflux Ltd has announced that its wholly owned subsidiary, Hyflux International Pte Ltd, has been awarded a contract by Asia Water Development Engineering Company (AWDEC) to design, manufacture and supply a seawater reverse osmosis desalination package in Bandar Abbas, Iran. The project excludes local marine, civil and structural works, and is valued at approximately […]

83 Iranian Nuclear Achievements Unveiled

83 Nuclear Achievements Unveiled on National Nuclear Technology Day Eighty-three achievements of nuclear technology were unveiled on Monday in the presence of President Hassan Rouhani on the National Day of Nuclear Technology. Dr Rouhani also visited the nuclear technology achievements fair, in which 83 domestic achievements were displayed. Transfer of the first yellow cake shipment […]

Iran, Azerbaijan Inaugurate Joint Car Plant, Railway Project

Iran and Azerbaijan have launched a joint car plant and a railroad connecting Iran’s northern city of Astara to its namesake in the Azerbaijan Republic. The inauguration ceremony of the plant and the Astara-Astara railroad was held in Azerbaijan with Iranian President Hassan Rouhani and his Azeri counterpart, Ilham Aliyev, in attendance. The joint car […]

$27bn needed for Steel Development

Platts reports that Iran’s steel industry needs about $27.4 billion in new investment to achieve a target of 55 million mt/year of production capacity by 2025. The data, from the Iranian Steel Producers’ Association, says about $16.4 billion is needed for infrastructure projects, with around $10 to be invested directly into steelmaking and raw materials […]

Tags: ,

Are Iranians ready to ‘Buy Iranian’?

By Maysam Bizaer for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In keeping with the tradition of declaring an annual motto at the beginning of each Iranian year, Supreme Leader Ayatollah Ali Khamenei has named the current year that began March 21 “Support for Iranian Products.” Many observers […]

Tags:

Why Growth has not led to Job Creation in Iran

By Navid Kalhor for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Why economic growth has not led to job creation in Iran Last fall, the World Bank forecast that Iran’s economy will grow by merely 4% and 3.4% in 2018 and 2019, respectively. These rates […]

IMF Calls for Iran to Access Int’l Bond Markets

featured A new report from the International Monetary Fund (IMF) examining “selected issues” in Iran’s economy, including the expansion of non-oil exports and the role of women in the labor force, places special emphasis on the importance for Iran to develop the government securities market, which is a priority under the Sixth National Development Plan […]

Tehran’s Quality of Living Ranking …

By John Lee. Tehran has been ranked in 200th place in Mercer’s 2018 Quality of Living Survey. This puts it just ahead of Luanda in Angola and Lahore in Pakistan, and just behind Douala in Cameroon and Dar es Salaam in Tanzania. Vienna again retains the top spot; Zurich and Auckland follow in second and […]

Tehran, Ashgabat Sign 13 MoUs to Boost Ties

In a ceremony held in Ashgabat on Tuesday, senior officials of Iran and Turkmenistan singed 13 documents to develop joint cooperation in various fields. The ceremony was attended by Iranian President Hassan Rouhani and his Turkmen counterpart, Gurbanguly Berdimuhamedow. The Memorandums of Understanding (MoUs) feature collaborations in political, cultural, trade, industrial, agricultural, sports and academic […]

Iran now Afghanistan’s biggest Trade Partner

By John Lee. Iran was reported to be Afghanistan’s biggest trade partner in the year to 21 March 2018. The Afghanistan Chamber of Commerce and Industries (ACCI) deputy chief Khan Jan Alokozay told TOLOnews that Afghanistan exported goods to the value of $1.98 billion in the period, surpassing Pakistan. (Source: TOLOnews)

Rouhani Reaffirms Support for Knowledge-Based Companies

After opening a specialized pharmaceutical plant in Tehran, Iranian President Hassan Rouhani assured the private sector of his administration’s support for knowledge-based projects and research activities contributing to national production. “The administration will seriously support the whole private sectors in the field of production, particularly those doing knowledge-based activities and the activities on the basis […]