Archive | Industry

Korean SMEs “Go Bankrupt” Due to Sanctions on Iran

The chairman of Iran-South Korea Joint Chamber of Commerce said following last year’s move by the US to renew sanctions against the Islamic Republic, some Korean companies went bankrupt. Speaking to Tasnim, Hossein Tanhayee pointed to the 70 percent fall in bilateral trade between Iran and South Korea after the re-imposition of the US sanctions […]

Iran, Iraq to Set Up 5 Joint Industrial Parks

The Iranian president’s chief of staff said Tehran and Baghdad have agreed to establish five joint industrial parks, including one in Iran’s border province of Kurdistan. Speaking at a meeting on economic development of Kurdistan in the city of Sanandaj on Saturday, Mahmoud Vaezi said Iran and Iraq have devised plans to set up five […]

Iran, Pakistan Moving Closer to Free Trade Deal

Iran and Pakistan are expected to finalize the draft of a free trade agreement (FTA) in forthcoming talks in Islamabad. A final draft of the free trade deal between Iran and Pakistan is expected to be hammered out in negotiations due to be held in Islamabad on April 22 and 23, the International News reported. […]

Iraq gives Iranians Visas Free of Charge

Iraq has begun issuing entry visa for Iranians free of charge in a reciprocal move under a deal. Iranians travelling to Iraq can now obtain visa free of charge. The Iraqi cabinet of ministers said the decision that took effect on April 1 has been made as a reciprocal move which had been agreed upon […]

Iran “ready to Expand Gas, Power Trade with Iraq”

President Hassan Rouhani has called for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not […]

Blockchain Startup could Transform Traffic in Iran

By Maziar Motamedi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. How this Blockchain Startup could help people Transform Traffic in Iran As the transportation industry continues to grow around the globe, traffic congestion remains as one of the most significant, largely unresolved issues of […]

Iraq “Needs to Buy Iranian Electricity for 3 Yrs”

Iraqi Parliament Speaker Mohammed al-Halbusi said he hopes the United States will keep waiving sanctions on energy imports from neighboring Iran, noting that the Arab country will need to purchase electricity from the Islamic Republic for three years. In November last year, Washington granted a 45-day waiver on electricity to the Arab country and extended […]

Iran GDP Shrinking

By John Lee. A new report from the World Bank Group forecasts real GDP growth (at constant market prices) of -1.6 percent for the year to the end of March 2019 in Iran, falling further to -3.8 percent next year: Economic growth in Iran continued to slowdown in the first quarter of 2018/19 (April-June) as […]

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Tehran’s Quality of Living Ranking …

By John Lee. Tehran has been ranked in 199th place in the Mercer 2019 Quality of Living Survey. This puts it just ahead of Karachi in Pakistan and Caracas in Venezuela, and just behind Luanda in Angola and Dar es Salaam in Tanzania. Vienna again retains the top spot; Zurich and Vancouver follow in second […]

Turkish-Iranian Trade Disappoints Big Time

By Mehmet Cetingulec for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Turkey and Iran have maintained cooperation in regional affairs in recent years, including most notably joint efforts for a settlement in Syria but also solidarity against US and Israeli policies in […]

Renault to Return to Iran: Deputy Minister

An Iranian deputy minister said French carmaker Renault SA will return to Iran after it halted cooperation with Iranian companies under the US sanctions. In comments on Thursday, Deputy Minister of Industry, Mines and Trade Farshad Moqimi said Renault has made an investment of $1 billion in Iran. “Following the negotiations and consultations that have […]

Iran, Iraq “to Meet $20bn Trade Target in 2 Yrs”

Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years. Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for […]

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Iran, Iraq Ink 5 Agreements

Iran and Iraq signed five deals to promote cooperation in various fields on the first day of Iranian President Hassan Rouhani’s trip to Baghdad. In a meeting co-chaired by Rouhani and Prime Minister of Iraq Adil Abdul-Mahdi in Baghdad on Monday evening, top officials from the two countries signed five memoranda of understanding. The documents […]

Iran, Turkey Complementary in Many Areas: Minister

Turkish Minister of Transport and Infrastructure Mehmet Cahit Turhan highlighted the importance of his country’s relations with Iran and said the two nations can complement each other in various political, cultural and economic areas. Speaking at a ceremony in Ankara on Monday to mark the 40th anniversary of the Islamic Revolution’s victory, Turhan hailed the […]

Top Lawmakers Discuss Bolstering Iran-Japan Ties

Iranian Parliament Speaker Ali Larijani and President of Japan’s House of Councilors Chuichi Date explored avenues for the expansion of political and economic relations between the two countries. Larijani, who has travelled to Japan with a parliamentary delegation, met with Chuichi Date on Tuesday. In the gathering, the Iranian official hailed the age-old relations between […]

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Iran, Iraq Deal to Boost Cooperation in Electricity

High-ranking officials from Iran and Iraq on Friday signed two memorandums of understanding (MoUs) and a contract to boost cooperation between the two countries in the electricity industry. At the end of his three-day visit to Iran, Iraqi Minister of Electricity Luay al-Khatteeb signed two MoUs and a contract on the electric industry with Iranian […]

Iran’s Biggest Solar Power Plant Launched

Iran’s biggest solar power plant with a capacity to produce seven megawatts (MW) of electricity was inaugurated in the western province of Hamedan on Tuesday. The power plant came into operation during a ceremony attended by Iranian First Vice-President Eshaq Jahangiri and Energy Minister Reza Ardakanian in Hamedan on Tuesday. The renewable energy project has […]

US “Pressuring” European Firms to Limit Activity in Iran

The general secretary of the German-Iranian Chamber of Commerce said US officials are pressuring European companies to limit their business activities in Iran. “There is more passion from our American friends to create problems,” Michael Tockuss told the German business news weekly Wirtschaftswoche on Saturday. Those problems, Tockuss said, stem from direct pressure being applied […]

Up to 7000 German firms eager to Trade with Iran

By John Lee. The managing director of the German-Iranian Chamber of Commerce has reportedly said that up to 7,000 German business enterprises are believed to be seeking to continue trade with Iran. Michael Tockuss is quoted as saying: “Our estimate is that between 5,000 and 7,000 small- and medium-scale businesses are still after trade with […]

PM Urges Rapid Implementation of Iran Banking Deal

Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said Iraqi Prime Minister Adil Abdul-Mahdi has voiced “his firm support” for the banking deal reached between the two countries on Tuesday night and called for its rapid implementation. “After a long and four-hour meeting last night with the governor of the Central Bank of […]