Archive | Industry

Has Iran entered ‘New Era’ of Economic Policies?

By Seyed Mahdi Barakchian, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Supreme Leader Ayatollah Ali Khamenei’s speech at his Aug. 26 meeting with President Hassan Rouhani (pictured) and the Cabinet signaled a new era for the management of the Iranian economy. This is notable, […]

Rouhani Expects Sanctions Lifted by end-2015

Iran’s President, Hassan Rouhani, has said he expects sanctions on Iran to be lifted by the end of the year. IRNA quotes Rouhani as saying, “according to our plans, the oppressive sanctions against the Islamic Republic of Iran will be lifted by the end of 2015.” Meanwhile, special envoy and coordinator for international energy affairs […]

Sweden’s Leax Group Considers Iranian Market

Swedish mechanical components manufacturer Leax Group is reported to be eyeing the Iranian market for potential major new business. Following a recent visit to the country organised by Scandinavian automotive supplier association, FKG, Leax Group president and CEO Roger Berggren (pictured) told just-auto: “Iran used to be a very good market for Volvo and Scania […]

Port of Antwerp Meets with Iran

A delegation from the Belgian port of Antwerp visited Iran last week to re-establish shipping and commercial ties. According to a report from MarEx, the meetings included officials from Iran’s Ports and Maritime Organization, the Islamic Republic Shipping line (IRSL), Iranian Customs and the Iranian investment Organization, finishing with a visit to the Shahid Rajaee […]

IKCO Vehicle Production Slumps

Vehicle production at the Iran Khodro Company (IKCO), Iran’s largest auto manufacturing company, has fallen below 1,000 units a day. Tasnim News Agency reports that as recently as last May the company was producing 2,400 units per day, but this fell to 910 units per day for the month ending 22nd October. An unnamed official […]

Iran, Russia Joint Projects Valued at $30bn

By John Lee. Mahmoud Vaezi (pictured), Iran’s minister of communications and information technology, has told reporters that Iran has put together a package of 121 potential joint projects with Russia valued at $25-30 billion. Following the visit this week of Russian Energy Minister Alexander Novak and his 50-strong delegation, Iran will soon send a high-ranking […]

Big Swedish Firms eye Iranian Market

By John Lee. Major Swedish enterprises are reported to be preparing to invest in the Iranian economy as soon as the sanctions against the country are lifted. Hans-Aake Danielsson, a spokesman for Scania, told Bloomberg: “We are ready … If and when it takes off, Iran can be a significant market for Scania.” Ericsson spokeswoman […]

120 Chinese Firms Involved in Iranian Projects

By John Lee. Iran’s former ambassador to China, Fereidoun Verdinejad (pictured), said about 120 Chinese companies are currently engaged in projects in Iran, according to a report from IRNA. Adding that trade could easily rise to $50 billion, he said cooperation between the two countries could focus on areas such as reviving the Silk Road, […]

Tabriz Power Plant Closed on Pollution Concerns

By John Lee. IRNA reports that the Tabriz thermal power plant has been closed following news that it was using low quality fuel to generate electricity, leading to increased pollution. The 28-year-old plant, designed and constructed by the French company Alstom, is only allowed to use gas, but has been found to be using ‘mazut’, also […]

Swiss Govt to Ease Iran Sanctions

By John Lee. According to a report from Associated Press, the Swiss government says it plans “in principle” to ease sanctions against Iran in line with the European Union and the United Nations following an international accord on Tehran’s nuclear program. The Federal Council said it has instructed the Economy Ministry to prepare changes to […]

Italian Textile Machinery Makers to Visit Iran

Iran has historically been a primary trading partner for Italy’s textile machinery industry. Although international sanctions have blocked the flow of textile machinery exports to Iran, it is hoped that the recent nuclear agreement may pave the way toward a competitive relaunching of the local textile industry. To consolidate its presence in Iran, ACIMIT, the […]

Japan Tobacco buys Iranian Cigarette Maker

Japan Tobacco International (JTI) has reportedly bought an Iranian cigarette maker in an attempt to reinforce its position as the market leader in a country prior to the expected relaxation of sanctions. The Financial Times reports that JTI Pars, its Iranian subsidiary, recently acquired the privately owned Arian Tobacco Industry (ATI) for an undisclosed amount. […]

French Insurers Eager to Invest in Iran

Chairman of the Board of French insurance group NASCO met and talked with the President of Iran Central Insurance and announced the company’s readiness to cooperate with Iranian insurance companies. During the meeting, Mohamed Ibrahim Amin offered his solutions for attracting foreign investment in the Iranian insurance companies. Gabriel Bejjani, Chairman of the Board of […]

Japanese Firms want Increased Ties with Iran

The Japanese Foreign Minister Fumio Kishida (pictured) has said that there are an increasing number of Japanese companies which want to resume cooperation with Iran’s oil firms in the post-sanction era. “Today, we exchanged views on expansion of economic ties,” he told Shana following a meeting with Iranian Petroleum Minister Bijan Zangeneh during which they […]

Petroleum Minister Underlines Anti-Corruption Drive

The Minister of Petroleum, Bijan Zangeneh, has called for the fight against financial corruption across the country urging the ministry’s staff to be careful to provide an honest service. “Due to large amounts of monetary transactions in the oil industry, there is the possibility of corruption. The money in the oil belongs to the public […]

Rouhani Outlines Plans for Growth

President Rouhani described the new plans and policies of the government for economic growth, the most important foreign relations plans, and regional and global issues in a live television interview. “People are getting ready to show their respect to the culture of Ashura which is the culture of dignity, freedom, and resistance against injustice and […]

Canadians Accused of Exporting Rail Equipment to Iran

By John Lee. Two Canadians accused of illegally selling railway equipment to Iran appeared in court in Montreal on Wednesday. Michael Allen (67) and Hugo Dreckmann (75) were ordered to return to court on 19th February, 2016. The two, directors of Romic Marc Rail, are accused of illegally exporting nearly $10 million worth of American-made railway equipment to Iran, […]

Thailand to Assemble Toyotas for Iran

Toyota has announced that it will begin shipping cars to Iran from its assembly facilities in Thailand. Local press reports say that the Japanese auto maker will begin exporting fully-built vehicles to Iran in the coming weeks. It has not been announced which vehicles will be shipped from Thailand. (Source: Financial Tribune)

Iranian Parliament backs Nuclear Deal

Iran’s parliament has approved the deal on its nuclear programme. The official IRNA news agency said the deal was passed with 161 votes in favour, 59 against and 13 abstentions. However, parliament insisted that international inspectors would have only limited access to military sites. The Joint Comprehensive Plan of Action (JCPOA), finalised in July after […]

British, Japanese Insurers visit Iran

The Chairman and CEO of the Iran Insurance Company has hosted representatives of the British United Insurance Brokers (UIB) and Japanese insurer, Sompo. The purpose of the meeting was to increase the level of interaction in the post-sanctions era, to develop reinsurance, to provide reinsurance coverage requirements, and to improve the coverage especially in property […]