Iran Cuts 2016 Budget

Iran has reduced its state budget for the coming year by 2.6 percent, as low oil prices put pressure on the country’s finances. A government spokesman is quoted as saying that the budget for the year starting on 20th March has been tentatively set at 2.670 trillion rials, down from an original plan for this […]

Iran Welcomes South Korean Investment

By John Lee. While receiving the credential of the new South Korean Ambassador to Tehran, Mr. Kim Sung Ho, on Monday, President Hassan Rouhani said: “As there is no obstacle in the way of the expansion and the deepening of Iran and South Korean ties and cooperation, we must seize the opportunity  … South Korean […]

German Firm Expecting Iran Petchem Boom

The Chief Executive Officer of the German company Stahl says Iran’s petrochemical industry is set to boom, according to a report from Shana. Martin Schomaker (pictured) told the news agency: “Iran has a number of petrochemical plants and wants to improve them and invest heavily in their development. The industry can create more job opportunities […]

US Visa Changes may Torpedo Iran Deal Implementation

By Reza Nasri Tabrizi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will changes to US Visa Waiver Program torpedo Iran deal implementation? As it currently stands, the Visa Waiver Program (VWP) allows citizens of 38 countries — namely European states, Australia, Japan and South […]

Adoption Day for Joint Comprehensive Plan of Action

Joint Statement by EU High Representative Federica Mogherini and Iranian Foreign Minister M. Javad Zarif Today (18th December) is Adoption Day of the Joint Comprehensive Plan of Action (JCPOA) related to the Iran nuclear programme. This is another important milestone that brings us a step closer to the beginning of implementation of the JCPOA, to […]

IAEA ends Iran Weapons Probe

IAEA Board Adopts Landmark Resolution on Iran PMD Case The International Atomic Energy Agency (IAEA) Board of Governors today considered the Director General’s Final Assessment on Past and Present Outstanding Issues Regarding Iran’s Nuclear Programme and adopted a resolution. In his opening statement, Mr Amano summarized the main findings of his report: “The Agency assesses that […]

Iran ‘in Talks’ for $4.5bn Undersea Gas Pipeline to India

By John Lee. The Managing Director of the National Iranian Gas Export Company (NIGEC) has said that Iran is discussing a plan to lay a $4.5-billion subsea pipeline to export natural gas to India. But Alireza Kameli (pictured) also told The Economic Times that a proposal for another pipeline between the two countries via Pakistan […]

Iran seals Banking Deal with France

Iran says it has reached a basic agreement with France to re-establish mutual banking ties as soon as the sanctions against Tehran are removed. Iran’s Deputy Minister of Industry, Mine and Trade, Valiollah Afkhami-Rad, said the sanctions are the only obstacle on the way of the implementation of the agreement with France, and emphasized that […]

MoU With Netherlands on Ornamental Plants

A memorandum of understanding on cooperation in research projects on flowers and ornamental plants has been signed between the Netherlands’ Wageningen University and Research Center and Iran’s National Institute of Ornamental Plants. The agreement seeks to use Dutch expertise and technologies to boost Iran’s production and export of ornamental plants. IRNA reports that Iran’s National […]

EU, Iran Relationship Warms Up

By Aniseh Bassiri Tabrizi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Since the July 14 signing of the Joint Comprehensive Plan of Action (JCPOA), European institutions have been actively seeking ways to boost the union’s ties with Tehran. In 2003, when international concerns over […]

More Veils Lift as Topic Loses Political Punch

By Mahmoud Pargoo, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Discussion of the Islamic veil took up a tiny part of books on Islamic law, or Sharia, before the beginning of the last century. Covering one’s head was mainly considered a precondition for women […]

Iran Eyes 12% Increase in Petchem Output

Iran will see its petrochemical output increase by nearly 12 percent during the calendar year to March 20 2017, bringing its output to nearly 53 mt/y, a senior petrochemical official said. Production control manager of National Petrochemical Company (NPC), Ali Mohammad Bossagh Zadeh, said Iranian petrochemical plants will process 47 million tons of petrochemicals by […]

Iran to Open Tourism Office in Russia

An official with the Cultural Heritage, Handicrafts and Tourism Organization said that Iran plans to open a tourism representative office in Russia in the near future. The Director General of Marketing and Publicity Department of the organization, Mohammad Kazem Kholdi, told IRNA that Iran is keen to host Russian tourists. Only 8,500 Russians visited in […]

Video: Rouhani Reacts to Trump Anti-Muslim Comments

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. A global firestorm erupted this week over Donald Trump’s call to bar Muslims from entering the United States, with Iran’s President Hassan Rouhani branding them “some of the most bizarre comments in history“:

Rouhani Prioritises Iraq Transport Connections

President Rouhani has ordered the Minister of Road and Urban Development and the Head of the Organization of Management and Planning to push the implementation of the joint Iran-Iraq project for the construction of the Khorramshahr-Basra railroad and the completion of Darreshahr-Abdanan road to facilitate the movement of pilgrims between the two countries. At the […]

Export Development Bank of Iran Joins ADFIAP

The Export Development Bank of Iran, as a bank specialized in financing and facilitating the exports, has become a member of Association of Development Financing Institutions in Asia and the Pacific (ADFIAP). ADFIAP is the goal of the development banks and other financial institutions active in the field of financing development in Asia and the […]

Italian Firm to set up Private Iranian Bank

The Managing Director of Chabahar Free Trade and Industrial Zone, Hamed Ali Mobaraki, has said that Italian company Italconsult is willing to invest in setting up a private bank at Chabahar Free Trade Zone. He is also quoted as saying that Italian investors have said they are ready to contribute to such infrastructural projects as […]

Iran, Lebanon to sign Preferential Trade Agreement

The Iranian Minister of Economic Affairs and Finance, Ali Tayebnia, has said Tehran and Beirut will facilitate increased trade by signing a preferential trade agreement. IRNA reports that in a meeting with Lebanon’s visiting Finance and Treasure Minister, Ali Hassan Khalil, he said a working group was formed by Iran to study the details of […]

Iran, China sign Carpet Deal

The Iran National Carpet Center (INCC) and the China Tibetan Carpet Association (CTCA) signed a memorandum of understanding to promote cooperation in the carpet industry. According to Tasnim News Agency, the deal was signed following a meeting attended by the heads of INCC and Carpet Museum of Iran and a number of CTCA members in […]

How to get Iran’s Economy back on Track

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Some observers in Iran believe that the national economy needs a coordinator rather than a command center to put everything in order. In other words, a group that has good relations with major market […]