Iranian Rial

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ehran has seen more than a few new faces ever since the lifting of sanctions imposed on Iran over its nuclear energy program and the reopening of the country to global trade. 

To the global community, a reopened Iran means an untapped, potentially strong market ready to spend and expand.

Now more than a year later, the affluent Zafaraniyeh neighborhood in northern Tehran was host to a business dinner on Sunday held by the Ministry of Economic Affairs, Transport, Agriculture and Viniculture from Rhineland-Palatinate state of Germany.

“Iran is definitely worth setting up production in because of its population. There are about 80 million people here and some 300 million in neighboring countries,” Joe Weingarten, the head of the Department of Innovation, Medium-Sized Enterprises and Telecommunications of the ministry, told Financial Tribune.

Rhineland-Palatinate is one of the most advanced industrial states of Germany. With an export rate of roughly 50%, the state ranks first in this category in the whole country, according to the state’s governmental website.

“Iran has the potential to become one of the main production hubs of the region,” said Weingarten, adding that the delegation is here to survey the country’s business opportunities and seeks long-term economic involvement.

The German state’s economy is remarkably diversified. Rhineland-Palatinate is a major wood producer, one of the primary hubs of the German chemical industry and a leading supplier of automobile parts.

The delegation was made up of 13 SMEs from a wide range of sectors, including chemical, electrical and mechanical engineering and business consulting, according to Dawood Nazirizadeh, a management consultant and organizer of the business trip.

“The companies here have different goals. Some want to hire staff, some want to open up a branch and some just want to start selling,” he added.

The Germans, in line with their industrious business-centered spirit, had wasted no time ever since arriving in Tehran. 

According to Nazirizadeh, the delegation’s first meeting was with officials at the Department of Environment at 7 a.m. He described the talks as “very constructive” and said agreements were made to transfer German environmental technologies to Iran.

A second meeting was held with the Renewable Energy Organization of Iran, followed by a visit to the Ministry of Agriculture, German-Iranian Chamber of Commerce and Industries for a business-to-business meeting with more than 40 Iranian companies, and finally a meeting with officials at Iran Chamber of Commerce, Industries, Mining and Agriculture.

Nazirizadeh added that the delegation was to visit the city of Tabriz located in East Azarbaijan Province from February 6 to 8 on the last leg of their visit.

  Optimistic Outlook

The Germans’ optimistic outlook toward the Iranian economy was further expanded upon by Andreas Schmitt, CEO of PLT Networks GmbH.

“What we feel about the Iranian market is that a lot of potential is around. It has been around a year and a half that our company is trying to win a project here. It is taking time, but we understand the process and the system here: It is a culture we need to be a part of. We need to build a relationship and build customer confidence,” he said.

PLT Networks is a process control engineering solution company. 

According to Schmitt, the company delivers control systems for sectors such as oil and gas, power generation and chemical plants.

“What we do differently [compared to other companies] is customer-centric solutions. We deliver what the customer needs, not what the OEM tells them,” he said.

This resynchronization and life-cycle extension can be a boon for cash-strapped Iranian companies that are unable to purchase new production machinery and want to drive their system for longer.

“Also, people here are very well-educated and very smart. From the technical level, you can say they are actually the same and comparable to Europe. We believe the mentality of Iran and German businesses are quite the same,” he said.

Schmitt noted that they can use Iranian experts if certain specialized staff are required for production, adding that even if they are not trained in a certain field, “they are very much apt and willing to learn”.

PLT Networks is currently working with Non-Ferrous Mines and Metals Commercial Services Company on a copper project in Kerman Province, with Tavanir Company on power plants using Siemens technology, and on a few petrochemical downstream plants in Hormozgan Province with the private sector.

  Risks and Rewards

Germany is willing to provide Iran with modern production technologies on a long-term basis, said Joe Weingarten. 

However, he emphasized that the image of Iran as a risky business environment must change.

“What people in Germany hear about Iran mostly has to do with troubles in Iraq, Syria or Afghanistan. We do not know if this is true or not, but this is the impression German businesses get. And I think it will be very good for Iran to try and change that impression.”

The other thing that has to change, he noted, is the issue of banking relations and money transfer.

“Right now, it is very difficult for German companies to get money out of or into Iran.”

Banking relations have not been fully restored following the lifting of sanctions. 

According to Weingarten, one currently needs “someone in Dubai” to have any financial transactions with Iran.

Schmitt also doubled down on this issue, but noted that business is still doable and that the market’s potential rewards outweigh risks.

“There are always options and methods [to do business]. We do not want to be restricted as long as there is any assurance, or if the risk is mitigated through the letters of credit or the [Iranian] banks themselves,” he said.

The business CEO also pointed to the lack of liquidity in the Iranian economy as a limitation to business growth. “There is no money with Iranian companies and customers, but that does not leave us disappointed … We are highly motivated,” he said.

[pokerplayer]

1 hour ago, screwball said:

We are safe...we just need to look to major trading partners to realise which countries will be paired against the rial and where we may need to go to cash in!

I would go to Iran if I had to. Having a little understanding of Muslim culture will keep a person out of trouble for the couple days you would be there.

pp

[markb57]

when they go international and rv the rial, we can cash out anywhere, except maybe US. or am I missing something?.

[pokerplayer]

1 hour ago, markb57 said:

when they go international and rv the rial, we can cash out anywhere, except maybe US. or am I missing something?.

To be honest, until that day arrives I doubt anyone will know for sure. Good question though mark57

pp

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On the verge of the first international tender to develop Iran's oil and gas fields, Amirhossein Zamaninia, deputy oil minister for international affairs, said that Tehran has imposed no restriction for US oil firms willing to participate in energy projects in the country, but it is American sanctions that make such cooperation impossible.

“Iran is open to cooperate with US companies in its key petroleum industry, yet as long as the so-called primary US sanctions, which bar direct or indirect trade between Iranian and American individuals or entities, are in place, US firms cannot play any role in Iran's oil and gas industry," Zamaninia was quoted as saying by IRNA.

According to Zamaninia, the National Iranian Oil Company will announce new contracts to develop oil and natural gas in mid-February in the first such tender since the lifting of international sanctions a year ago.

Reportedly, the plan was to hold the first tender at the end of January, but it will be held with a two-week delay. 

Commenting on the delay, Zamaninia said, "Iran is a country with various political parties that is why reaching consensus on critical issues such as oil contracts will take time. Nonetheless, plans are in place to hold the first tender in the near future."

Downplaying the impact of new US-imposed sanctions against Iranian individuals and entities, the official noted that the latest sanctions have had no effect on ongoing talks between NIOC and Asian and European companies.

"They are still keen to do business with Iran and develop the key oil and gas sectors," he said.

US President Donald Trump on Friday imposed new sanctions on 25 Iranian individuals and entities that he claimed are related to the country's missile program.

Senior officials have often said that Tehran has no constraint in doing business with US-based companies, stressing that restrictions imposed by Washington are holding back American companies from lucrative investment opportunities in Iran's economy and energy sectors. 

"We would very much like to see the primary sanctions lifted and we think that there is a great potential for President Trump as a non-conventional politician to review and revise the situation," Zamaninia said.

According to the deputy oil minister, rekindling trade relations with Iran would be "a great benefit for the American people, for creating jobs there in the US, for revitalizing the oil and gas business there … there is great potential for engagement and partnership in Iran for American companies."

Zamaninia believes that Iran should pump more crude oil and natural gas than its current output levels because it has the largest reserves of hydrocarbons in the world.

"As a country that has the largest reserves, we do not produce enough compared to others. The potential is great, the cost for production is low in Iran. The question is not just the potential to produce, it is also the dynamics of the international markets in the oil and gas business."

Iran, OPEC's No. 3 oil producer hopes to draw foreign companies to invest and help boost output after years of under-investment.

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2 hours ago, pokerplayer said:

I would go to Iran if I had to. Having a little understanding of Muslim culture will keep a person out of trouble for the couple days you would be there.

pp

So would I .....

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2 hours ago, pokerplayer said:

To be honest, until that day arrives I doubt anyone will know for sure. Good question though mark57

pp

Agree we wait 

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5 hours ago, screwball said:

More than 20 experts and 70 professional advisors in accounting, auditing, banking, statistics, legal and jurisprudential issues worked on the plan and selected the general business plan of the European Central Bank as its core backdrop," he said. 

Hmmmm. Euro?

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Old but re posted because I missed it...

Rouhani submits $486 billion budget bill to Majlis

1. Economy

December 4, 2016

 

TEHRAN - President Hassan Rouhani presented the administration’s draft of the national budget bill for the next Iranian calendar year 1396, which starts on March 21, 2017, to the Majlis.

The proposed national budget amounted to about 10.849 quadrillion rials (about $486 billion), an 11 percent rise year on year.

Next year’s national budget is based on an oil price of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment. It also sees a projected average exchange rate of 33,000 rials to the U.S. dollar for the fiscal year. The rial is currently 38,600 to the dollar on the open market.

The funding for running the government increased by 260 trillion rials (about $6.8 billion) and was set at 3.2 quadrillion rials (about $84.2 billion).

The draft national budget estimates crude oil exports at about 2.42 million barrels per day. Oil income has a share of 1.1 quadrillion rials (about $29 billion) in the budget, a 48 percent rise year on year.

Meanwhile, the budget has allocated 600 trillion rials (about $15.7 billion) to development projects, compared to 570 trillion rials (about $15 billion) in the current year’s budget. The budget bill has envisaged that tax income will rise by 8.7 percent in the next year, reaching 1.12 quadrillion rials (about $29 billion).  

“Maintaining the growth rate that was launched in the (current) year is the main economic issue for the country and all economic policies should be designed around this axis,” Rouhani told MPs.

“We hope to end the (current) year with single-digit inflation, a 5 percent growth rate and the creation of 700,000 new jobs,” Rouhani said in his speech.

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Remember old article mentioned budget has new rate in it...posted last year

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Rouhani, Larijani may meet on national budget

1. Politics

January 4, 2017

 

TEHRAN – President Hassan Rouhani and Majlis Speaker Ali Larijani are likely to meet in a few days to discuss the national budget bill for the next Iranian fiscal year (March 2017-March 2018), Tasnim news agency reported on Tuesday.

The news about the possible meeting came on the same day as members of the Planning and Budget Committee of the Majis sat down for talks about the bill with President Rouhani.

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Tax income on verge of $21 billion

1. Economy

February 6, 2017

 

TEHRAN- Iran has gained some 810 trillion rials (about $20.95 billion) in tax income since the beginning of the current Iranian calendar year (March 20, 2016).

At the present time, tax income accounts for 36 percent of the government’s total income and 50 percent of the national annual budget, IRIB quoted National Tax Administration director Kamel Taqavinejad as saying on Monday.

As he said, the government could earn 680 trillion rials (about $17.5 billion) of tax income during the previous Iranian year and the figure is expected to increase up to one quadrillion rials (about $25.8 billion) by the current yearend (March 20, 2017), including the expected 140 trillion rials (about $3.6 billion) of income to be earned from levying tariffs. 

“We expect to earn 90 percent of the predicted income by the present year end,” he added.

President Hassan Rouhani’s economic strategy is to significantly reduce the government’s dependency on oil and instead collect tax more systematically.

HJ/MA/MG

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POTS Iran 2017 to enhance Tehran-Kuala Lumpur trade ties

The Malaysia-Iran Palm Oil Trade Fair and Seminar (POTS Iran 2017) is expected to enhance trade ties between the two countries, while attracting new entrepreneurs and building up commodity trade.

POTS Iran 2017 is a platform to widen collaboration between Malaysian and Iranian industry players, said Malaysian Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, Bernama reported.

"I would like to encourage Iranian businessmen to venture into projects in new identified areas within the palm oil sector.

"Malaysia offers business friendly policies to contribute to the growth of the palm oil production downstream sector," he said yesterday before launching POTS Iran 2017 in Kuala Lumpur.

The one-day event was co-organized by the Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB). About 300 Iranian and 100 Malaysian participants have taken part in the seminar.

Mah said the event provides an opportunity for both countries’ business communities to explore new openings in the use of palm oil for both food and non-food applications.

"There are ample potential and opportunities to further enhance palm oil trade and uses within Iran.

"There are many areas that Iran can benefit from by using palm oil as a base for its oil and fat industry.

"These include the food and non-food sectors, such as the production of blended cooking oil, palm-based solid fats and vegetable ghee and confectionery products. Palm oil is also used in various oleo-chemical formulations," he added.

Further economic gains can be achieved by processing palm oil based products in Iran, which provides an opportunity for re-exporting them to third countries or markets within the region.

"The industry in Iran is therefore encouraged to synergize and capitalize on this opportunity with its Malaysian counterparts.

"Malaysian palm oil is readily available owing to its perennial nature and at highly competitive prices. We also provide full assurances associated with quality and sustainable cultivation practices," said Mah.

Meanwhile, the minister also launched information booklet on the benefits of palm oil in Persian at the event.

He attended, at the same time, in a signing ceremony of a palm oil trade agreement between Unitrade Capital Sdn Bhd and Varan Caspian, an Iranian company.

Iran has shown great interest on Malaysian palm oil with close to 82 percent of its total imports of the product in 2016 being of Malaysian origin.

In 2016, Malaysian palm oil and palm oil product exports to Iran increased by close to 10 percent to reach 453,172 tons, valued at $331 million.

The main products exported were RBD (refined, bleached and deodorized) palm olein (250,469 tons) RBD palm oil (85,739 tons) and shortenings (12,331 tons).

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Economy min. departs for Hungary

News ID: 3899641 - Tue 7 February 2017 - 11:06

Economy

TEHRAN, Feb. 07 (MNA) – Iran’s Economy Minister Tayebnia has left Tehran for Budapest to take part at the first session of Iran-Hungary Joint Economic Commission.

The first meeting of the joint commission on economic cooperation between the Islamic Republic of Iran and the Republic of Hungary is scheduled to kick off today in Budapest with economy ministers of both sides in attendance.

It is noteworthy that Iran’s Economy Minister Ali Tayebnia is being accompanied by Mohammad Khazaei, President of the Organization for Investment, Economic and Technical Assistance of Iran as well as Hossein Mir Shojaeian, Deputy Minister of Economy.

The Budapest Joint Economic Commission is scheduled to be co-chaired by Hungarian Foreign Minister Péter Szijjártó and Iran’s Minister of Economy Ali Tayebnia.

The commission aims at developing cooperation between Iran and Hungary in different fields and boosting bilateral economic ties.

The last joint commission between the two countries was held about 23 years ago and the volume of trade exchange between Iran and Hungary was over 350 million dollars during the first decade of the Islamic Revolution victory in 1979 and the figure gradually decreased to $35m.

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The government's measures to plump up the capital cushion of public-sector banks will see the capital of Bank of Industry and Mine rise to 60 trillion rials ($1.5 billion), announced the bank's CEO.

"Twenty trillion rials ($519.8 million) will be added to the capital of BIM, which will increase the bank's capital assets to 60 trillion rials ($1.5 billion) and will subsequently increase its capital adequacy ratio to 12%," Ali Ashraf Afkhami was also quoted as saying by IBENA.

The bank will receive the capital as part of the latest plan to increase the capital of seven banks. The Cabinet obligated the Ministry of Economic Affairs and Finance in late January to allocate 200 trillion rials ($5.19 billion) to the plan.

According to a recent study by Majlis Research Center, the minimum CAR for Iranian banks has been set at 8%.

Afkhami said his bank has no foreign debt, though it previously exceeded €500 million as a result of international sanctions.

BIM's chief executive reported that in the past few years, the ratio of non-performing loans of BIM has experienced a steady decline, first going down to 10.5% from 12.5% and then to 7.8%. 

"The bank's ratio of NPLs to total loans outstanding will drop below 7% by the end of the current fiscal year in March," he said.

He added that BIM's NPLs currently stand at 20.9 trillion rials ($543.2 million). 

Afkhami further said that in the first 10 months of the current Iranian year (March 20-January 19), 102 small- and medium-sized enterprises were established through 1.5 trillion rials ($38.9 million) worth of loans from the bank creating jobs for 1,650 people.

"Furthermore, $150 million worth of loans have been allocated to 18 major projects," he said. "We have projects at hand which target137 SMEs with loans worth 425 billion rials ($11 million), the majority of which will take off next year and generate employment for 3,700 people."

Noting that 180 big and medium-sized enterprises will begin work during the next two fiscal years with an investment of 260 trillion rials ($6.75 billion) from BIM, Afkhami said more than €4 million of the amount were in foreign currency.

These projects, he added, will create 33,000 new jobs.

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Iran and Oman are poised to start a fresh round of talks on energy cooperation during Omani Oil Minister Mohammed bin Hamad al-Rumhi's visit to Tehran on Tuesday. A proposed joint sub-sea gas pipeline project expected to be the focus of talks.

The Dutch company Intecsea, a leading deepwater engineering company, has expressed interest in the construction of the planned underwater pipeline for supplying Iran’s natural gas to Oman.

Intecsea will offer Iran special engineering and technical services and studies for the pipeline, according to Mohammad Akbarzadeh, the director of Iran-Oman subsea pipeline feasibility studies, Mehr News Agency reported.

The multi-billion-dollar proposed pipeline will stretch over 400 kilometers. The overland part will cover 200 kilometers from Rudan County to the small town of Kuhmobarak both in southern Hormozgan Province. The seabed section between Iran and Sohar Port in the neighboring sultanate will be 200 kilometers. Reportedly, Iran will be able to use Oman's Qalhat Liquefied Natural Gas plant, which has the capacity to liquefy 10.4 million tons of LNG per annum.

Officials from the National Iranian Gas Company and Oman’s Ministry of Oil and Gas are discussing the prospects to include the Royal Dutch Shell, French energy giant Total and Korea Gas Corporation (KOGAS) in the planned subsea pipeline.

"Iran and Oman have friendly relations … We are interested in receiving gas from Iran and are on board with all the details of the project," Oman's veteran Foreign Minister Yusuf bin Alawi bin Abdullah said last year in a meeting with Oil Minister Bijan Namdar Zanganeh.

The two neighbors hope the pipeline can be commissioned two years after construction work begins. However, there are concerns that volatility in the oil/gas market in the past two years could undermine the planned project.

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TEHRAN – Iran and Oman signed on Tuesday an agreement, based on which the framework for building a gas pipeline intended to carry Iranian gas to the Sultanate will be finalized by the end of February.

In 2013 the two countries signed an agreement to supply gas to Oman through the new pipeline in a deal valued at $60 billion over 25 years.

The two sides have agreed to change the route of the planned undersea pipeline to avoid waters controlled by the United Arab Emirates, Mehr news agency quoted Iranian Oil Minister Bijan Namdar Zanganeh as saying after meeting his Omani counterpart Mohammed bin Hamad al-Rumhy in Tehran.

The new agreement was signed by the National Iranian Oil Company and Omani Ministry of Oil and Gas in the presence of Zanganeh and Al Rumhy.

Representatives from Anglo-Dutch Shell, France’s Total, Korea Gas Corp., Japan’s Mitsui, and Germany’s Uniper SE were also present.

Zanganeh said implementation of the project requires about $1.2 billion of investment.

if finalised by end what are they signing? Hmmmm

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Govt. spokesman: Iran's blocked assets released

Tehran, Feb 7, IRNA – Government spokesman, Mohammad-Baqer Nobakht, said on Tuesday that Iran’s blocked assets are released.

 

“What was agreed upon for the release of Iran’s blocked assets are met and all the blocked assets have been released,” Nobakht told a press conference on Tuesday.

He said the assets are unblocked per nuclear agreement.

“Certain countries like India have no excuse as far as sanctions are concerned and they might have problem in that concern but on the whole, the blocked assets are released,” said Nobakht.

To a question on Iran’s missile capability, Nobakht said, “We have had military production in various domains within the framework of the national and international rights; however, we do not do something which can serve as a pretext for the opportunists and those seeking excuse; of course, the ill-wishers will use any opportunity but we do not do something illegal.”

1420**2050

[tigergorzow]

13 hours ago, screwball said:

Rouhani submits $486 billion budget bill to Majlis

SB, Thanks,  That is one "HUGE BUDGET"  

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President hails major achievements of Islamic Revolution

Tehran, Feb 7, IRNA – President Hassan Rouhani said on Tuesday that Iran’s Islamic system, independence and national sovereignty are great achievements of the county’s Islamic Revolution in 1979.

 

Addressing a session of High Council of Cultural Revolution, the President said that bigger scientific and cultural advancements and social services to the public are another major achievements of the Islamic movement.

President Rouhani made the remarks on the verge of the 38th anniversary of the Islamic Revolution in Iran which falls this year on February 10 (Friday).

Millions of Iranians mark the occasion each year by staging huge rallies nationwide.

Calling for a massive turnout on the February 10 rallies, President Rouhani said, “Under current global circumstances, it is necessary for us to maintain our unity and stand against foreigners’ plots.”

It is a source of honor to see the people were present in the scene over the past 38 years with the same passion they had in the earlier days of the Revolution and have safeguarded the Islamic system against all plots.

Noting that during the term of the defunct Shah Mohammad-Reza Pahlavi, the Iranian government was an instrument in the hands of the US-led global arrogance, the president said that today, in light of the Islamic Revolution, Iran is a powerful, respectable and influential country in the regional and international developments.

8072**1394

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 Date: 07/02/2017 | Time: 17:58|

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Foreign presence in Iran's capital market facilitated after JCPOA

Tehran, Feb 7, IRNA -- Head of Iran's Securities and Exchange Organization (SEO), Shapour Mohammadi, said on Tuesday that foreigners' presence in Iran's capital market has been facilitated after the Joint Comprehensive Plan of Action (JCPOA).

 

Mohammadi told reporters that the major portion of the foreigners is from the neighboring states or the German speakers, whose share in the stock market is more than 12,000 billion rials.

He said Iranian capital market witnessed presence of foreigners even when sanctions were in their climax because capital turn-over governed the economy and Iran’s forex market enjoys good turnover long-term.

The official said Iranian capital market potential, especially in the energy and mineral domain is very high and that’s attractive for foreigners. “Foreign investors pay attention to the existing opportunities and turnover and deal with the issue rationally.”

“The JCPOA helped certain foreign investors enter Iranian stock exchange market so easily and the SEO in turn has taken measures for transfer of sums within short period of time.”

The official said measures have also been taken to open accounts for foreigners. The issue was initially raised in the Money and Credit Council and after receiving consent of the Council it was sent to the Money Laundering Center, he said, adding that furthermore, long-term strategies are taken for the purpose.

He disclosed a deal between the SEO and Germans and said the Organizations have had technical cooperation with South Korea, India and Sweden in capital market.

Mohammadi said the SEO has also good relations with Malaysia in terms of financial Islamic tools.

As for the impact of US President Donald Trump’s moves on the country’s capital market, he said people in every part of the world show reaction to the extremist approaches, including appropriate action of certain judges of the US courts in the past days.

He noted that engagement with the world economies is stabilizing for any country.

The SEO is to provide and facilitate opportunity for presence of all industries in the capital market, said Mohammadi.

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Rouhani: All govt. branches support investment

Tehran, Feb 7, IRNA – President Hassan Rouhani said on Tuesday that Iran's establishment and all the three branches of government support investment and economic activities.

 

President told reporters on the sidelines of the joint meeting of the three branches of government that people should feel they are in full security in terms of investment and economic activities.

He said over past 10 months, 20,000 small- and medium-sized industrial units have been activated, which means a move has begun towards economic vibrancy and the ground should be further prepared for the country's economic progress.

President Rouhani noted that in their session on Tuesday, all three branches of government had discussed domestic issues, mainly economic ones, and over the past months the government had taken good steps in light of support by other branches of government.

“Today, more suitable haven has been provided for domestic and foreign investment and the atmosphere should be more open and conditions get more suitable for the business to provide people with better life.”

1420**2050

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Depyty FM underlines expansion of Iran-Germany ties

Tehran, Feb 7, IRNA – Deputy Foreign Minister for European and American Affairs Majid Takht-Ravanchi on Tuesday called for expansion of Iran-Germany relations and removing obstacles in the way of banking interaction between the two capitals.

 

According to a report by Foreign Ministry, the Iranian diplomat who is currently in Germany, discussed Tehran-Berlin ties as well major regional and international developments in a meeting with German State Secretary Markus Ederer in Berlin.

Ederer, for his part, underlined remarkable growth in Iran-Germany relations, especially after the implementation of the Joint Comprehensive Plan of Action (JCPOA) in January 2016.

He voiced his country’s readiness for promoting cooperation in all fields, economy in particular, with Iran.

Ederer also said that German companies are interested to invest in Iran to transfer modern technologies to the country.

During the meeting, both officials stressed the need for heeding diplomatic solutions to establish peace and stability in the region as well as keeping consultations to this end and cooperation in the sphere of humanitarian aid.

8072**1394

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Celebrating Islamic reovolution sure would be a good day for unification, single rate, remove four zeros and a hip hip hooray...would lead us into the weekend just nicely! Yeah I know the king of wishful thinking!

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Tax chiefs of South Korea, Iran discuss ways to bolster cooperation

Tax agencies of South Korea and Iran agreed to join hands to strengthen tax administration and economic cooperation between the two countries, the Seoul government said on Tuesday.

South Korea's National Tax Service (NTS) Commissioner Lim Hwan-soo has held a meeting with his Iranian counterpart Seyed Kamel Taqavi Nejad in Tehran to ink a deal on bilateral tax administrative cooperation, according to the NTS, Yonhap reported.

It is a follow-up meeting of the previous Lim-Taqavi Nejad meeting in Seoul last year, as the two countries have been intensifying economic exchange following the lifting of international sanctions against the Middle East country.

The two tax heads agreed to create a business-friendly environment in terms of taxation in order to boost bilateral trade and investment.

Following the landmark nuclear deal with Iran in 2015, the international community lifted its sanctions imposed on Iran in the following year.

Iran and South Korea signed an MoU on expansion of economic ties and transfer of data in Seoul on January 19.

The MoU was signed by Deputy Minister of Strategy and Finance of South Korea In-Chang Song and Deputy Finance Minister of Iran Mohammad Khazaei on the sidelines of a conference about making investments in Iran.

The MoU requires both sides to transfer investment making data and also make direct investments in each other’s countries.

 The MOU also includes expansion of mutual commercial relations as well as sharing related knowledge and science.

As reported, more than 200 South Korean entrepreneurs and businessmen attended the conference which was held in South Korea’s Trade-Investment Promotion Agency (KOTRA).

Addressing the conference, Iran’s Ambassador to South Korea Hassan Taherian introduced opportunities in Iran available for foreign traders and businessmen in post-sanction era and announced that the Islamic Republic plans to offer implementation of Iranian construction projects at the value of $150 million to $200 million to foreigners per annum.

  Song, for his part, called Iran a strategic economic partner of South Korea.

Highlighting attraction of long-term foreign investments as Iran’s main policy during post-sanction era, Khazaei expressed satisfaction about South Korean business people’s participation in the conference.

Annual trade between South Korea and Iran reached $8.36 billion last year, up from $6.09 billion tallied a year ago.