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o improve the speed and precision of customs’ banking affairs, Bank Melli Iran and the Islamic Republic of Iran Customs Administration are to launch an online payment system.

According to IRICA’s report, their clients can simply enter their payment ID in BMI’s website, engage in payment process via Bank Melli’s payment gateway and the settlement will be completed in customs database within a few minutes.

One of the advantages of this project is that the customers can see the details of their payments like how much they are paying to where and for what purpose, in addition to not having to go to banks in person and pay different amounts of money to various account numbers, which could be a confusing and time-consuming process.  

The joint project between the technology department of IRICA and BMI, along with its subsidiary companies, was started almost a year ago and so far about 100 test payments have been successfully done via this system.

Therefore, in cooperation with BMI and IRICA, the website will be made operational in the foreseeable future.

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As part of the discount Iran received from Airbus in its order for 100 planes, an A320 comes free. This was announced by deputy minister of roads and urban development, Asghar Fakhrieh-Kashan, in a Sunday ceremony to mark the end of the eight-year tenure of Farhad Parvaresh as the CEO of the flag carrier Iran Air. Airlines usually get discounts from plane manufacturers on huge orders. The Iran Air-Airbus deal is worth $18-20 billion based on list prices, but Parvaresh has been quoted as saying that the value of the contract would not exceed $10 billion considering the number of orders placed and the current market conditions. So far, the Iranian flag carrier has received three out of the 100 orders placed with the European planemaker (1 A321 and 2 A330). Farzaneh Sharafbafi, the first Iranian woman to receive a PhD in aerospace, was recently appointed the new chief executive of Iran Air.

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haparak, Iran’s nationwide payment network, processed 1.288 billion transactions during the month ending June 21, marking a 34% growth, compared with the same period of last year.

According to the latest report released by Shaparak, the total value of transactions reached 1.386 quadrillion rials ($36.96 billion) during the period, registering a 33.8% growth year-on-year.

According to Shaparak’s report, each Iranian above 20 years made 22.39 transactions during the period.

POS terminals accounted for 87% of total transactions in the one month, marking a slight growth of 2% year-on-year. The total number of active POS terminals in Iran reached 6.4 million by June 21.

Transactions worth 50,001-250,000 rials accounted for 37.21% of total transactions processed by POS terminals. 

Beh Pardakht Mellat, the leading PSP firm in Iranian market, processed almost a quarter of all POS terminal transactions according to released data. The company owns 15% of total active POS terminals in the market.

Mobile gateways and online gateways respectively processed 9.2% and 2.9% of transactions. Transactions worth less than 50,000 rials accounted for 67% of mobile payments and 655% of online payment transactions worth less than 250,000 rials during the period.

Asan Pardakht and Saman Electronic Payment respectively processed 37% of mobile transactions and 25% of online transactions, becoming the leading acquirers in each category.

Considering all the transactions processed in the period, Beh Pardakht Mellat remained the top Iranian PSP with a 22% share of the market. Saman (17%), Asan Pardakht (14.6%) and Parsian E-Commerce Company (13.6%) were other major players in the market.  

Bank Cards

A total of 79.68 million bank cards were used at least once during the period, 94% of which were debit cards.

The total number of bank cards remained almost unchanged, compared with the previous month. However, Shaparak has reported 24% growth in total number of credit cards and a drop of 19.5% in the number of gift cards.

Bank Melli Iran accounted for 21% of active debit cards. Bank Mellat and Bank Saderat Iran followed with 12.5% and 11.2%, respectively.

BMI was also the top issuer of credit cards during the month ending June 21, accounting for 37% of active credit cards. Bank Mellat, Bank Sepah and Bank Pasargad Iran were placed after BMI.

Bank Saderat Iran and Parsian Bank issued the highest number of gift cards during the period.

According to Shaparak, acquiring banks paid an average of 265.7 rials per 100,000 transactions as fees. Bank Sarmayeh and Export Development Bank of Iran paid the lowest sum of fees during the period, whereas Parsian Bank and Bank Hekmat Iranian paid the largest amounts of acquiring fees.

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Iran's Saman Insurance Company has signed a contract with the world's largest reinsurance company Munich Re, the CEO of Saman Insurance said on Wednesday.

“Based on the contract, risks in life insurance and capital formation categories are reinsured by Munich Re,” Ahmadreza Zarrabieh also told a press conference, IBENA reported.

Update: Munich Re confirmed that it has started working with Saman Insurance Company, in an email to Financial Tribune on Friday. 

The German firm has become the first foreign reinsurer to start working with Iran after the lifting of international sanctions in January 2016.

The company halted business activities in Iran in 2010, stopping reinsurance for ships carrying Iranian oil exports on July 1, 2012. 

The decision was expected to impact reinsurer’s premium volume of around €10 million in Iran. 

The Central Insurance of Iran had announced that the German firm has given a significant offer for covering a variety of risk in Iran’s post-sanctions insurance market.

“Saman has become the first Iranian insurance company to purchase life reinsurance coverage from a foreign firm,” Zarrabieh said, noting that risks up to €1 million are covered by the German reinsurer.

The privately-owned Saman Insurance, a subsidiary of Saman Bank, accounts for 6% of Iran’s life insurance market. Life insurance accounted for 42% of Saman’s portfolio in the previous Iranian year (March 2016-17).

Update:

Saman has recently received the permission for increasing its capital from 803 billion rials ($21 million) to 1,500 billion rials ($39.8 million).

The insurer also announced that Saman and Munich Re are working to develop a new model for auto insurance policies, in which the drivers’ behavior would be used as the criteria for calculating the premium. 

“We have received CII’s permission for offering the new model of auto insurance,” Zarrabieh said, noting that the new policies would be available in the second half of the current Iranian year. 

The mileage and locations where the vehicle is mostly used would be among the criterion used for calculating premiums. 

So far, all insurance companies had to sell auto insurance policies annually in accord with CII’s cap for premiums. 

Personal auto policies account for the largest portion of Iranian insurers’ income. During the previous Iranian year (March 2016-17), insurers earned 109.4 trillion rials ($2.9 billion) by selling 20.2 million policies in this category. 

However, PAPs constitute the lion’s share of losses, which adds up to more than 78 trillion rials ($2.08 billion), accounting for 43.4% of the total sum.

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Indonesian bank opens credit for Iranian businessmen

Tehran, July 19, IRNA – Indonesian Ambassador to Iran Ocatvino Alimudin acknowledged here on Wednesday cooperation of an Indonesian bank with 10 Iranian banks and opening Letters of Credit (LCs) up to 200 million dollars for businessmen of both countries.

 
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Alimudin made the remarks in meeting with Head of Tehran Chamber of Commerce, Industry, Mine and Agriculture Masoud Khounsari.

Alimudin said Indonesian government intends to regulate financial exchanges between the two countries in rials and Rupees.

He added that currently trade exchanges between Iran and Indonesia is around 340 million dollars, but it will be five folded until the end of this year.

Following implementation of the Joint Comprehensive Plan of Action (JCPOA) Indonesia increased its amount of oil and gas purchase from Iran and added that many Indonesian companies are interested in investment in Iran.

He also pointed to Indonesian companies’ interest in investment in oil and gas in Iran and added that Indonesia is ready to invest up to 7 billion dollars in Mansouri Oil Field south of Iran and in spite of declaring the issue to Iran’s Petroleum Ministry officially, there is no response yet.

Khounsari expressed Tehran Chamber's readiness for cooperation and interaction with Indonesian embassy in Tehran for development of economic relations.

He said the two countries have high economic and industrial capacity for cooperation and added that the private sectors of Iran and Indonesia could be frontiers in development of economic ties.

Foreign Investment Services Center affiliated to Tehran’s Chamber is ready to create ties between foreign investors and domestic corporations and to that end cooperation between the Chamber and Indonesian embassy in Tehran could be very helpful for Indonesian investors.

According to Iran’s Customs Office figures for first 10 months of last year (March to December 2016) Iran’s export to Indonesia was worth 126,435,044 dollars and imports from Indonesia stood at 149,494,834 million dollars in value.

1391**1420

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7 | Time: 12:37|
 

No banking problem with Total deal: Petroleum Min

Tehran, July 22, IRNA – Petroleum Minister Bijan Zangeneh said there is no banking problem with implementation of Total deal to develop the phase 11 of South Pars Oil Field.

 
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Total and the members of the consortium composed of France’s Total, China National Petroleum Corporation (CNPC) and Iran’s Petropars will pay contractors with no problem, Zanganeh told Islamic Republic News Agency (IRNA) on Saturday.

The payments would not enter Iran's financial system at all, he added.

National Iranian Oil Company (NIOC), Total, CNPC and Petropars on July 3, signed a 4.8-billion-dollar contract for development of South Pars Gas Field phase 11. 

Total will operate the SP11 project with a 50.1 percent interest, while Iranian Petropars Company and the Chinese CNPC will have a share of 19.9 and 30 percents, respectively.

The 4.8 billion-dollar contract is the first major gas and oil agreement since anti-Iran sanctions relief after implementation of the historic nuclear agreement between Iran and world major powers (the United Nations Security council permanent members plus Germany) in 2015.

The project, when completed, will add 56 million cubic meters perday to Iran's share of gas in the joint South Pars Oil Field with Qatar.

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The latest report published by London-based provider of strategic market research Euromonitor International titled “Economy, Finance and Trade: Iran” focuses on one of the Middle East’s largest and most promising economies, according to the group’s website.

Highlights from the report are presented below:

The intensification of international sanctions over Iran in 2012 and the fall in oil prices since mid-2014 took a toll on the Iranian economy. However, short-term relief from sanctions and the rise in private consumption provided some support for the economy in 2015. The country largely benefits from its abundant hydrocarbon reserves, rising household consumption and well-educated, tech-savvy populace.

The removal of international sanctions in January 2016 is projected to boost trade and investment in the economy. However, low productivity, high state intervention and accumulation of bad loans are key challenges for the economy.

  Rise in Investment, Exports & Lower Costs of Financial Transactions

Iran has experienced double-digit inflation and in 2013 it reached the highest level since 1995, owing to the intensification of economic sanctions. During this period, the country had limited access to foreign exchange assets, which resulted in increased costs of trade and financial transactions. The removal of sanctions, coupled with gradual fiscal consolidation and prudent monetary policy, brought down inflation to single digits in 2016;

Iran’s car manufacturing industry is very large and has great potential as a regional export hub, owing to the availability of abundant raw materials such as zinc, copper, natural gas and crude oil. Numerous major car manufacturers are attempting to enter or reenter Iran’s automotive market. After the sanctions were lifted in January 2016, PSA Peugeot Citroen was the first company to acquire a license from the government to invest in the country’s largest car manufacturer, Iran Khodro Company. However, outdated technology will be a major drag on the automotive industry in Iran;

Prior to the intensification of the sanctions over Iran’s nuclear program, the European Union was one of Iran’s major trading partners but Iran’s trade relations with the bloc deteriorated. Between 2010 and 2015, Iran’s total goods exports to the EU declined by 93.0% and total goods imports from the EU declined by 72.8%, in US$ terms.

However, two-way trade bounced back in 2016. According to the European Commission, the EU exported over €8.2 billion worth of goods to Iran last year, up 27.8% year-on-year. During the same period, the European bloc imported about €5.5 billion worth of goods from Iran, up 344.8% YOY.

  Uptrend in 2017

The uptrend intensified in 2017 as Iran exported €2.77 billion worth of goods to the European Union in the first quarter of 2017, registering a sixfold rise compared with the preceding year’s corresponding period, according to Eurostat.

The country imported €2.52 billion worth of commodities from the EU in Q1, recording a %56 rise YOY. Iran is expected to benefit from various new trade agreements with France, India, Australia, South Africa and Pakistan. On April 2016, South Africa and Iran signed eight agreements on various areas, including trade, under which they have agreed to boost non-oil trade. In March 2016, Iran, India and Afghanistan signed a three-party deal to turn Iran’s port of Chabahar into a transportation hub;

The intensification of international economic sanctions in 2012 coupled with the plunge in oil prices since mid-2014 and weakness in tax revenue has deteriorated Iran’s public finances. However, with the removal of sanctions, oil exports will increase and access to foreign assets will be restored. This should help ease government finances.

  Gov’t Reforms Needed

The removal of international sanctions along with the government’s continued privatization drive will open new investment and trade opportunities for Iran, in both its oil and non-oil sectors, such as infrastructure, automotive and transportation.

Yet, the lifting of sanctions will not be enough to boost investment and economic activity in the long run. Major reforms are needed to improve Iran’s banking sector that has a buildup of bad loans and streamline its business environment.

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Dismissing rumors of an imminent rise in the prices of home appliances, Chairman of Iran’s Home Appliances Association Mohammad Tahanpour said high rents and increased production costs have prompted retailers and manufacturers of home appliances to spread such fabrications and create a tense atmosphere in the market.  

Tahanpour stressed that there is no recession in the home appliance sector, but the growth of online trading and people’s doubts over purchasing products of inferior quality have hit the traditional businesses, Jahan-e Sanat daily reported.

“High-quality foreign household devices poured into the country following the lifting of nuclear sanctions against Iran. Some popular local brands also saw a significant rise in their production, managed to supply products and offer replacement warranties and other after-sales services. Brands that fail to lay out an accurate roadmap about market needs and level of consumption, and refuse to reevaluate the diversity and quality of their products as well as their after-sales services will be automatically eliminated by the market,” he said.

Noting that a large number of manufacturing factories in the country are churning out stoves, refrigerators and products of basic technology regardless of market needs, Tahanpour said these manufacturing units are doomed to go bankrupt in a couple of years.

“This comes as household devices of advanced technology such as television are mostly supplied via imports. The whole thing will throw local production into a serious crisis,” he said.

A report released by the Ministry of Industries, Mining and Trade in April showed domestic production of home appliances witnessed an increase in the 11 months to January 2017, compared with the previous year’s corresponding period.

During the period under review, the production of flat TVs rose by 9.9%, refrigerators and freezers by 21.7%, washing machines by 61.5% and evaporative coolers by 5.4% year-on-year, IRNA reported.

The home appliance market in Iran is worth 200 trillion rials (over $5.33 billion). Domestic production accounts for only a quarter of this sum and the rest is dominated by foreign brands, the Home Appliances Association announced.

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Dismissing rumors of an imminent rise in the prices of home appliances, Chairman of Iran’s Home Appliances Association Mohammad Tahanpour said high rents and increased production costs have prompted retailers and manufacturers of home appliances to spread such fabrications and create a tense atmosphere in the market.  

Tahanpour stressed that there is no recession in the home appliance sector, but the growth of online trading and people’s doubts over purchasing products of inferior quality have hit the traditional businesses, Jahan-e Sanat daily reported.

“High-quality foreign household devices poured into the country following the lifting of nuclear sanctions against Iran. Some popular local brands also saw a significant rise in their production, managed to supply products and offer replacement warranties and other after-sales services. Brands that fail to lay out an accurate roadmap about market needs and level of consumption, and refuse to reevaluate the diversity and quality of their products as well as their after-sales services will be automatically eliminated by the market,” he said.

Noting that a large number of manufacturing factories in the country are churning out stoves, refrigerators and products of basic technology regardless of market needs, Tahanpour said these manufacturing units are doomed to go bankrupt in a couple of years.

“This comes as household devices of advanced technology such as television are mostly supplied via imports. The whole thing will throw local production into a serious crisis,” he said.

A report released by the Ministry of Industries, Mining and Trade in April showed domestic production of home appliances witnessed an increase in the 11 months to January 2017, compared with the previous year’s corresponding period.

During the period under review, the production of flat TVs rose by 9.9%, refrigerators and freezers by 21.7%, washing machines by 61.5% and evaporative coolers by 5.4% year-on-year, IRNA reported.

The home appliance market in Iran is worth 200 trillion rials (over $5.33 billion). Domestic production accounts for only a quarter of this sum and the rest is dominated by foreign brands, the Home Appliances Association announced.

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As the first tenure of President Hassan Rouhani is coming to an end and he is expected to introduce his Cabinet for the next administration in a matter of weeks, the private sector has renewed its call to have a bigger presence in the government’s scheme of things.

“We hope ministers of the next administration will be familiar with global developments and be real experts in their field, who move in line with the country’s economic plan. We hope that they will believe in escaping from total government control and consult the private sector and independent experts,” the head of the Iran Chamber of Commerce, Industries, Mines and Agriculture said.

Gholamhossein Shafei also called on the government to form a team of economic advisors whose main responsibility would be to identify, prioritize and offer solutions for economic woes, the official news website of ICCIMA reported.

As an advisor to major branches of the government, the Iranian chamber has so far put forth its views on a variety of issues, including the necessity of devising a comprehensive economic plan, improving the business climate, reducing bank interest rates and adhering to tax fairness.

As Shafei notes, the chamber has repeatedly emphasized the importance of strengthening the role of private sector and improving the share of private sector in the economy.

Speaking in the latest meeting of ICCIMA’s board of representatives on Saturday, the official asked the next administration to devise a comprehensive plan to control its costs and steer clear of populist policies and ad-hoc schemes implemented without proper studies.

Shafei said the completion of incomplete projects would lead to long-term development and advised the administration to cede a number of these projects to the private sector, stressing that prioritizing them for maximum efficiency would be most important.

Noting that “upstanding manufacturers” must be distinguished from those who ride a wave of high inflation to their advantage, the official added that the ICCIMA “is ready to offer its full capacity to the government in this regard”.

The ICCIMA chief had previously criticized the government’s 300-trillion-rial ($8 billion) stimulus package for manufacturing units, stating that in many cases, “these new loans increase the problems of production units in the country and do not count as a positive step toward solving problems”.

Shafei supported the idea of bank mergers, which has been increasingly floated in the past few months, saying it must be undertaken as the economy does not have the capacity to handle so many banks.

In late May, Governor of the Central Bank of Iran Valiollah Seif confirmed the possibility that a number of the total of 36 banks and credit institutions could be merged, stressing that it will help their financial statements comply with international standards.

The resources of the National Development Fund of Iran and how they are spent were another issue focused on by the ICCIMA chief who emphasized that the assets of the sovereign wealth fund must be used to support export development.

Noting that the private sector has shown less enthusiasm in using the fund’s forex loans as a result of volatile rates in the past few years, he stressed that it would be a mistake to draw from the fund whenever a problem arises.

Commenting on the impact of currency fluctuations on NDFI loans, Shafei said, “It is our proposal that the government guarantee a minimum amount for changes in rates or set a minimum and maximum fluctuation range so that businessmen would know the risks of using these loans.”

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Monday, July 24, 2017

New Cooperative Bank on Agenda

 

Iran Chamber of Cooperatives plans to establish a new bank, the head of the chamber announced.  “Tose’e Ta’avon Bank (Cooperative Development Bank) cannot support the cooperatives sector due to capital shortage,” Fars News Agency also quoted Bahman Abdollahi as saying. In January, Tose’e Ta’avon Bank received 1 trillion rials ($25.9 million) by the Ministry of Economic Affairs and Finance to help increase its capital. “The establishment of the new bank, however, faces a regulatory hurdle, as the Central Bank of Iran refuses to grant licenses to any new bank,” he said, adding that the chamber is following up the issue through negotiations with CBI.  Abdollahi referred to Article 44 of the Iranian Constitution, which calls for the privatization of major state-owned companies as a viable reason for the expansion of cooperatives sectors.   

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Monday, July 24, 2017

Reserve Requirements Remain Disciplinary Tool for Banks

 

While some economic experts and bank managers believe that the impact of banks' reserve requirements has waned over time and its ratio should gradually reduce, the director of Central Bank of Iran's Credit Department opposes the idea.

"CBI should hold on to reserve requirements and save them for a rainy day. As you can see, banks' reserve requirements proved to be necessary and useful during the recent banking  problems," Ali Asghar Mir-Mohammad Sadeqi was also quoted as saying by Fars News Agency.

Sadeqi pointed out that according to the Money and Credit Council, only CBI is in charge of determining the reserve requirement ratio of banks.

"CBI reduces the reserve requirement ratio for disciplined banks from 13% to 10% but there will be no cuts for unruly banks. In other words, the cut in banks' reserve requirements is a disciplinary tool to manage the lender," he added.

CBI Governor Valiollah Seif has said the reserve requirement ratio could drop to 10% based on each bank's performance and how they comply with the regulations.

"Such measures would increase the liquidity in the banking sector, lower deposit rates and raise banks' resources," he said.

According to CBI's latest report, the total volume of banks' reserve requirements reached 1.313 quadrillion rials ($35 billion) by the end of the previous Iranian year (March 20, 2017), marking an increase of 22% year-on-year.

Reserve requirements not only guarantee deposits, but also serve as a CBI tool for controlling money circulation, inflation and liquidity growth.

In April 2015, MCC agreed to cut the reserve requirement ratio by 0.5% to 13% for both private and state-owned commercial banks and credit institutions. The rate, however, remained unchanged at 10% for specialized banks and branches of commercial banks located in free trade zones.

The policy to reduce reserve requirements was supposed to act as an expansionary monetary tool to pump more liquidity into the economy beset by a long and painful recession and boost banks' lending power.

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Sunday, July 23, 2017

CBI Favors IT Level Playing Field 

 

The Central Bank of Iran is ready to provide a competitive environment when it comes to banks’ information technology, CBI’s governor announced at the inauguration ceremony for CBI’s newly-appointed deputy for IT Department on Tuesday.

“CBI endeavors to promote efficiency, reduce costs and provide better services to create a competitive environment,” Valiollah Seif was also quoted as saying by CBI’s official website.

Pointing to the current lack of competition in the market, Seif said, “Data security is not being taken into consideration [by private firms] at present.”

The official referred to CBI’s efforts to present new IT models in the banking sector, saying the regulator’s presence in the market is temporary.

“CBI intends to cede affairs to the private sector,” he said, adding that this would allow banks to receive better services due to increased competition.

In Tuesday’s meeting, the CBI governor appointed Nasser Hakimi deputy for information technology at CBI.

 Hakimi noted that the Central Bank of Iran created the IT infrastructure in the 2000s and gave them to the banks, many of which were used to enforce CBI’s policies.

The banks were also able to use CBI infrastructure to provide their services without spending money on infrastructure development.

“At present, many of our payment systems have reached a level of maturity, but on the other hand, these systems are time-bound and need to be updated. For example, the expansion of mobile payments and Open Banking in line with market demand and the need for new actors is among developments needed in this regard,” Hakimi said.

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Germany, France ready to launch chain stores in Iran

Tehran, July 22, IRNA – Head Trade Promotion Organization of Iran Mojtaba Khosrotaj says German and French firms are ready to launch chain stores in Iran.

 
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Iranian and foreign nationals have no obstacles on the way of launching chain stores in the country, Khosrotaj told IRNA.

Various countries including Germany, France and European states have so far requested opening chain stores in Iran, he said.

Opening stores in Iran aims at reducing prices increasing quality, shortening product supply chain, removing dealers, clarifying distribution process, monitoring tax and financial affairs and promoting efficiency.

He went on to say that some Persian Gulf Littoral States also expressed tendency to launch chain stores and some of them are active in Iran.

9376**1420

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Iran, South Korean private sectors sign 10 MoUs

Tehran, July 23, IRNA – Iranian and South Korean private companies signed a sum of 10 memoranda of understanding (MoU) on cooperation in the field of transferring technological know-how.

 
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The MoUs were signed on Sunday afternoon in the second meeting of technology transfer in the presence of 40 small- and medium-sized industrial companies of Iran and nine companies from South Korea in the fields of spare parts, fishery, marine environment, apiculture, biologic fertilizer, die casting, oil and gas.

The MoUs were signed in the presence of Deputy Minister of Industry and Managing Director of Iran Small Industries and Industrial Parks Organization (ISIPO) Ali Yazdani and South Korean Ambassador to Iran Kim Seung-Ho.

In the ceremony, Yazdani said considering close relations between the two countries, especially following JCPOA implementation, promotion of bilateral ties is possible.

He said that holding such meetings will pave ground for promotion of relations between small- and medium-sized companies.

Kim Seung-Ho said that 98 percent of Iran’s export of goods to South Korea are oil and business between the two countries is among big industries.

Economic relations in such situation would be very fragile, but there are plenty of small- and medium-sized businesses in Iran and South Korea, which cooperation among them may deepen mutual ties between the two countries.

The ambassador told presenting Korean businessmen in the meeting that Iran’s new policy is to end merely purchasing foreign goods, so it is good opportunity for joint venture plans.

Last April, 16 MoUs on transfer of technologies were signed between private sectors of the two countries in Seoul.

South Korea is among first five countries with trade exchanges with Iran and according to Iran’s Customs Office statistics in Iranian calendar year of 1395 (March 21, 2016- March 21, 2017) South Korea with 2.876 billion dollars was the fifth destination of Iran’s export.

South Korea's ranking came after China, the United Arab Emirates (UAE), Iraq and Turkey.  

It had 3.460-billion-dollar export to Iran during the same period and had third rank among exporting countries to Iran.

During the era of imposed sanctions against Iran, South Korea maintained its position as one of the main trade exchangers with Iran.

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7 hours ago, blueskyline said:

Refresh my memory please .... what was the speculated rate or rates again and how were they guessed ? I know that's about 150 pages ago

 

Funny i re read about 170 articles the other day searching for something...it's interesting to re read...lots of stuff I missed...or skimmed over I recommend a re read

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