News & Reports News Year 2010 May , 2010 NEWS 29th May 2010

NEWS 29th May 2010

Iran FTZ exports rise 36-fold


Iranian Commerce Minister Mehdi Ghazanfari says exports from the country's free trade zones (FTZ's) have grown 36-fold over the past few years.
He said the role of free zones in the nation's economy needs to be revisited.
"There are two different standpoints on free zones", Ghazanfari was quoted by IRNA as telling reporters.
"In one point of view, free zones are regarded as a launch pad for exports; from the other vantage point, free zones are seen as playing a role in re-exporting goods."
Based on the second viewpoint, some countries boost the inflow of investment funds by rendering proper commercial services, and re-export Iranian commodities to other nations around the world, a role that Iranian free zones are deprived of, the commerce minister added.
He underlined Iranian free zones should play a more active role in re-exporting goods.

Iran, Syria to set up joint bank


Iran and Syria have signed agreements to boost trade and cooperation in the spheres of banking, industry, technology, and energy.
Economic delegations from both countries met in the Syrian capital, Damascus on Tuesday and signed memorandums of understanding to improve such ties.
The creation of a joint Iran-Syria bank was at the top of the agenda. Iran will own 60 percent of the bank that will be established by an initial capital of $30 million.
The Head of Iran's Trade Promotion Organization, Babak Afghahi, said on Tuesday that necessary legal infrastructure has been created to facilitate trade between Iran and Syria, IRNA reported.
The implementation of agreements signed between the two countries during the Iranian delegation's visit to Damascus will increase the value of trade between the two countries to $5 billion per year.

Iran to take part in Syria’s Electra Tech expo


The 6th edition of Electra Tech Expo opens on Thursday in Damascus, Syria.Some 300 companies from 45 are present in the international exhibition, IRNA News Agency reported.
Four Iranian companies have also taken part in the event.
Profile for exhibit includes transmission lines, distribution network and cables, hi-tech products and & automation, generators sets, power station & towers, electrical board switchers, programmable logic controls, industrial equipment and accessories, test and measurement equipment, lightning, electronic engineering.

The event runs until May 31

Kish hosts CIBEX 2010


The 7th International Civil Engineering and Building Construction Exhibition (CIBEX 2010) kicked off in Kish International Exhibitions Center on Monday.
Some 140 domestic companies as well as 50 foreign firms from 21 countries such as Canada, Germany, China, Turkey, Italy, Sweden, and England have taken part in the event, the Mehr News Agency reported.
The profile for the exhibition includes plastic products, mineral insulating material, cement products, earth-moving and road-building machinery, fire protection, safety, and security installations

Iran, India discuss building underwater gas pipeline


India and Iran are discussing building a gas pipeline between the two countries along the bed of the Arabian Sea to bypass Pakistan, a board director of the company developing the project said on Tuesday.
“The carrying capacity of the gas pipeline’s first leg will total 31 billion cu. m. annually, with the cost of construction estimated at $4 billion,” T.H.P. Pao, a member of the board of directors and head of the supervisory board of South Asia Gas Enterprise Private Ltd. (SAGE), said.
The statement came ahead of a visit by Turkmen President Gurbanguly Berdymukhamedov to India.
Pao said India and Iran were discussing the delivery of natural gas produced in Turkmenistan with Indian assistance to north Iran while the Islamic Republic will send natural gas from its southern deposits to Indian consumers.
A diplomatic source confirmed to RIA Novosti that Delhi had discussed the project with Tehran and Ashgabat and received their backing.
Under the project being worked on by SAGE, the gas pipeline will be 1,100 km (684 miles) long. The submersible part of the pipeline will start from the Iranian port city of Chabahar and will deliver gas to consumers in the Indian state of Gujarat.
According to SAGE, international investors will also finance the expensive gas pipeline project. In particular, Italian companies have expressed their readiness to join the project.
India, Iran and Pakistan have been discussing the project of building a gas pipeline between the three countries for the past three years. However, the negotiations have dragged on due to the worsening of relations between India and Pakistan.

Sino-Iranian joint oil investment confab held


A conference on commerce and investment in the oil and petrochemical industry in Iran and China was held in Ningbo, China on Tuesday.
Ramazan Owladi Director of Planning and Development of the National Petrochemical Company and Seyyed Hamid Hosseini Head of the Union of Exporters of Oil Gas and Petrochemicals of Iran attended the one-day conference, IRINN reported.
A delegation comprised of 60 public officials and senior managers in the private sector of the energy sector also attended this meeting.
Eminent Chinese figures in the oil and petrochemical industry from companies including Sinopec, Sinoc and Petrochina were present at the event as well.
Attendees reviewed ways of strengthening cooperation between the two countries’ oil and petrochemical fields.

Iran eases rules for joint banks


The Majlis approved a bill on Tuesday according to which foreign entities will be allowed to hold over ten percent of the shares in joint banks with Iran but not more than 49 percent of the shares.
An amendment to the Fourth Socio-Economic Development Plan (2005-2010) had stipulated that real or legal entities could not hold over five percent of shares in joint banks.
The administration of President Mahmoud Ahmadinejad submitted the new bill with the aim of eliminating limitations on the activities of foreign investors in Iran's banking sector.
After the parliament approved the bill, Majlis Speaker Ali Larijani stated that if a foreign entity seeks to have 40 percent of the shares in a joint bank established with an Iranian partner, the decision must be approved by the Majlis.
According to the new bill, joint banks established with legal foreign entities as partners in which over 51 percent of the shares are held by Iranian shareholders will be regarded as Iranian entities.
In February, the director of Iran's Organization for Investment, Economic and Technical Assistance said that monetary and banking regulations were outdated and hindered the activities of foreign banks in Iran.
Behrouz Alishiri added that the Central Bank of Iran and the Money and Credit Council were preparing supervisory rules and regulations to govern the activities of foreign banks in Iran.

Dubai’s economy will contract 0.5% in 2010, IMF says


Dubai’s economy will shrink about 0.5 percent this year, the International Monetary Fund said, marking the second year of contraction for the debt-laden emirate.
Abu Dhabi, the largest of the United Arab Emirates and owner of more than 90 percent of the country’s oil reserves, will grow 3.7 percent in 2010, Masood Ahmed, the IMF’s director for Middle East and Central Asia, told reporters in Dubai today.
Real-estate prices in Dubai, the second-largest emirate in the U.A.E., have plummeted about 50 percent from their peak in late 2008. The emirate had to seek a $20 billion bailout from Abu Dhabi last year after borrowing $109 billion, according to IMF estimates, to build itself into a tourism and financial center.
The U.A.E., which has the world’s sixth-largest oil reserves, will record 1.3 percent economic growth this year after contracting 0.7 percent in 2009, the IMF predicts.
The Washington-based lender has no immediate plan to revise its growth forecasts for the U.A.E. after the resolution of the debt problems of Dubai World, said Ahmed.
Dubai World, one of the sheikhdom’s three main state- owned business groups, roiled global markets at the end of last year when it said it would seek to delay repaying loans. The company said last week it reached an accord with its main creditor group to restructure $23.5 billion of liabilities.

Iran non-oil exports to CIS up 6%


Iran exported some $92 million worth of non-oil goods to the Commonwealth of Independent States (CIS) in the Iranian month of Farvardin (March 21 – April 20).
The amount shows a 6 percent increase in comparison to the previous year’s figure of 87 million dollars, the Mehr News Agency reported.
Iran also exported $41 million worth of non-oil goods to the Central Asian countries in the mentioned period which is 36% more than the previous year.
The Commonwealth of Independent States (CIS) is a regional organization whose participating countries are former Soviet Republics, and formed during the breakup of the former Soviet Union.