Iran Economy Update
Issue 13/2017 TUESDAY JANUARY 24TH
Content
Iran and Korean private companies to produce combine harvesters
CIA updates some statistics on Iran’s economy
Iran may conclude deals with European companies in petrochemical sector
Iran signed seven MoUs with foreign countries on developing Mokran Coastal Zones Iran and Korean private companies to
produce combine harvesters
Iran and South Korean private sector have made joint investment for manufacturing different types of combine harvesters, said the secretary of the Iranian 8th annual Congress of Agricultural Inputs. According to Tasnim news agency, Mohammadreza Sharifi said in a press conference on Monday that based on the contract, the production line for manufacturing 20,000 combine harvesters for rice processing and another 20,000 combines for other purposes will be launched in Iran in six months. Some finished agricultural machines will be imported until the mentioned production line is launched, added Sharifi. ILNA wrote that according to the agreement, Korea has made 200 million euros in investment for manufacturing agricultural machineries including tractors.
The combine machines, made by Iran and Korea will be unveiled on the sidelines of the 8th annual congress on agricultural inputs which is scheduled to be held in Tehran this Thursday. According to secretary of the congress, 55 foreign companies from France, Canada, Korea, Finland and Hungary will attend the event.
Iran may conclude deals with European companies in petrochemical sector The deputy Petroleum minister and managing director of National Petrochemical Company (NPC) said that in the near future, several contracts will be signed in this sector. “Iran’s petroleum industry has many capacities for
development and we try to lay the proper foundations and eliminate barriers to make room for more involvement of the domestic and foreign private sectors in this field,” said Ms. Marzieh Shah-Daie told Tasnim news agency on January 23rd. She said the installed capacity for producing petrochemicals is currently 64 million tonnes annually and that “with the several projects that are currently at the stage of studying, designing, or implementation, we plan to increase it to 100 million tonnes by the end of the 6th Development Plan (2016-2020) and to 150 million tonnes in ten years.” She said negotiations are being held with a number of foreign companies for investment and several agreements with European companies are expected to be signed.
CIA updates statistics on Iran’s economy The website of the Central Intelligence Agency (CIA) of the US has updated its data on Iranian various sectors, including its economy, a summary of which is illustrated in the following table:
Item Details
GDP $412.3bn
GDP growth rate 4.5%
Unemployment rate 10.7%
Inflation rate (2016 est.) 8%
Reserves of foreign exchange &
gold (31 Dec 2016 est.)
$135bn External debt (31 Dec 2016 est.) $7.116bn Imports1 (2016 est.) $62.12bn
1 Major import items according to CBI: industrial supplies, capital goods, foodstuffs and other consumer goods, technical services
Exports2 (oil included) $87.52bn Proved oil reserves (barrels) 157.8 bn Proved gas reserves (trillion cu m) 34.02
Iran signed seven MoUs with foreign countries on developing Mokran Coastal Zones
Iran and foreign investors from Korea, Oman, China and India signed seven MoUs totally worth $3 billion on investment for developing the Mokran coastal zones, IRNA reported on January 23rd. The agreements were signed on the sidelines of the Mokran Investment Opportunities Conference (23- 24 Jan, Chabahar, Iran) and in front of First Vice President Eshagh Jahangiri. The ministers of Health & Medical Training, Defense, Road & Urban Development, the commander of the navy forces, and secretary of the Supreme Council of the Free Zone attended the conference’s inauguration ceremony. In an address to the conference, First Vice president Eshagh Jahangiri said that in the 6th Development Plan (2016-2020) special attention has been paid in developing the Mokran region, and emphasized on its importance in creating economic, political and cultural opportunities. He said the Mokran Coasts’
Comprehensive Development Plan has been prepared with the involvement of nine ministers, three vice presidents, commanders of military forces and two governor generals. Jahangiri said that implementing the North-South Mega project hinges upon establishing appropriate infrastructures in the Oman Sea shores (especially the Mokran shores.)
In order to shed light on the importance of Mokran Zone, Jahangiri referred to the visit of Supreme Leader in 2011 to Bandar Abbas and Mokran region, and President Rouhani’s visit to Jask in 2013. “The Supreme Leader in his visit made the remarks that drew the attention of the country’s officials to this region as one the
2 Major export items according to CIA: petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets, cement, ore
biggest opportunities for the country’s development,” said Jahangiri. “Since then, a long term and ambitious development plan has been drawn up for this region and today, we unveiled the comprehensive plan for developing the Mokran Coastal zone in which it has been identified which activities are suitable for which areas.”
According to the official website of the Mokran Zone, the present available investment opportunities have been listed in various Iranian economic sectors including in petroleum, energy (water and electricity), health, road & urban development, tourism, agriculture, and industry and mine. The information is available in English on this link:
http://mokrandevelopment.com/
Mokran is a coastal zone in southeastern Iran and southwestern Pakistan, which is extended across the Sea of Oman.
Supreme Leader Ali Khamenei who has final say on all matters in the country has taken numerous occasions to emphasize on the importance of developing the Mokran Coastal areas. For the first time he made the remarks in this regard on 27 November 2011 when during his visit to Bandar Abbas City (West of Mokran), and in an address to the Navy commanders of the Islamic Republic Armed Forces underscored the importance of paying attention to the coutnry’s coastal zones. “If the government and other officials have a strategic vision towards the sea areas, this enormous and important area will bring about many potential advantages to the Islamic Republic.” About three years later and during another visit with the Armed Force Navy commanders on 29 November 2014 Ayatollah Khamenei reiterated his emphasize on developing this region.
