Export of technical and engineering services in the current Iranian year (started March 21) will increase to $3.5 billion, said deputy head of Trade Promotion Organization of Iran (TPOI), Kioumars Kermanshahi on Monday.
“At the moment, the technical and engineering services sector receives the highest export facilities,” he added, IRIB reported.
He recalled that the average annual growth rate in this sector is 30 percent.
“In the first seven months of this year, export of technical and engineering services grew by seven percent compared to the corresponding period of last year and hit $1.5 billion. In the past 15 years we have experienced over $15 billion in export of technical and engineering services. During the first seven months of this year, 14 companies have been active in the sector,” Kermanshahi noted.
The total number of projects in the said time span is 18 with project average value being $74 million, the official said adding “There are some 11 target countries and projects are distributed in the power, industrial, road and construction as well as oil, gas and petrochemical sectors.”
Meanwhile, head of Iran’s Customs Administration Ardeshir Mohammadi said non-oil exports in the first seven months of the current Iranian year (started March 21) reached $17.447 billion indicating a 26-percent increase in comparison with the same period last year.
Non-oil exports excluding gas condensates in the mentioned period were valued at $14.652 billion which showed 31 percent rise, Mohammadi added.
He said that the export of petrochemical products also showed a 50 percent increase adding “$5.646 billion worth of different petrochemical products were exported during the said period.”
“Our major petrochemicals exports in this period were liquid propane, polyethylene, methanol and iron ore,” Fars News Agency quoted Mohammadi as saying.
Commenting on the volume of export during the first seven months of the current year, the official said that 26.968 million tons of different goods estimated to be worth $34.486 billion was imported.
He added that a 10-billion-dollar rise in the volume of Iran’s trade transactions with other countries “shows that the US-engineered UN sanctions against Iran have been ineffective.”
Cooperation With Djibouti
Meanwhile, in another development also on Monday, Economy Minister Shamseddin Hosseini said Djibouti can make use of Iran’s technical and engineering potentials and promised that payment of the €10 million loan to the country would be expedited.
“Iran intends to bolster economic ties with Djibouti and it is crucial that ways of expanding bilateral ties are examined (by both sides),” added Hosseini in a meeting with the visiting Djibouti Parliament Speaker Idris Arnaud Ali Re’is.
The minister recalled that three cooperation documents in the areas of customs, taxation and promoting foreign investments have been sent to officials of Djibouti.
“Iran’s foreign policy guidelines necessitate expanding ties with Djibouti and regular exchanges of officials of the two countries can help improve two-way relations,” added Hosseini.
Ali Re’is, for his part, said the objective of his visit to Iran is to expedite payment of a loan by Export Promotion Bank of Iran (EPBI) for building Djibouti’s parliament building and also a trade center.
“In 2003, credit amounting to €10 million was allocated for this purpose and subsequently construction of the parliament building started in 2007. But, the construction phase was stopped due to delays of EPBI in payment of the remaining portions of the loan.”
He said his visit is also aimed at payment of $2million of aid for procuring the computer system equipment of the parliament building.
“The building that is expected to be erected will be the parliament’s first building. At present, Djibouti parliamentarians hold their meetings in a building affiliated to the Congress Palace. This building caught fire a while ago and is currently being renovated,” said the Djibouti official.
He also said his country has not been affected that much by the ongoing global economic downturn.
Sri Lankan Ties
Furthermore, also on Monday Commerce Minister mehdi Ghazanfari said the volume of Iran’s technical and engineering services projects in Sri Lanka exceeds $520 million.
In a meeting with the visiting Sri Lankan Foreign Minister Gamini Lakshman Peiris, Ghazanfari underlined the high capabilities of Iranian technical and engineering experts and proposed full implementation of electrical power network for Sri Lanka’s villages.
He also emphasized that the agreement on preferential trade, which was signed two years ago by the two countries, should become operational.
The Iranian minister also called on Sri Lankan investors to make investments in Iranian free trade zones.
Referring to the meeting of the Joint Economic Commission last year, he expressed hope that results of the agreements would be obtained as soon as possible.
Ghazanfari said that current level of economic and trade exchanges between the two countries are not sufficient and it should enhance.
Peiris, for his part, praised presence of Iranian experts in his country’s technical and engineering projects and voiced Sri lanka’s preparedness to expand bilaterial ties in the economic sector.
The two sides also discussed issues such as Iranian experts building a new oil refinery in Sri Lanka, purchase of liquefied natural gas (LNG) from Iran and promoting tourism in both countries.
Sarcheshmeh Copper Mine Reserves Up
By Sadeq Dehqan,Staff Writer
Managing Director of the National Iranian Copper Industries Company (NICICO) Ardeshir Sa’d-Mohammadi said on Monday the discovered reserves of Sarcheshmeh copper mine has increased by one billion tons.
“Inclusive of the reserves discovered newly, the remaining reserves in the copper mine currently exceed two billion tons,” added Sa’d-Mohammadi, who was addressing a press conference.
He recalled that Iran’s global ranking in terms of copper reserves improved to ninth from twelfth with the new discoveries.
“At present, over 44 excavation spots in the country are active. So far, over 50,000 meters of excavation drilling has been carried out. We hope that by the year’s end the figure transcends 80,000 meters. I must say that currently projects worth 45 trillion rials (some $4.4 billion) are being activated by the NICICO. Upon completion of these projects, the capacity for melting increase to 300,000 tons in Sarcheshmeh, 200,000 tons in Khatoon
Abad and 200,000 tons in Songoon. Moreover, new projects worth about seven trillion rials (some $676 million) will be put on tender within the next couple of months,” he noted.
Sa’d-Mohammadi said his company ranks 33rd in the Middle East in terms of financial turnover and expressed hope that the ranking would improve significantly within the next four years.
Tehran Hosts Int’l ELECOMP 2010
The 16th International Electronics, Computer and E-Commerce Fair (Iran ELECOMP 2010) opened Monday at Tehran Permanent International Fairgrounds with Information and Technology and Education Ministers in attendance.
The two ministers signed an agreement to link all the country’s schools to the national internet, IRIB reported.
Over 450 companies in the fields of Information and Technology have taken part in the four-day event.
Nearly 100 foreign companies also are present in the event and displayed their final products in the exhibition.
Over 15 companies from Turkey, Malaysia, United Arab Emirates (UAE) and Singapore also attended the event.
Human Resources section of the presidential office has set up a special section on the electronic government in the exhibition.
Iran Telecom & ELECOMP is one of the biggest trade fair for IT, networking and computer industry in Iran. The expo will showcase all the latest invention products and accessories for the related sector.
TSE More Accessible Online
Domestic Economy Desk
Electronic stock exchange is one of modern ways in worldwide bourses which increase the quality and quantity of transactions.
According to online transactions system, a shareholder registers his/her order through sending to brokerage firm digitally. Then, the order enters the transaction system and the proposed share will be traded for the shareholder.
Currently, Tehran stockholders trade the shares in traditional form via direct reference to brokerage firms and submitting written form.
This is while some veteran shareholders order the shares via phone.
Experts believe that online transaction system will promote bourse trade.
Possible for All by March 2011
Online transaction system will be officially launched by the yearend (March 2011), announced managing director of Tehran Stock Exchange (TSE).
In this respect, TSE Deputy Head Mohammadreza Rostami told Persian daily Hamshahri that online transaction system would become public by March 2011. All brokerage firms can register their clients’ order through this system, he pointed out.
Rostami explained that any customer can trade the shares through the brokerage company’s website, adding the brokerage company also gets the necessary guarantees from customer.
Asked about whether overseas clients from Europe and US can trade the shares via online transactions system, he said any client from every part of the world can invest in bourse via this system. The brokerage firm is in charge of investigating the identity of the customer, he said.
Meanwhile, Managing Director of TSE Hassan Qalibaf-Asl told ISNA that currently some shareholders are conducting online transactions. He predicted that once the trial-based transactions are completed, online transactions market will officially be launched.
At first, the software required for online transactions should be installed at brokerage firms, he pointed out.
Online transaction was launched last July through trial purchase of telecommunication shares, the official said.
Mobile Phone-Based Trading Planned
Iran’s capital market aims to ease public access to bourse sector through increasing the facilities. One of the measures includes trading the shares via mobile phones.
Deputy Head of Bourse Organization Ali Saeedi told Persian daily Iran that according to the project, which is in its final stages, the interested people will get access to all information of companies and markets via their cellphone handsets.
He said the agreement has been signed with Telecommunications Company of Iran (TCI).
According to the plan, the clients can be informed of latest news and statements of the companies via receiving a SMS on their cell phone, Saeedi elaborated.
After the system is launched, the applicants can receive the program through Bourse Organization website and install it on their cellphone handsets, he said.
Saeedi gave news that the project is to be officially inaugurated by Minister of Economic Affairs Shamseddin Hosseini next month.
Also, manager of Bourse Organization for information technology affairs announced that the mobile phone-based trading would be launched by Dec. 21.
Ali Abdollahi added that the preliminary stages of the project have been completed.
Currently the bourse organization is conducting negotiations with Magfa Information Technology Development Center, an affiliate of the Industrial Development and Renovation Organization of Iran, and Telecommunication Company of Iran for launching the project, he concluded.
Iraq Keen on Opening Bank Branches
Managing Director of Iran’s Arvand Free Zone Ali Asghar Parhizgar said Iraqi banks have filed applisations to set up branches in the zone.
Since the establishment of foreign banks’ branches in Iran’s free zones was facilitated, Iraqi banks have welcomed setting up shops in Arvand Free Zone, IRNA quoted Parhizgar as saying on Sunday.
Negotiations have been held with Iraqi banks in that regard, given that Arvand Free Zone has great potential to host foreign banks’ branches, he further explained.
There were some legal setbacks for setting up foreign banks and representative offices of insurance companies in Iran’s free zones, but the Iranian government has removed the obstacles and provided legal facilities for establishment of foreign bank branches in Arvand Free Zone, he continued.
According to the Iranian official, establishment of foreign bank branches in the country’s free zones could encourage domestic and foreign investment in the area.
Positive measures have been adopted to identify major banks in countries that enjoy good relations with the Islamic Republic, he concluded.
A fourth round of US-backed UNSC sanctions against Iran has banned world states from continuing to work with Iranian banking and energy sectors.
In spite of the sanctions, South Korea appointed Woori Bank and the Industrial Bank of Korea (IBK) to finance trade with Iran through the Central Bank of Iran (CBI), the Financial Times reported.
“We are closing the door on Iran but leaving a window open,” the daily quoted Ernst Lee, a spokesman for South Korea’s regulators, as saying.
The 25th International Electricity Conference kicked off at Tehran’s Energy Research Center on Monday.