Economy

A-monitor – Reza holds a degree in management but has since his graduation in 2011 failed to find a steady job. The 31-year-old, who lives in Tehran, has been driving the family’s car as an unlicensed cab to make ends meet. Recently, he came up with the idea of borrowing some money to buy an official taxi vehicle, but at the …

PayvandNews – According to the latest report published by the International Monetary Fund (IMF), Regional Economic Outlook, Iran is expected to see non-oil growth accelerate from 0.75 percent in 2016 to almost 3.5 percent in 2017. The report, which reflects the outlook for Middle East, North Africa, Afghanistan and Pakistan (MENAP) in 2017, shows that across MENAP oil exporters, the …

PayvandNews – European exhibitors participating in the 22nd International Oil, Gas, Refining and Petrochemical Exhibition of Iran (Iran Oil Show 2017) believe that there is huge potential for business in Iran’s oil, gas and petrochemical sectors. The exhibition, which was held at the Tehran Permanent International Fairgrounds from May 6 to 9, hosted some 2500 domestic companies and 1500 foreign …

PayvandNews – An Iranian company says a top American technology leader plans to invest in an Iranian oil equipment production project – what could be the first direct investment by a US oil company in Iran after the 1979 Islamic Revolution.  Speaking at a press conference at Iran’s Oil Show, Neda Mousavizadegan, the managing director of Iran’s Panid Engineering, named …

PayvandNews – Iran exported the first cargo of crude oil to the tune of 700,000 barrels from the South Pars oil layer last week. Hamid Bovard, the managing director of Iranian Offshore Oil Company (IOOC), made the remarks in a press conference on the sidelines of Iran Oil Show 2017 in Tehran. A platform in Iran’s South Pars field in …

Al-monitor – Iran is in the midst of an intense election campaign with six presidential candidates pledging how they would address the country’s economic issues through their respective policies. While incumbent Hassan Rouhani and First Vice President Eshaq Jahangiri are focused on justifying a continuation of their government’s economic policies, the other four candidates are presenting economic remedies that need to be …

PayvandNews – Official figures show Iran’s imports from China saw a major rise over the past four years in what is seen as a result of the removal of sanctions against the country and the subsequent return of global shipping lines to its ports. “Yellow dragon has swallowed Iran’s market” Source: Mehshekan magazine Figures reported by Iran’s state news agency IRNA show …

PayvandNews – Foreign tourists have spent some $32 billion in Iran over the past four years, said an official with the Cultural Heritage, Tourism, and Handicrafts Organization. A total of 19.9 million travelers visited the country during the mentioned period (March 2013 – March 2017), IRIB quoted CHTHO Deputy Director Morteza Rahmani-Movahhed as saying on April 23. Foreign tourists in …

RFL/RE – Iran’s supreme leader has called on presidential candidates to focus on making the economy grow without help from the West, distancing himself from President Hassan Rohani’s policy of promoting growth through foreign trade and investment. “The candidates should promise to focus on national capabilities and domestic capacities to resolve the economic issues…rather than looking abroad,” Ayatollah Ali Khamenei …

PayvandNews – Germany’s Volkswagen says it has picked a local Iranian auto company to represent it in one of the biggest markets of the Middle East. A classic beetle in Iran (source: Imgrum) Volkswagen in a statement named the Iranian company as Khodro Sazi Sina (KSS) which it said had been chosen after “thorough and intense studies”. The company emphasized that …