Economy

IKCO launches new production lines (Tehran Times – 3 May 2017)

An assembly line worker installs the emblem of a Dena Plus, an all-Iranian sedan, at its production line which was launched at Iran Khodro Company (IKCO) on May 2, 2017.

The Dena Plus is an upgraded version of Dena which comes with more safety and higher standards. The production line of Peugeot 2008 compact SUV was also launched the same day within the framework of a joint venture between the two companies.

Iran’s Capital Market in Spotlight (Financial Tribune – 3 May 2017)

he overall index of Tehran Stock Exchange closed at 77,230 at the end of the last Iranian year (ended March 20, 2017), showing a 2,900-point drop from the last day of fall (Dec. 20, 2016).

As shown in the following graph, after surpassing 80,000 at the end of fall, the overall index dropped from the beginning of winter and fluctuated between 76,000 and 79,000 in the last two months of the year. The value of transactions at TSE was higher in winter than in fall and peaked in the last month of winter. However, the value of traded debt securities dropped in winter.

National

Candidates decry unbridled imports as major affliction (Tehran Times – 3 May 2017)

Two presidential candidates in separate statements on Monday voiced concern over unbridled import of goods into Iran as the root cause of many economic problems.

“They have made the country a bed for Chinese goods,” Ebrahim Raisi told the IRIB. “Average annual import from China stood at $5 billion in the 8 years before the 11th (sitting) government, but now it stands at $10 billion.” Mostafa Mirsalim also said unbridled import is the result of “mismanagement”.

Government Commended for Salvaging Factories (IRNA – 3 May 2017)

Parliament Speaker Ali Larijani believes the government of President Hassan Rouhani has made tangible efforts to salvage closed factories.

“The revival of abandoned factories is the country’s high priority, according to the laws ratified by the parliament and the headquarters of Resistance Economy,” he said on Monday in a gathering to mark Labor Day.

Oil & Gas

37 countries to participate in Iran Oil Show 2017 (Tehran Times – 3 May 2017)

According to Shana news agency, in this year’s exhibition 1016 domestic companies and 811 foreign exhibitors from different countries like China, Germany, Italy, The Netherlands, France, Britain, U.S. and Canada are going to showcase their latest products and achievements in oil, gas, refining and petrochemical sectors.
Iran Oil Show is among the most significant oil and gas events in the world in terms of the number of participants and its diversity. The presence of famous foreign companies as well as domestic producers and industrialists provides a good chance for mutual cooperation in view of signature of contracts.

Agriculture

Iran Rice Imports Down 24.4% (Financial Tribune – 3 May 2017)

Some 76,500 tons of rice worth $52.9 million were imported by the Government Trading Corporation of Iran during the 11 months to February 18, indicating a 23.3% and 24.4% decline in tonnage and value respectively compared with the corresponding period of the previous year.

GTC is a government-owned company specializing in the purchase, import and distribution of essential foodstuff. It is the lever for enforcing market controls.

The company is also in charge of maintaining a supply of wheat, rice, cooking oil and meat as the country’s strategic reserve of essential goods, IRNA reported.

According to Jamil Alizadeh Shayeq, the head of Iran Rice Council, about 2.25 million tons of rice were produced in Iran in the last Iranian year (March 2016-17) and this year’s output is expected to hit the same level.

Iranians consume about 3.2 million tons of rice a year.