Minister of Industries, Mining and Trade Mohammad Shariatmadari has been appointed the new Iranian head of Iran-Turkey Economic Commission.
Mahmoud Vaezi, the former communications and information technology minister, used to head the commission, IRNA reported on Monday. The 26th joint economic commission session of Iran and Turkey is scheduled to be held next month in the Iranian capital, Tehran. Iran exported about $4.5 billion worth of goods to Turkey during the seven months ending July 2017, registering an 80% rise compared with the corresponding period of last year, Tasnim News Agency reported last week, citing the Turkish Statistical Institute. Imports from the neighboring country over the same period amounted to $1.8 billion, indicating a 37% fall year-on-year. Iran-Turkey trade stood at $6.3 billion over the seven-month period, showing a 16% rise YOY.
Iran seeks foreign investment attraction deals in mining sector like Total contract in oil sector”, Industry, Mine and Trade Minister Mohammad Shariatmadari said.
IPCs have more flexible terms that take into account price fluctuations and investment risks, with up to 70% of operational works in new contracts assigned to domestic companies
Mohammad Shariatmadari, industries, mining and trade minister-designate, has pledged to lower banks’ interest rates and overhaul the current system of determining foreign exchange rates to support industries and exports.
Iran's Ghadir Investment Holding has signed a $7 billion agreement with Turkey's Unit International and Russia's state-owned Zarubezhneft to drill for oil and natural gas in Iran, the Turkish company announced on Tuesday.
Representatives of the Turkish steel sector are interested in developing lucrative cooperation with Iran, as steel trade between the two countries is on the uptrend.
Central banks of Iran and Turkey on Wednesday signed an agreement to work on addressing current banking issues between the two countries including integrating the two countries' payment networks and using national currencies for bilateral trade.