Short Economic News

Amendment to the Tax Law Ratified

Following a lengthy delay, the amendment to the current Tax Law was ratified by the Iranian parliament (Majles), and sent to the Guardians Council for final endorsement.

In this amendment, the Tax Law has received over 39 modifications, including in the areas of inheritance tax holidays, rent taxes, salary tax holidays, sales/purchase of newly built buildings, fixed 25% taxes on company revenues, and etc. The full text of the final amendment will appear in the next issue.

Call on Foreign Investors by Iranian Telecom Company

Iran calls for foreign investment in Telecom sector for a wider use of mobile phones and a full exploitation of stationary telephone network.

The Minister of Post, Telegraph and Telephone (PTT), Mr. Ahmad Motamedi stated the above in an interview with Reuters news agency in South Africa where he was attending the annual conference of the International Telecom Union (ITU), and added that a regulatory regime is taking shape with regard to investment by foreigners in Iranian Telecom market. The Minister revealed that Iran planed to double the number of its stationary telephone subscribers to 20 million and increase the number of mobile telephone subscribers from the present 1.2 million to ten million subscribers. He expressed hope that the legal matters associated with the above process shall be soon materialised.

Motamedi said that initial steps have been taken in the path of privatisation and determining a long-term policy on assignment of tasks to private sector. However, considering that no private company in Iran has such capacity to materialise such large volume of development, we are, therefore, determined to make a call on foreign entrepreneurs for making investment in the desired fields. Some entities from Europe have already expressed interest towards investment in telecom sector in Iran.

UK Trade with the Middle East

According to the figures released by the British Overseas Trade Statistics Centre, the British foreign trade performance for the year 2000 with the Middle Eastern, Near Eastern, and North African countries shows an overall export figure of £7,793.3 million, compared to £5116.2 million in importing goods and services from those regions.

Based on this assessment, Iran's imports from Britain reached £296.1 million, while during the same period UK imported only £29.6 million in goods from Iran.

During 2001, between January and November, Britain's exports to the Middle East region amounted to £7,185.5 million, while its imports from the same region was £4,451 million.

The trading balance between Iran and the UK during this period did not show much difference, with £394.6 million to £26.8 million in Britain's favour.

ECO Bank to be Established

The Expediency Council held a session on November 3,2001, attended by the heads of three branches of power, to consider the dispute and disagreement between the Guardians Council and Islamic Consultative Assembly concerning the bill on articles of association of Trade and Development Bank of Economic Co-operation Organisation (ECO).

After having duly considered the issue and exchanged their views, the members of the Expediency Council concluded that ICA's position and opinion should be confirmed.

Accordingly, the establishment of a joint bank by ECO member-states, including IR of Iran, Turkey and Pakistan as well as the articles of association of the would-be bank, which has already been prepared by ICA, was approved.

The Secretary of the Expediency Council further added that by virtue of the said decree, the government of Islamic Republic of Iran will be authorised to establish an ECO Bank jointly with ECO member states, in order to carry out its activities and operations in ECO region or other areas.

1381 National Budget Bill Proposed

The National Budget Bill for the Iranian year of 1381 (2002-3) was presented to the Iranian Parliament on 23 December 2001 for ratification. With a 48.7% increase in resources, income, and spending, the new bill counts in a Rls.663,757,772,342,000 income by the IR of Iran Government.

The key figures in the proposed bill for the next Iranian year include currency solidification, subsidies transparency, and etc. For its preparation methods, the bill has been given the nickname "the new budgetary doctrine." The Paragraph (1) of the following revision says:

"Considering the presentation of the 1381 national budget bill on the basis of the new budgetary doctrine, and the interpretation of the government's income and spending classification regime, the following definitions have been added to the Article (1) of the National Planning Act of 1351 (1972-3), for more coordination between applied definitions in the new doctrine and the definitions used in the previous financial budgetary laws."

Then eleven new definitions or concepts, which are to be added to the Planning and Budgetary Act of 1351, and items in discrepancy with the Act; about to be removed were pointed out. In the proposed new budget bill, an increase in the macro economic indicators, as highlighted in the table below, has been predicted.

US$5 Billion of Investment by Foreigners in FTZ's

Since the creation of the country's Free Trade and Economic Zones (FTZ's) until Dec. 21, 2000, US$4,982,220,000 in foreign investment was made in these zones. Kish, Qeshm and Chabahar. Free Trade Zones received US$1,018,000,000 of the above amount.

Hadi Semati, the International Affairs Deputy for the High Council of Free Trade and Industrial Zones, while announcing the above added that foreign investments started in 1994 with US$330,000 invested in Qeshm, and respectively in Kish in 1996 and in Chabahar in 1999. During this period, Kish Free Trade Zone by receiving US$667,300,000 has had the lion's share of investment in FTZ's followed by Qeshm with US$350,000,000 and Chabahar with US$1,560,000.

On Dec. 21, 2000, foreign investment in the special economic zones of the country reached US$3,943,000,036; out of which US$2 billion were invested in Pars Special Energy Zone and US$700,000,000 in the Special Petrochemical Economic Zone.

In further stages, some US$210,200,000 of Foreign investment was made in Sirjan Special Economic Zone, US$25 million in New Arg, US$14 million in Jolfa, US$10 million in Salafchegan, and US$4,160,000 in Anzali.

The international affairs deputy also said that out of the total amount invested in Special Economic Zones, US$3,700,000,000 are invested in mining, gas and oil fields, US$249,300,000 in the industry sector and US$14 million in the transit of goods sector.

According to Semati, the first exhibition on production abilities of free trade and industrial zones in November 2001 in Tehran and organising the second international exhibition from January 11, 2002 in Kish, shall provide appropriate opportunities to better introduce the possibilities and facilities that the zones provide to domestic and foreign investors.

Privatisation Continues After an 8-month Lapse

The Minister of Economy and Finance approved the sale of stocks of five state companies at Tehran Stock Exchange (TSE).

According to an agreement concluded by the Privatisation Organisation, TSE and the Ministry of Economy and Finance, the implementation of the first phase of the privatisation plan started on Nov. 22, 2001. The Minister of Economy and Finance, Mr. Mazaheri, in his authorisation, provided that the stocks shall continue to be offered through TSE as longs TSE index shall remain positive and the sale shall stop as soon as TSE indices shall gain a downward trend.

According to the authorisation issued by the Minister, until the end of this current Iranian year 1380, shares of 5 companies including Iran Khodro, Behshahr Industrial Development, Tehran Cement, Iran Khodro Diesel and Bahman Manufacturing Group will be offered for sale in TSE for transfer to the public.

The price of stocks of the above companies, which shall be offered through TSE until the end of this current Iranian year, according to a schedule, which has been fixed already, shall be their last transaction value. During this period, some 4.5m shares of Behshahr Industrial Development Company, and a similar number of Iran Khodro and some 2.6m shares of Tehran Cement Co. as well as some 7m shares of Iran Khodor Diesel Co. and 5m. shares of Bahman Manufacturing Group Co. are expected to be taken up by the public.

According to the agreements reached between the above companies and their workers, 15% of the shares of each company shall be offered to the workers of the same company and every worker may purchase up to Rls.4,000,000 of shares according to the terms of those agreements which provide for a 25% cash payment of the share prices and payment of the remaining 75% in instalments within five years without collecting interest.

The Privatisation Organisation received authorisation for sale of stocks of state-owned companies in September this year. However, pursuant to a drastic incline in price index and a sudden drop of the stock prices in TSE, the Minister of Economy and Finance, immediately revoked the issued authorisation.

The privatisation process which initiated pursuant to Note 35 of 1378 Budget Bill come to a halt since March 2001 as the period of implementation of the said Bill came to an end and the executive regulations of the Third Development Plan Act concerning privatisation failed to be approved on due time. Since no government company offered any shares for sale through TSE since March, the price index of TSE soared in an unreasonable fashion. But, it seems that by resuming sale of stocks of state companies, the index of stock exchange will show more reasonable trend.

Thirteen New Phases for Gas Projects in South Pars

The National Iranian Oil Company (NIOC) has put in its agenda the scopes of 13 new gas phases in South Pars Gas field. The Deputy Managing Director of NIOC, Mr. Ahmad Rahgozar, stated the above in the course of an interview and further added that by introducing the new phases, the total number of gas phases which will be active in South Pars Gas field will reach to 25 which is the largest of its kind in the world.

Speaking on the occasion of the 4th conference on "International Resources and Gas Opportunities in Middle East," he said that the importance of Iran's gas reserves is higher than that of its oil. Our nation may have peace of mind for some hundreds of years to come on the quantity of gas resources in Iran, which enable us to play a key role in the global market.

He further said that the world depends on our gas and all our efforts are focussed on finding our share in the global market. However, there are now some discussions concerning our own domestic needs for the gas and the lack of export possibilities due to requirements for producing gas for injection into oil wells, which, of course, have no proper and sound roots.

He urged that Iran's rank in gas production should not be reduced by such irresponsible statements. Iran ranks second in the world in gas resources. At present, Russia, which has the first place in the world in this regard, is connected to 90 million subscribers throughout Europe. We also expect to be connected to some 90 million subscribers abroad. He said that Iran is currently negotiating with United Arab Emirates, Kuwait and India for export of gas.

Mr. Rahgozar, in his opening speech, said that there exists approximately some 5,000 trillion feet of gas in the world and it is expected that global demand for gas will double up by 2020.

Mr. Rahgozar revealed that there have been certain discussions with some foreign delegations, participating in the conference mainly around Iran's gas export plans and that a good ground has been provided.

Pointing out on the process of transformation of gas into other oil products (GTL), he said there have been some talks with Norwegian company "Stat Oil" in this concern and the said company is keen on offering its special technology to Iran on GTL industry.

Iran to Pay US$5.2 Billion of Foreign Debts in 1380

The State Management and Planning Organisation announced that some 66% of Iran's
foreign debts would fall due during Iranian year 1380 (March 21, 2001-March 20, 2002), a situation expected to reduce foreign currency reserves of the State.

According to 1379 Economic Report published by SMPO, the foreign debts of Iran falling due in 1380 will be equal to US$5.277 billion. On the basis of the same report, Iran's external debts in 1379 reduced by US$2.405 billion to register US$7.950 billion out of which some 53.7% comprised medium-term and long-term debts.

According to the same report, despite reduction in the amount of long-term debts, during the preceding Iranian year, Iran's short-term debts increased by US$60 million.

A comparison of the composition of Iran's foreign debts reveals that the large portion of such debts goes to short-term ones and that the growth in short-term loans stems from the
increase in the number of L/C's established. Reduction in the portion of long-term debts
implies that the present combination of foreign debts is not desirable as long-term debts
cause the increase in repayment capability and power.

It should be noted that in view of the increase and improvement made in foreign currency revenues of Iran due to surplus oil income, increase in short-term loans will not adversely affect Iran's economy, but in case the foreign debts will be of long-term type, fluctuations in oil revenues will not greatly affect Iran's economy.

Non-oil Exports - US$2 Billion in 6 Months

Iran's non-oil exports during the first half of the current Iranian year (21 March - 22 Sept. 2001) increased by 32%, compared with the similar period last year, to reach US$1.9726 billion in value.

According to a report by Iran Customs Administration, during the said period, export of non-oil products increased by 4.3% in weight to measure 7.976 million tonnes. The growth in the weight of non-oil exports during the first half of this year is basically attributable to export of goods and commodities such as gases, ironware, steel and copper manufactures, mine-related products, ammonia and construction materials.

The report indicates that included among the major non-oil products exported during the first half of this Iranian year are gas, worth US$241.5 million, hand-knitted carpets, worth US$229.3 million, pistachio and pistachio kernel worth US$155.6 million, ironware and steel worth US$130.2 million, industrial commodities worth US$74.4 million, copper manufactures worth US$60.2 million, petrochemical products worth US$58.9 million, light naphtha worth US$46.3 million, clothing worth US$42.2 million and varieties of benzene worth US$36.3 million.

The report further reads that the price, on average per one kg of the commodities exported during the first half of current year, measured 25 cents, registering some 25% growth compared with the similar period of the preceding Iranian year. The growth in the value of non-oil exports during the said period is basically attributable to the increase in the value of gas, copper, pistachio, pistachio kernel, ironware, steel, industrial commodities, varieties of benzene, mine related products, stones, concentrated molybdenum, clothing, skin, processed building facade stones, foodstuff, cargo vehicles, saffron, caviar, polyethylene, dried peas, varieties of grains and Ferro-Silicon.

According to the said report, during the first half of current year, some US$30 million worth of commodities were exported on the basis of "Briefcase Trade Initiative" and some US$56 million worth of goods were exported through border markets, boosting the total value of non-oil exports to US$2.0586 billion.

During the said period some 1,493,500 tonnes of commodities worth US$8.8791 billion were imported into Iran, which registered a growth of 34.8% and 26.5% in weight and value respectively, compared with the similar period of the preceding Iranian year. Included among the major items imported were mechanical and industrial machinery and accessories worth US$1.8439 billion, steel worth US$845.8 million, industrial and electrical appliances worth US$711.9 million, wheat worth US$537.6 million, chemical substances worth US$328.3 million, plastic raw materials worth US$273.5 million, chemical industries products worth US$220.9 million, pharmaceutical products worth US$198.1 million, paper and cardboard worth US$196.8 million and cooking oil worth US$156 million.

The report added that during the said period, the price, per one kg. of pharmaceutical
products, amounted to US$56.6, being the highest price per one kg. among the commodities imported.

Further review of the prices of major import commodities suggests that increase was
experienced in the price of industrial and electrical appliances, wheat, chemical substances, plastic raw materials and pharmaceutical products, while prices of industrial and mechanical machinery and accessories, paper and cardboard, cooking oil and steel decreased while the prices of imported chemical industries products remained fixed.

As for the import commodities which registered the maximum and the minimum reduction during the first half of current Iranian year, the report says the import of various types of cotton threads experienced some 93.2% and 80.7% drop in weight and value respectively, among the imported goods, while the import of corn witnessed some 430.6% and 540.7% growth in weight and value respectively when compared the commodities imported during the said period.

Up to 26.9% of commodities were exported through Bandar-e Imam Khomeini Customs, 23.9% through Bandar Abbas Customs while 10.5% were exported through Tehran West Customs. However, as for the import of commodities it should be noted that 40.7% of commodities were imported through Bandar Abbas Customs, 16.4% through Bandar-e Imam Khomeini Customs and 8.6% through Shahriyar Customs.

450,000 New Job Opportunities This Year

By creating some 454,000 new job opportunities, in this current Iranian year 1380, the
number of working population (among the group of population having over 10 years) will reach 16,031 million.

The forecasts by the Macro-Economy Bureau of the Management and Planning
Organisation (MPO) which was published on the economic report of 1379, suggests that most of these job opportunities will be provided in industrial and mining, construction (building) and transportation sectors. This review also indicates that in the coming year, 1381, some 575,000 job opportunities will be provided to increase the total number of Iran's working population to 16,601m. The demand for work force in Iran depends very much on some elements such as the level of production, the actual labour costs, and the capital and technical progress. Iran's working population, during the period of 1375-77 (1996-1998), when Iran was under the effects of the incline in oil price in the global markets and its negative impact on production and investment growth rates, with a gradual growth increased from 14,572,000
to 14,811,000 which is indicative of some 120,000 job opportunities every year. During the said period, due to recession on building construction activities, in total, 310,000 job opportunities were lost. In 1377, in industrial and mining sectors, some 27,000 job opportunities were also lost.

In 1378, the descending trend of oil price in global markets discontinued and gradually reversed. The rates of production and investment growth increased followed by an increase in the rate of employment. In 1378, some 366,000 job opportunities were provided and the number of employed population increased to some 15,177,000.

By start of growth in construction, industrial and mining activities, some 65,000 and
58,000 job opportunities were provided respectively in construction, industrial and mining sectors.

In 1379, some 400,000 job opportunities were created and the working population reached to some 15,577,000. In 1379, out of 400,000 job opportunities created, some 17,000, were in agriculture, 11,000 in water, electricity, oil and gas, 101,000 in industry and mines, 87,000 in construction, 54,000 in transportation, storage and communications, 46,000 in trading, restaurant and catering activities, 21,000 in financial, monetary, real estate, judicial and trading firms, 53,000 in public, social, personal and domestic services and some 10,000 people were engaged in non-stated jobs or in occupations devoid of classification.

Export Credit and Guarantee Bank to Emerge Soon

The Minister of Commerce revealed that as a result of the merger of the Export Guarantee Fund and Export Development Bank, a new financial institute is to be created soon in the country named Export Credit and Guarantee Bank.

Mohammad Shariatmadary called the initiative as part of the export promotion policy.

Export Development Bank: No Limitations for Financial Facilities

Iran Export Development Bank (IEDB) managed to grant financial facilities, both in rial and forex, totally measuring some Rls.2300 billion plus US$110 million.

IEDB's Managing Director further said that IEDB was prepared to grant the financial
facilities required for the manufacture or purchase of atmosphere-friendly nitrogen-filled frig-containers needed by exporters for the transportation of fruits and green groceries.

The Managing Director, Dr. Kouhzadi, who is a member of Exports High Council,
underlined that the financial facilities to be given by IEDB are not limited in any way.
Even, in the provinces, no restriction was placed on such facilities, hence, any project
having economic feasibility will be considered and processed.

To conclude his comments, Dr. Kouhzadi added that during the second half of current
Iranian year, IEDB's Kish and Bandar Abbas branches would be established.

Increase in Iran's Industrial Exports

During the first six months of the current Iranian year, parallel to an increase in the share of industrial and mining commodities exports in the total non-oil exports, there has been a decrease in the share of other sectors, more particularly carpets and handicrafts, compared with the same period in the previous Iranian year.

According to a report released by Iran Export Development Centre, the share of Industrial products (including petrochemicals and metals) out of the total amount of non-oil exports, during the first six months of the previous year was 57.3%, which has reached 63.6% this year. However, the share of agricultural commodities has declined from 19.8% to 18.8%, the share of carpets and handicrafts declined from 20.2% to 12.4% and the share of mining products declined from 5.2% to 2.7%.

The forecasts for the export of mining products and metals for the Iranian year 1380 are equivalent to US$720 million, whereas the export of these products in the first six months of 1380 indicates the realisation of 89.3% of the contemplated target.

Export of Petrochemical Products and Oil By-products:

Likewise, during the first six months in the current Iranian year, 2,432,300 tonnes of
petrochemical products with a value of US$483.9 million were released into foreign
markets, out of which 2,315,000 tonnes with a value of US$454.9 million were exported by the Petrochemical Trading Company.

During the first six months in the current Iranian year, 221,000 tonnes of industrial oil by-products with a value of US$27.3 million were exported.

According to the targets fixed for the Iranian year 1380 (2001-2002) US$700 million worth petrochemical products are due to be exported. According to the latest statistics, the above targets have been achieved during the first six months in the current Iranian year, by 138.2%.

Export of Carpets and Handicrafts:

The report adds: During the first six months in 1380, US$285.9 million worth of carpets and handicrafts (including the carpets taken out of Iran by travellers) have been exported abroad, which, comparing with the exports of these products during the same period of the previous year, it is indicative of a decline of 12.9 %.

The target for export of carpets and handicrafts fixed for the Iranian year 1380 (2001-2002) is US$750 million, but considering the depression that the international carpet
market is going through and consequently the drop in Iran's carpet exports during the first six months in the current Iranian year, only 63.4% of the projected targets have been achieved.

Carpets, with a total weight of 9.7 tonnes, and a value of US$285.9 regardless of a decline of 15.6% in weight and 12.25% in value, constitute 14% of Iran's total export of non-oil products. The export of carpets within the first six months of 1379 reached US$315 million.

Iran's Export Trends:

According to the said report, the export growth rate of industrial commodities within the first six months of 1380 are as follows: chocolates and similar products 135.1 %, rose water and other extracts 128.8 %, plaster, (gypsum) 88.9 %, pharmaceuticals 99.1 %, paraffin 103.2%, cotton 807.8%, cotton textiles 60.2%, machine made carpets 87.2% leather shoes and bags 115.9%, chinaware 297.8%, non-sedan vehicles 469.3%, glass and mirror 90.8%, facade stones 126.2%, ferro-silicon 838.7%, ferro-chromium956.7%, Iron and steel 40% and copper products 83%.

Invitation to Tender by Foreign Investors to Participate in Telecommunications Projects

During an interview with Reuters News Agency at the ITV annual conference in South Africa, Ahmad Motamedi, Iranian Minister of Telecommunications & Information Technology, reaffirmed his country's determination to encourage and support foreign investment in the telecommunications sector, to expand the use of mobile phones and bringing its telephone network to its full capacity.

He also maintained that considering the volume of foreign investment in Iran's telecommunications sector, a relaxed regime is being adapted, and Iran plans to double its fixed phone subscribers, reaching 20,000. "Moreover, it is planed to increase the number of mobile phone subscribers from the current 1.2 million to over 10 million," said Motamedi.

"More steps have been taken in the path of privatisation, and to define long-term policies regarding relegating telephone services to the private sector. However given the vast amount of work to be done and this fact that no Iranian privately owned company has the financial and operational capability to execute such plans, the Ministry of Telecommunications & Information Technology has decided to invite foreign companies to invest in the mentioned fields, especially because several European companies have shown interest to participate," added Motamedi.

Bank of Export Guarantee and Credit

In an interview with the press, the Iranian Minister of Trade announced that shortly the two "Bank of Export Development" and the "Export Guarantee Fund" would merge to create the "Bank of Export Guarantee and Credit." He expressed hope that by taking this step, the new financial/credit institution would provide necessary facilities to Iranian exporter of goods and services.

No Limits to Financial Facilities

According to Dr. Kehrazi, Chairman and Managing Director of the Bank of Export Development of Iran, there are no limitations attached to financial facilities offered to exporters of goods and services.

"Bank of Export Development of Iran is prepared to provide loans - with no limitations - for the purchase, or production, of nitrogen-filled and environmentally friendly refrigerated containers, which are required by our exporters to transport fruits and vegetables," further added Dr. Kehrazi. He also reiterated the boundlessness of the financial facilities offered, which could be paid to any feasible project sound enough economically. In addition, Dr. Kehrazi announced opening of the Kish and Bandar Abbas branches of the bank by late 2002.

IBCCIM/BICC News

IRNA - 29 January 2002:

Iran, UK Co-operating on Afghan Reconstruction: Press

Iran and the United Kingdom have decided to join efforts in the reconstruction of war-ravaged Afghanistan. According to the Asia Economic Daily, Michael Thomas, head of a 35-member British trade mission from London Chamber of Commerce and Industry (LCCI) said: "Iran is an ideal conduit for channelling UK construction efforts in Afghanistan." Thomas is a veteran co-ordinator of Anglo-Iran economic and trade ties.

He was optimistic on the prospects for co-operation by the two countries on Afghanistan reconstruction. "Close Anglo-Iranian co-operation has opened doors to excellent new trade prospects for all parties concerned," Thomas was quoted as saying.

The current Iran-UK reconstruction efforts for Afghanistan is being monitored by officials in both Tehran and London, quoted the official Iranian news agency. Iran has pledged an initial US$120 million from its 2002-2003 fiscal year budget to help Afghan reconstruction, the amount to rise to US$560 million over the next five years.

Donor countries and organisations in a recent conference held in Tokyo pledged to pay billions of dollars in aid for the rehabilitation of Afghanistan, which is reeling from over two decades of destructive conflict.

Tehran and London have held regular diplomatic contacts since the September 11 terror attacks on the US. The most prominent of these contacts have been British Foreign Secretary Jack Straw's two visits to Iran.

The New Board of British-Iranian Chamber of Commerce (BICC)

On its 11 January 2002 meeting, the Board members of BICC elected their leadership cadre and senior officers as follows:

The Lord Peter Temple-Morris Chairman*
Mr. Alun Evans CMG Deputy Chairman
Mr. Yousef Daneshvar Deputy Chairman
Lord Philips of Sudbury President
The Rt. Hon. Sir Jeremy Hanley KCMG Vice President
Mr. T. Amir-Soleymani Director
Mr. Leighton James Director
Mr. Albert E. Lawrence Director
Mr. Siroos Mehdi-Zadeh Director
Mr. Andrew Ridgway Director
Mr. David Taylor Director
Mr. David Sherlock-Thomas Director
Mr. Martin Johnston Director General
Mr. Ronald Norman Company Secretary

* Lord Temple-Morris is also the Chairman, and Lord Phillips of Sudbury the Secretary of the British-Iranian All-Party Parliamentary Group. Lord Temple-Morris served for 27 years as MP at the House of Commons, and currently he holds a chair at the House of Lords.

Eng. Behrooz K. Boushehri Advisor to BICC
Chairman, National Iranian Drilling Company, and the NIOC's Pension Fund

H. E. Eng. Ali Kolahdooz Esfahani Advisor to BICC
Deputy Minister of Petroleum for Production & Industry

Martin Johnston at BICC

The veteran banker, Martin Johnston, has joined the BICC at London as the Director General, to help it grow amid its increasing task expectancy.

An MBA with diverse career in banking, insurance, brewing/leisure and steel industries, Johnston has working experience in the UK and other countries - particularly the Middle East, Africa and parts of the Far East and Eastern Europe. He also runs a financial consultancy firm; named Quantum Strategies.

Northamptonshire Trade Mission to Tehran

The 27-strong trade mission from the Northamptonshire Chamber of Commerce, headed by the veteran business advisor Bob Fisher, arrived in Tehran on 19 October 2001 for a six-day long business visit, which included a joint meeting at Irano-British Chamber of Commerce with over 100 members of the IBCCIM.

After offering a welcome to the guest mission members, the IBCCIM Vice President and Senior Advisor to the ICCIM, Dr. Amir Houshang Amini, brought up the need to lower the trade imbalance between Iran and UK. "The long history of Iran and Britain trade relations is no secret to any of us, but it seems to continue a long-lasting relationship, the past traditionally one-sided trade relations should be changed. This could be achieved by promoting more investment in the Iranian production and construction sectors, especially in the small and medium-sized enterprises. Such enterprises can meet the demands of the Iranian as well as other neighbouring countries' markets and even some of the UK market," maintained Dr. Amini.

Bob Fisher too called for more trade relations between Iran and UK in the meeting, mentioning that such missions could help Iran increase non-petroleum export to the UK. He emphasised that international trade is a two-way path, and that the most successful exporters are also big importers, and direct contacts would bring about more understanding.