Page 20 - IRANRptAug18

CBI has over €70bn in hard currency reserves
value of Iran’s gross official reserves will reach $108.4bn in 2018. The country’s gross official reserves will experience a $13.3bn jump in the current year rising from last year’s $95.1bn.
The Central Bank of Iran (CBI) has more than €70bn in hard currency reserves, according to the National Development Fund of Iran (NDFI). However, as restrictions continue on trade and withdrawal of cash from forex reserves, the country is looking for ways to find new revenues of hard currency.
5.2 FTAs
Iranian parliament approves bill for 8 new free zones and special economic zones
Uzbekistan and Iran to establish joint investment committee
The Iranian parliament has approved a bill for the creation of eight new free trade zones and special economic zones across the country, ICANA reported on July 29. Iran’s periphery is dotted with several existing free trade zones including Kish and Qeshm islands, Chabahar Port, Anzali Port, and Aras. There are also several special economic zones located near major cities including Imam Khomeini Airport City and Qom.
The economic commission of the Iranian parliament reviewed the bill proposing the additional zones. It is now set to progress to various bodies for approvals. Zahra Saeedi Mobarakeh, the spokesperson for the commission, said: "According to the bill on the establishment of the free trade and industrial zones, Incheh Boroun in Golestan province, Mehran district in Ilam, Ardabil zone in Ardebil province, Sistan area in Sistan and Baluchestan province, Baneh-Marivan district in the province of Kurdistan, the Jak area in Hormozgan province, Bushehr in Bushehr province, Qasr Shirin area in Kermanshah province were designated as new economic free zones."
Several other areas across the country were also designated as special economic zones to boost employment. Oshnavieh in West Azerbaijan, Omidieh in Khuzestan and Amol in Mazandaran were some of the locales reported as nominated future economic centres. Modifications were also made to the annexation maps for some free trade zone areas. These included small expansions of existing plots to include industrial areas.
Uzbekistan’s Minister of Foreign Trade, Jamshid Khodjayev, has reached an agreement to establish a joint investment committee with Iran aimed at increasing trade transactions, the state-run UzDaily news agency reported on July 2. Uzbekistan, which has common historical and cultural ties with Iran, could become an unexpected bastion of Iranian influence in Central Asia , some analysts say. Improving bilateral relations is crucial for Iran as Tajikistan has been increasing its anti-Iran rhetoric while T urkmenistan has fallen out with Iran over gas exports .
“More than 100 Iranian companies are active in Uzbekistan,” said the head of Iran's Organisation for Investment, Economic and Technical Assistance, Mohammad Khazaei during Khodjayev's visit to Tehran, aimed at signing MoUs ahead of President Hassan Rouhani’s visit to Uzbekistan.
When it comes to bilateral trade, Uzbekistan is the party with the greater need for it. Tashkent and Tehran have previously discussed the possibility of Uzbekistan buying Iranian crude oil—a resource much sought after by the Uzbeks, who under the late president Islam Karimov suffered lengthy oil and petrol shortages.
20 IRAN Country Report August 2018 www.intellinews.com