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The tariff on shaving kits imported into Iran falls 30% to 18.2% while for EEU-sourced brassiéres there is a 30% reduction to 38.5%.
There is, meanwhile, a substantial reduction on rails—though exactly how much that is has not been made clear—that will something Russian Railways export to Iran under a signed agreement inked earlier this year to create a joint venture to begin trade.
Looking at items flowing from Iran to the EEU, arts and crafts and Persian rugs now enjoy zero tariffs. Included decorative items such as chrysanthemums, lilies and other ornamental flowers see a halving of tariffs.
Also zeroed are tariffs on Iranian fruit and vegetables including oranges, citrus limon, salad vegetables, cauliflowers and broccoli, celery other than celeriac and cabbage lettuce.
It was reported recently that Uzbekistan is interested in joining the EEU.
5.3 FDI
Iran FDI 2010 2011 2012 2013 2014 2015 2016 2017
FDI net inflows (BoP) (USD bn)
3.649 4.277 4.662 3.05 2.105 2.05 3.372 5.019
FDI net inflows (% of GDP)
0.749 0.733 0.778 0.653 0.485 0.531 0.805 1.105
FDI net outflows (% of GDP)
0.049 0.044 0.226 0.04 0.001 0.031 0.025
source: World Bank
Five-year residences in Iran offered to foreigners who bring $250,000 investment
Iran’s Interior Ministry has announced that with a $250,000 investment in the economy a foreigner can be granted a five-year residency, Tasnim News Agency reported on July 31.
Like other regional countries including Turkey and Azerbaijan, Iran is attempting to increase its income from foreign direct investment (FDI), but transferring money from abroad to an Iranian bank account is presently a perilous activity given the heavy US sanctions aimed at Iran, which can trigger secondary sanctions against foreigners in such cases. Thus, a foreigner looking to take advantage of the offer would likely have to bring cash.
Interior Minister Abdolreza Rahmani Fazli said the plan was aimed at boosting investment into several sectors of the Iranian economy, which has plunged back into recession since the new US sanctions regime started taking effect last year.
“According to a plan approved by the administration, any foreigner who invests or deposits $250,000 [in a bank account] in the country is granted a five-year residence permit,” Rahmani Fazli specified to reporters in Tehran at a press conference.
Iran extended a visa-waiver programme for Chinese tourists from 15 days to 21 days on July 29 in a move to boost and ease trade amid the US sanctions pressure. In reality it can also be used by Chinese businesspersons travelling to Iran to examine potential commercial opportunities.
22 IRAN Country Report February 2020 www.intellinews.com
