Big surge in European trade with Iran

The lifting of sanctions is having an increasingly positive effect on trade relations between Iran and the European Union, creating significant opportunities for companies in both regions. Over the first six months of 2017 the value of bilateral trade totaled around €9.9 billion, according to statistics from the European Commission. This compared with €5.1 billion in the equivalent period of 2016, an impressive rise of 94%.

Imports from Iran into the 28 nation EU block are increasing at a particularly rapid rate, driven by oil traffic flows. The value of trade inbound to Europe from Iran surged by a staggering 224%, to €5 billion, while exports from Europe to Iran jumped 37% to €4.9 million.

Reports from Iranian media suggest that the country’s government is planning to make significant investments to promote and develop its maritime sector over the next few years. It is understood that the Fund for the Development of Marine Industries is preparing to make loans of more than US$ 52.5 million to businesses in the maritime sector in the current 2017/18 financial year, ending March 31st 2018. Authorities in Iran are also looking to attract overseas companies to help finance local maritime projects, with a number of multi-million dollar finance deals reportedly at the negotiating stage, both with Asian and European partners.

Iran’s leading shipbuilder and repair yard, Iran Shipbuilding and Offshore Industries Complex (ISOICO), will have a high profile stand at this year’s IRANIMEX event, making it a popular attraction for those seeking to do business in this sector. The yard, located around 37km outside of Bandar Abbas, has a five year plan that could see it become one of the world’s leading shipbuilders, taking advantage of contracts from both local and international firms. Its ambitions are likely to be greatly assisted through a joint venture agreement with Hyundai Heavy Industries that was signed late last year, which will give it improved access to shipbuilding know-how and technology. The yard already has a track record of building containerships and offshore structures and has a healthy repair business at its own facilities, and those of its subsidiaries along the Iranian coastline. It is looking to build further on its achievements with the help of other overseas partners.

IRANIMEX2017, powered by Europort, which takes place 12-14 December on Kish Island, will be the 19th time the event has been staged, and the second with Europort involvement. The exhibition is already the leading maritime event in the Middle East Gulf region, supported by a host of influential associations and organisations, including the Iranian Association of Naval Architecture & Marine Engineering and the Kish Investment and Development Co.

The 2017 event offers plenty of opportunities to make new contacts and establish business ties with one of the fastest growing maritime markets in the world. IRANIMEX2017 is a vital link between the Iranian and international business communities. It is an opportunity you don’t want to miss! For details on how to participate please visit: http://iranimex.ir or download the participation form directly.