WB loan to Bhutan to improve growth equality

Air Driven Power Unit

The Royal Government of Bhutan and the World Bank have signed a $24 million credit that will help promote fiscal discipline, increase access to finance for enterprises, and improve the climate for business entry and investment in Bhutan.

Bhutan has made impressive progress in poverty reduction and economic growth over the past decade but high levels of investment in the hydropower sector have increased pressures on the country’s fiscal balance and external accounts.

“Together with other programs, this policy credit is effectively supporting the Royal Government’s reform momentum,” said Yoichiro Ishihara, the World Bank’s Resident Representative for Bhutan. “With this policy credit, Bhutan will be better equipped to enact policies to foster private sector development and create more employment opportunities, especially for its youth.”

The Second Fiscal Sustainability and Investment Climate Development Policy Credit (DPC2) was signed by Namgay Dorji, the Royal Government of Bhutan’s Finance Minister, on behalf of the Royal Government of Bhutan, and Yoichiro Ishihara, Resident Representative for Bhutan, on behalf of the World Bank.

This credit is the second of two World Bank-supported initiatives to support Bhutan’s Eleventh Five-Year Plan (11th FYP) (2013–2018) goals of promoting green socio-economic development and achieving self-reliance. DPC2 was approved by the Board of Executive Directors of the World Bank on December 21, 2016.

“The Royal Government of Bhutan has used the policy credit to support institutional strengthening measures in some key areas, building on the momentum and lessons learnt from the past budget support operations to accelerate development in Bhutan,” said Namgay Dorji, the Royal Government of Bhutan’s Finance Minister. “Improving fiscal sustainability, access to finance and investment climate are critical to achieve the goals of the 11th Five Year Plan.”

The development policy series will be funded by credit from the International Development Association (IDA), the World Bank’s grant and low-interest credit arm. The credit has a maturity of 25 years, including a 5-year grace period.

Source :http://www.bhutannewsnetwork.com/2017/03/wb-loan-to-bhutan-to-improve-growth-equality/

Japan to continue funding Bhutan’s development

ZC-Series cordless hydraulic pumps

The government of Japan has agreed to continue its support for Bhutan’s socio economic development, during the 12th annual consultation on economic cooperation between the two countries.

The Bhutanese delegation at the consultation presented 10 projects for consideration under technical cooperation and four grant aid projects in the field of health, agriculture and infrastructure restoration.

According to the Foreign Ministry of Bhutan, since its inception in 2006, the annual consultation continues to serve as an avenue for the two countries to review and exchange views on ongoing and future bilateral cooperation programs.

The two Buddhist nations have had exchanges of royal visits to strengthen the bilateral relations. Japanese contributed USD 73.53M during the 11th Plan.

Japan’s assistance to Bhutan is focused in the sectors of agriculture and rural economy, infrastructure development, social development and strengthening good governance.

Diplomatic relation between Japan and Bhutan was established in March 1986.


Druk Air resume flights to Gelephu


The wait for people in Gelephu to be connected by air is finally over with Druk Air resuming its flights to the town this week.

The first flight on November 11 had six passengers on board.

The airline now operates three times a week- Tuesday, Thursday and Sunday. The company had tested one weekly flight two years ago but discontinued citing not profitable.

The airline agreed to resume the domestic operations following the government’s decision to provide the company with a subsidy of Nu 0.30 million per domestic flight.

During the promotional period, a one-way flight to this southern town from Paro will cost Nu 3,570. Round trip for the public will cost Nu 6,250. Fare cost for flights from Bumthang to Gelephu will be Nu 3,750 (one-way) and Nu 6,250 for round trip.


Bahrain wins $200m boost to manufacturing sector

Bahrain wins $200m boost to manufacturing sector

More than $200 million worth of investment into Bahrain’s manufacturing and logistics sector was attracted in the first half of this year, according to the Bahrain Economic Development Board (EDB).

It said the investments are expected to create approximately 1,000 jobs over the next three years in the Gulf kingdom.

The growth follows a substantial increase in the number of international businesses looking to use Bahrain as a hub to access and seize the regional opportunities offered in the GCC market and beyond, the EDB said in a statement.

Mondelez International, one of the world’s largest snacks companies, is building a biscuit production plant that will produce the famous brands Oreo, Ritz and TUC.

The plant, which will generate 200 jobs in its initial phase, represents the second investment by Mondelez in Bahrain in less than 10 years.

Both investments by Mondelez are located at Bahrain International Investment Park (BIIP).

EDB also said GCC textile and fashion distribution company Armada Group has recently begun construction of its regional distribution centre in the Bahrain Logistics Zone (BLZ), investing over $50 million and creating 400 direct jobs over the next three years for locals.

Other important investments this year include ECU Worldwide, SMSA Express, Elsewedy Electric, Mennekes, Sonmez Metal, Tsinx Environment Technology, Almajdouie Holding, Lals Group, as well as expansion investments by several companies including Kuehne + Nagel, Sandvik, and Agility Logistics.

Bahrain’s manufacturing, transportation and logistics sector is currently one of the largest contributors to the country’s GDP, and accounted for 20.3 percent of 2016 GDP.

Khalid Al Rumaihi, chief executive of the EDB, said: “The economic transformation taking place in the GCC is creating exciting opportunities for manufacturing companies – and we are delighted that many are choosing Bahrain as a location from which to access them.

“Further investments, such as the ongoing modernisation and expansion of Bahrain International Airport, the building of a second causeway to Saudi Arabia and additional regulatory reforms are expected to make it even easier for businesses looking to access the region from Bahrain and we look forward to welcoming more firms in the coming years.”

Source :http://www.arabianbusiness.com/industries/banking-finance/381629-bahrain-wins-200m-boost-to-manufacturing-sector

France and Italy keen to run airport project in Iran


According to the recent reports, French companies are eagerly looking for investment opportunities in the Iran. Iran and the six world powers (the US, Russia, China, France, Britain and Germany) signed the nuclear agreement with  Vienna in July 2015, under which Iran accepted to curb its nuclear program in return for lifting the related internationalsanctions. Chairman of the French-Iranian Trade Promotion Centre (CPCFI) Mohsen Rashidi said that before the nuclear deal, the French businessmen used to prefer to invest in Qatar and Iran.

GholamhosseinBagherian, deputy director for planning and supervision in Iran Airports Company (IAC) said thatgood negotiations have been conducted with French and Italian investors over development of Iranian airports. He also pointed to construct the new airport project in Ahwaz and Chabahar.The official also added that “as such, Chinese, German or Japanese investors are also keen to take part in this projects.”

IAC deputy official reminded that the piece of land near the southwestern city of Ahwaz had been allotted for the new airport project “construction of Chabahar will be carried out in line with the Leader’s emphasis on development of Makran coast and the measure is deemed strategically necessary though not economically profitable.”

Now Iran become the manufacturing centre throughout the world. This airport project become the catalyst for the development of various industries in Iran.Due to the impetuous growth and opportunities of Iran in various fields. The demand of spare parts arehighly increased. SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED, we’ve been committed for supplying spare parts includingABB, BALLUFF, BELTS,COMPRESSOR,HENGSTLER,LENZE,Lubricants, Bolts and Nuts, Cutting Tools and so on in the global market. We also deals with ACE cranes and ACE spare parts. We are associated with many eminent companies in Iran and such other countries for the last twenty years.As a core engineering company, we incorporate our rich industrial expertise, skills and innovative technologies to come up with desired solutions for different fields like steel industry,agriculture industry,mining industry,sugar processing industry, pump/motors/compressor industry, paper industry,textile industry,automotive industry, cement industry, crusher industry, material handling equipment/ heavy machinery/ earthmoving equipment industry.Our machinery spare equipment are designed & engineered for consistent performance, long functional life, reliability and negligible maintenance. We reach customer satisfaction by offering them technical excellence and customized solutions.

Russian firms submit investment plans in Iran

Russian firms submit investment plans

The re-election of Iranian President Hassan Rouhani for a second four-year term is expected to ensure continuing development of the country’s petroleum sector and global oil markets. Many International oil companies have announced joint ventures and memorandums of understanding (MOU) with Iran.

OMV, the international oil and Gas Company entered in Iran in 2001 as the operator of the Mehr exploration block in the western part of the nation.  In 2016, this company signed an agreement with NIOC to analyze the different Zagros-area fields in western Iran. The Ministry of Oil and Gas has listed 29 non-Iranian oil and gas companies as qualified to participate in upcoming exploration and production tenders.

According to the media reports, now the Russian companies such as Gazprom Neft, Zarubezhneft, and Lukoil have submitted their proposal plans to invest in several Iranian oil sectors to the National Iranian Oil Company (NIOC). The renowned company the Zarubezhneft also offered to enhance recovery at the Aban and West Paydar fields, while Gazprom Neft is targeting the Changouleh and CheshmehKhosh fields in Iran in the oil sector. Iran’s oil minister, BijanZanganeh said that their nation was prepared to sell oil to Russia.

These agreements show the huge potential of the Iranian oil and gas sectors. We see Iran becomes the manufacturing hub. For the impetuous development of oil and gas sectors, it also enhances the manufacturing industries. The demand for spare equipment is increasing higher in this nation.

SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED became a brand name in the international market for supplying the industrial spare products and services. We are also associated with many other renowned companies in Iran for providing our services for twenty years. We ensure our customer ‘From equipment supply to asset care’. We are committed to supply the spare goods and the services that satisfy our customer’s highest expectations. SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED stands for service, reliability, and transparency at the highest level. We have the expertise to meet your unique industrial challenges anywhere in the world.

Iran HRC Import Prices Keep Climbing

spare parts Tehran

I mport prices for hot-rolled coil in Iran continued to trend upward over the week ending August 9, as offers from the mills of Commonwealth of Independent States rose further, supported by tight availability of the material.

Offers of 2-mm HRC from Russian producer Magnitogorsk Iron & Steel Works (MMK) increased by €10 ($12) per ton over the week, to €460 ($542) per ton FOB Astrakhan, according to market sources reported by Metal Bulletin.

This would be equivalent to $557-558 per ton CFR, considering the estimated cost of freight to the Iranian northern port of Anzali, which vary within the range of $15-16 per ton.

Other CIS suppliers were said to be out of the market.

Recent bookings with compatriot mill Severstal were heard done around €450 ($530) per ton FOB Astrakhan last week.

Meanwhile, Kazakhstan’s ArcelorMittal Temirtau was said to be sold out until the end of September.

MMK’s new price was considered to be high by customers who said the current prices of imported material from stockists in Iran are significantly lower.

However, the supplier was unwilling to provide discounts, in light of the continuing upward price trend in the global markets.

Recent HRC offers from stockists in Iran were heard at $750 per ton on truck in Anzali. This price includes the 20% import duty on HRC effective in the country as well as 9% VAT. Excluding duties, the price would be $533 per ton on truck.

Metal Bulletin’s price assessment for imported 2-mm HRC in Iran was $557-558 per ton CFR Iranian ports on August 9, up from $535-550 per ton a week earlier.

Metal Bulletin’s weekly price assessment for imported cold-rolled coil in Iran moved down slightly to $604-605 per ton CFR Iranian ports on Wednesday, against $606-607 per ton last week. The decline was due to a change in euro-dollar exchange rate.

CRC offers from MMK remained unchanged in euros at €500 per ton FOB Astrakhan, while the US dollar equivalent price dropped by $2 per ton to $589 per ton FOB.


Qatar-Iran relationship, biggest natural gas industry

Iran, Qatar in competition over world’s biggest gas industry. The two nations have a close business relationship, particularly in the oil and gas sectors. A big portion of Qatar’s Oil comes from a field that is related to Iran.  The two nations jointly control the world’s largest natural gas field. During the Qatar diplomatic crisis, Iran provided diplomatic and economic help to Qatar. On 25 June, 2017 Iranian president ‘Rouhani’ criticized that the “siege” on Qatar, and said that “Tehran will stand by Qatar’s government”. He also noted that Iran’s airspace was open to Qatari aircraft.

The world’s largest natural gas field is owned by both Iran and Qatar. This field plays an important role in the development of foreign and national policies in both Qatar and Iran. As several economic experts explained that the tension arose briefly after the Riyadh Summit, when US President Donald Trump assured Saudi Arabia of his commitment to the region in the face of the “Iranian threat”.

Trump and his officials have also praised Qatar. US Secretary of Defense James Mattis and Secretary of State Rex Tillerson met with their Qatari counterparts in April and May. And at the May summit in Saudi Arabia, Trump said US relations with Qatar were “extremely good.”

Iran and Qatar recently announced further development plans. Iranian Foreign Minister Javad Zarif met with the Qatari emir as part of a broader bid to reduce tensions with Gulf countries. It was the first such meeting since Qatar recalled its ambassador to Tehran in January 2016.

Iranian Foreign Minister Javad Zarif met with the Qatari emir as part of a broader bid to reduce tensions with Gulf countries. It was the first such meeting since Qatar recalled its ambassador to Tehran in January 2016.

However, for Iran, the development and production of natural gas not only satisfies growing national energy needs but also helps the current administration to maintain political support and fulfill ambitious economic promises which include overall growth through job creation and foreign investment attraction.

Now, it shows that Qatar and Iran both countries becomes the manufacturing hub. For development of manufacturing and gas industry so demand of spare equipment is increasing higher.

SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED, a renowned name in international market for supplying industrial spare products. We are also associated with many other renowned companies in Iran and providing them our services since 20 years. We ensure ‘from parts supply to asset care’, well-round industrial service. Our products have been priced at very reasonable rates in the international market. We are committed to supply the spare goods and the services that satisfy our customer’s highest expectations.



Reasons behind Iran’s impressive economy

iran economy

According to the World Bank, the recent development in Iran marked that the nation’s non-oil and manufacturing sectors are played a vital role to increase the Iran’s GDP rate. The business agreements between Iran and major foreign countries in the oil, gas, manufacturing and other key sectors, boosted to develop of Iran’s economic condition. This new landscape creates renewed confidence, validating the very positive expectations generated after the implementation of new sanctions.
Iranian president Rouhani recently acknowledged that the employment is the most important issue in the country and unemployment can be a big dilemma for our country and our community.

The other problem to address is linked to pro-Iran advocates who repeatedly say that the economic growth will empower moderates such as Rouhani, and thus alter foreign policy. This simplistic argument, which reflects either a lack of knowledge of Iran’s politics or represents pro-Iran lobbying efforts for financial gain, has clearly failed.

All in all, the Rouhani government’s economic policies have generated some positive results, but the economy is in need of bold initiatives to improve the business climate and pave the way for greater private sector activity. Evidently, some of the needed changes will also require political, legal and structural reforms, which may be an uphill challenge that he will face in his potential second term as president.

Not only has financial growth not moderated its foreign policy or empowered moderates, it has emboldened Tehran to ratchet up its military adventurism, the pursuit of ballistic missiles and regional provocations. Iran’s moderates and hard-liners pursue the same objectives but with different tactics.

Growth simulations for Iran’s long-term growth prospects conducted for the report suggest there is great potential to be exploited in moving toward the technology frontier and better utilizing Iran’s abundant educated labor force.
Iran has become the third-largest producer in the organization of the Petroleum Exporting Countries and has expanded its business in other industries, including mining and metals.

When the manufacturing industry develops so the demand of spare items are increasing higher.
SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED a renowned name in international market for supplying industrial spare products. We ensure ‘from parts supply to asset care’, well-round industrial service.Our products have been priced at very reasonable rates in theinternationalmarket. We are committed to supply the spare goods and the services that satisfy our customer’s highest expectations.

Iran hits back to US sanctions

Iran hits back to US sanctions

Iran, an Islamic republic, is increasingly attracting the foreign investors, despite restrictions imposed by the United States over its missile programs and the military activities in this country. President Trump signed into the new implementations in the sanctions against Iran, Russia and North Korea. American restrictions stop most international banks from providing financial help to Iran, and the country is cut off from international payments systems for using debit and credit cards. The economy still hasn’t received a boost from sanctions relief, and many big banks that left the country have not returned. This slow pace of change has left many senior leaders at multinational companies frustrated about Iran’s potential.

However, despite a weakened economy, political tensions, market uncertainty, and the lingering effects of sanctions, Iran remains an important opportunity for investors in emerging markets. The foreign companies, foreign governments, and Iranians hoped to see the improvements of Iran’s investment weather after implementing a nuclear deal and sanctions relief in the country.

Some eminent Economistsays that the Iran has the potential to expand its economy and become more prosperous now that many economic sanctions have been lifted.The most obvious area of expansion in the new post-sanctions environment is Iran’s vital ‘energy and manufacturing’ sectors. When sanctions made imports difficult, Iran’s manufacturing sector turned out all kinds of merchandise from socks to home appliances. He explains that there is likely to be a “huge sorting out” to see which of these businesses can survive a new, post-sanctions era that is likely to include competition from imports that are often cheaper.

Renault, the French carmakerdealsany unilateral United States trade barriers still in place against business with Iran. Renault has pledged to open two factories with Iranian partners. One partner, the Industrial Development and Renovation Organization, a government conglomerate named as IDRO and which controls the 117 companies, was long under sanctions by the United States and Europe which accused it of supporting Iran’s missile program. Those sanctions were lifted under Iran’s nuclear agreement with world powers last year, which allowed Renault and other foreign companies, to do more businesswith the country.

Iran hits back by this agreement with French company. When the manufacturing industry develops so the demand of spare items are increasing higher.

SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED plays a vital role in achieving the desired spare items in the manufacturing industry. Our products have been priced at very reasonable rates in the market. We are committed to supply the spare goods and the services that satisfy our customer’s highest expectations.