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"Iran Business Responsibility" launches website

Business & Human Rights Resource Centre is working with International Campaign for Human Rights in Iran on the "Iran Business Responsibility" (IBR) project.

Visit the project website launched in June 2017, and explore the articles below for insights on the new investments in Iran.

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Article
2 March 2016

Melia Hotels to open five-star hotel on the Caspian Sea

Author: Bloomberg

 

"Iran to Get Luxury Hotel Along Caspian Sea as Tourism Thaws"

Iran, where beaches are segregated by gender and alcohol is banned, is getting its first foreign-branded seaside hotel, complete with swimming pools, bars and a spa.

Melia Hotels International SA plans to open the five-star property in a 130-meter (427-feet) tower on the Caspian Sea as early as next year, the Spanish hotel operator said in a statement on Wednesday. The announcement comes after a slew of trade sanctions on the Islamic republic were lifted in January.

"We firmly believe in Iran’s tourism potential," Chief Executive Officer Gabriel Escarrer said in a statement, which didn’t say whether alcohol will be served at the bars. "We have always been pioneers in the development of new markets."

 

 

 

 

 

 

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Article
28 February 2016

POSCO to build FINEX steel mill in Iran

Author: Lee Hyo-sik, Korea Times

POSCO has signed a memorandum of agreement (MOA) with Iranian steelmaker, Pars Kohan Diar Parsian Steel (PKP), to jointly build a steel mill in the Middle East country incorporating its FINEX technology, the company said Monday.

The world's fourth-largest steelmaker said it will cost about $1.6 billion to construct the FINEX plant, capable of producing 1.6 million tons of steel annually, in Iran's Chabahar Free Trade-Industrial Zone (CFZ). POSCO Engineering & Construction (E&C) will build the mill.

During the Korea-Iran Business Forum held in Tehran, Monday, POSCO's electricity-generating affiliate POSCO Energy also signed a memorandum of understanding (MOU) with PKP to construct a 500 megawatt power plant using excess gas generated by the envisioned steel mill.

In cooperation with Korea Electric Power Corp. (KEPCO), the company will also construct a desalination facility nearby to desalinize 60,000 tons of seawater every day.

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Article
8 February 2016

Italy's state train company, Ferrovie dello Stato, to help Iran develop rail system

Author: Steve Scherer, Reuters

"Italy's state train company to help Iran develop rail system"

Italy's state railway company, Ferrovie dello Stato (FS), signed an agreement with its Iranian counterpart on Tuesday to develop Iran's rail system, Ferrovie said.

Foreign firms are keen to exploit opportunities in Iran after the country emerged from years of economic isolation last month when nuclear-related sanctions were lifted.

Ferrovie Chief Executive Renato Mazzoncini signed the agreement with Iranian Deputy Transport Minister and railway chief Mohsen Pour Sayed Aghaei during the third mission of Italian businesses to Tehran in recent months.

The deal includes up to 5 billion euros ($5.65 billion) in export credits from Italy for Iran's RAI railway company, a statement from Ferrovie said.

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Article
2 February 2016

Iran: At least $37 billion in business deals since sanctions lifted

Author: Reuters

"Companies rush to Iran as sanctions are lifted", Jan 30, 2016

Major international companies are rushing to establish a position in Iran as the Islamic Republic re-opens for business after the lifting of international sanctions.

So far, deals worth a total of at least $37 billion have been announced in sectors such as construction, aviation and car manufacturing. Companies include Europe's Airbus, French car maker Peugeot and Italian steel firm Danieli.

[also refers to existing or planned deals with Condotte D'acqua, Hellenic Petroleum, Norinco International, Peugeot Citroen, Sinosteel, Alstom, Audi, Autoneum, Bucher, Commerzbank, Daimler, Herrenknecht, International Airlines, Lukoil, National Aluminium, Posco, Saipem, Schlumberger, Turkcell, Zurich Insurance]

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Article
31 January 2016

Iran: Call for companies & investors to carry out due diligence for sustainable commercial relationships

Author: Affectio Mutandi (France)

"Opportunities of business in Iran and Human Rights: a heightened duty of diligence", 27 Jan 2016

France is going to define its National Action Plan on Business and Human Rights. The raise of Iran's economic sanctions and the respect of the demilitarization nuclear agreement are leading the future investors to a hazardous Iran Rush...The country will need infrastructures, technology, financing and services. Many opportunities, but a lot of risks as well. Iran...infringes labour rights...including discrimination at work, lack of unionization, non-access to professions for women, child labour. Before putting money into a country with perfectible governance regarding in Human Rights, companies and investors have to take measures and diligences about Human Rights...They really have to go beyond the regulatory setting to establish a commercial relation with this country. Foreign investors have to express their requirements to their commercial partners and public authorities in order to establish a sustainable commercial relationship...

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Article
27 January 2016

VINCI AIRPORTS SIGNS MOU TO DEVELOP TWO AIRPORTS IN IRAN

Author: Airport World

he deal was done today during the state visit to France of Iranian President, Hassan Rouhani, and is expected to be the first step in a process that should result in the establishment of concessions that will renovate, extend and operate each of the two airports in 2016.

The gateways are the second and fifth busiest airports respectively in Iran. 

The airport in Mashhad, which handled 8.2 million passengers in 2014, is located in the northeast of the country and serves the country's second largest city, a holy city that attracts more than 20 million pilgrims every year.

Isfahan airport, with accommodated 2.6 million passengers in 2014, serves Iran's third largest city, the capital of the Persian empire in the 16th and 17th centuries, renowned for its rich cultural and historic heritage.

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Article
26 January 2016

Fincantieri signs framework accords with Iranian companies

Author: Richard Tomkins, UPI

Italy's Fincantieri has signed a number of framework agreements with Iranian companies, including one for the construction of merchant vessels.

The agreements were signed in Rome this week during an official visit by Iranian President Hassan Rouhani, and follow the United States and others' intent to lift some sanctions against Iran.

Fincantieri said one agreement for cooperation and development was reached with Azim Gostaresh Hormoz Shipbuilding Industry Co. for a new shipyard in Iran's special economic zone.

AGH is controlled by the larger Iran Shipbuilding and Offshore Industries Complex Company, which is under the administration of the Industrial Development & Renovation Organization of Iran -- one of that nation's largest organization involved in the development and industrialization process.

The agreement between Fincantieri and AGH includes cooperation on the building of new merchant vessels and offshore units for ship repairs, conversions and ship refitting activities.

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Article
25 January 2016

Italy's Danieli to sign $5.7 bln in agreements with Iran

Author: Reuters

Italian steel firm Danieli will sign about $5.7 billion in commercial agreements with Iran during President Hassan Rouhani's visit in Rome this week, a company spokesman confirmed on Monday.

A government source told Reuters earlier that the contracts were worth about $4 billion euros, but a company spokesman later said the total value of the agreements was higher and included a joint venture with other international investors, including Iranians.

The joint venture, worth $2 billion, will be called Persian Metallics, said the Danieli spokesman, giving no further details.

Danieli will directly sign contracts with several Iranian companies for machines and equipment to produce steel and aluminum for a total of $3.7 billion, the company said.

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Article
24 January 2016

U.S. imposes new ballistic sanctions on Iran, day after many penalties lifted

Author: The Two-Way

"U.S. Imposes New Ballistic Sanctions On Iran, Day After Many Penalties Lifted", 17 January 2016

A day after many sanctions on Iran were lifted under the international nuclear pact, the U.S. Treasury department has imposed new sanctions — over Iran's ballistic, not nuclear, weapons. The sanctions target 11 companies and individuals who have been involved in procuring goods for Iran's weapons program, the Treasury Department says. "This action is consistent with the U.S. government's commitment to continue targeting those who assist in Iran's efforts to procure items for its ballistic missile program," the department said in a statement. The announcement of new sanctions comes a day after the U.S. and Iran conducted a carefully negotiated prisoner exchange. The released Americans who wished to leave Iran have now departed the country, according to a senior administration official...

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Article
5 January 2016

Iran - open for business?

Author: John Morrison, Executive Director, Institute for Human Rights and Business

...First, the people of Iran are likely to be best served by a diversity of investment from many parts of the world. This offers a range of external leverage points as well as aligning with the truism that the more open the economy, the greater the tendency to value the rule of law and human rights. We can all think of some countries neighbouring Iran where this is clearly not the case, but generally the correlation holds.

...Second, and importantly, that just opening the country to investment flows will not necessarily serve the people of Iran unless international values are upheld. Some issues, such as internationally recognized human rights and labour rights, should clearly be pre-competitive...

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