Exports From East Azarbaijan Expected to Hit $3b by March 2020

EghtesadOnline: Exports from East Azarbaijan Province are expected to reach $3 billion by the end of the current Iranian year (March 19, 2020), says the head of Tabriz Chamber of Commerce, Industries, Mines and Agriculture.

News ID: ۷۸۵۰۴۷

23 November 2019

Tabriz is the capital of East Azarbaijan Province.

Younes Jaeleh added that 1.6 million tons of commodities worth $1.8 billion were exported from the province during the first seven months of the current Iranian year (March 21-Oct. 22) to register a 97% and 50% growth in tonnage and value respectively compared with last year’s corresponding period, Financial Tribune reported.

Turkey, Iraq, Armenia, Georgia and China were major export destinations during the period under review, IRNA reported.

More than 311,000 tons of goods worth over $700 million were imported into the northwestern Iranian province during the seven months, indicating a 74% and 35% rise in tonnage and value respectively year-on-year.

Raw materials and machinery were the major commodities imported into East Azarbaijan.

According to Jaeleh, the 25th National Non-Oil Export Promotion Conference will be held in Tabriz on Nov. 20.

The event has been organized with the aim of exchanging ideas on abolishing obstructive laws and regulations, easing commercial exchanges and boosting exports with focus on solutions to improve the business environment, boost exports and promote a stronger presence in international markets.

“The heads of chambers of commerce of neighboring countries have been invited to attend the conference,” Jaeleh said, adding that the heads of chambers of commerce from Pakistan, Afghanistan, Turkey, Azarbaijan and Iraq are special guests in the conference.

The heads of chambers of commerce from Eurasian nations have also been invited.

Ardeshir Sa’d Mohammadi, the head of the National Iranian Copper Industries Company (NICICO), says around $1 billion have been already invested in copper mining and production in East Azarbaijan Province—an industrial and business hub near the Iranian-Turkish border, Fars News Agency reported.

He says Iran is hopeful of meeting one-fifth of Turkey’s need for copper by increasing investment in mining and production of the precious metal in East Azarbaijan.

The NICICO chief noted that the investment plans were aimed at allowing Iran to raise its share of copper exports to Turkey, which is importing 500,000 tons of copper cathode from Uzbekistan and Kazakhstan every year.

Sa’d-Mohammadi said NICICO’s main objective is to enable the copper industry in East Azarbaijan to capture at least 20% of Turkey’s import market within the next two years.

He added that main copper projects introduced in the region included a smelter, a refinery and a third phase of concentrate production at the sprawling Sungun Mine, the largest open-cast copper mine in Iran located around 150 kilometers from the provincial capital of Tabriz, Iran’s sixth largest city.

Sa’d-Mohammadi said the development of copper industry in northwest Iran was an urgent necessity, given the rising demand for the metal in the world.