Embassy of Switzerland in Iran
Tehran, July 2008
Economic Report on Iran 2007-08 (Iranian Year 1386) 1 Appréciation de la situation économique, avantages et problèmes Résumé L’économie iranienne traverse une crise profonde. Confrontée à de grands défis, liés à des facteurs internes et internationaux, elle n’arrive pas à faire face : taux d’inflation en hausse, augmentation des prix de première nécessité, rationnement de l’essence, sécheresse annoncée pour 2008 avec toutes les conséquences économiques que cela va entraîner. Les sanctions économiques ont un direct et réel impact sur la situation économique du pays malgré toutes les dénégations du gouvernement. L’économie iranienne reste extrêmement dépendante du pétrole, et, dans une moindre mesure du gaz. Certes, on annonce des revenues de US$ 70 mias pour 2007-08 et l’Iran reste le 4ème producteur de pétrole au monde et le 2ème au sein de l’OPEP. Il détient 10% des réserves connues de pétrole et est le 2ème détenteur de réserves de gaz au monde (après la Russie). Or, le pays continue à importer plus de 40% de sa consommation de pétrole (malgré le rationnement de pétrole décidé par le président en juillet 2007). La production de pétrole n’a jamais été aussi basse en Iran : elle est de 3 millions de litres par jour contre 6 millions en 1979. 100 mias US$ seraient nécessaires pour permettre aux installations pétrolières de fonctionner. Or, la majorité des projets sont stoppés et les principaux investisseurs étrangers hésitent à s’engager dans de nouveaux contrats avec l’état iranien (Repsol, Total…).. Le Fonds de stabilisation du pétrole est actuellement directement contrôlé par le Président au travers du Comité économique, ce qui lui assure pleins pouvoirs sur tout retrait d’argent. Plus de 5 mias US$ ont été retirés en 2008 pour, apparemment, lutter contre la sécheresse. Des spécialistes prétendent qu’il s’agit de l’argent injecté dans l’économie iranienne pour lutter contre la gestion économique catastrophique du gouvernement. Dans un récent discours lors de l’ouverture du nouveau Parlement (27 mai 2008), le Président a signalé qu’il souhaitait introduire les « principes islamiques économiques » pour remédier aux graves problèmes économiques que traverse le pays. L’Iran possède certes un grand potentiel économique dû notamment : - Situation géographique privilégiée de par sa proximité au Golfe Persique, à l’Asie centrale ainsi qu’à la Chine, la Russie et l’Inde. - Ressources importantes en matières premières en plus du gaz et du pétrole - Très grand marché national (population de 70 millions de personnes)
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-
Personnel qualifié et dont le salaire n’est pas excessif.
The basic data on the economic situation is provided in annexes 1 and 2. La situation politique de l’Iran, notamment à cause de la question nucléaire, a eu un très sérieux impact sur la situation économique du pays. La présence étrangère s’est considérablement réduite (comme on peut le voir dans le chapitre 4) due notamment aux restrictions imposées par les sanctions. Eléments spécifiques qui découragent la coopération voire les investissements avec l’Iran : -
-
-
-
Présidence assumée par un conservateur fondamentaliste avec comme corollaire une plus grande isolation du pays ; Manque de vision économique à long terme de la présidence qui souhaite appliquer à l’économie des principes islamiques (discours ä l’ouverture du Majlis le 27 mai 2008); Limitation d’exportations pour un certain nombre de biens sur la base des résolutions 1737 du 23 décembre 2006, 1747 du 24 mars 2007 et 1803 du 3 mars 2008 approuvées par le Conseil de sécurité des Nations Unies; Décision de beaucoup d’entreprises étrangères de limiter voire de stopper toute collaboration avec l’Iran : la plupart des banques étrangères ont stoppé leurs activités en Iran ; Sanctions unilatérales américaines contre les banques Sedarat, Sepah, Mellat et Melli (la plus grande banque du pays) ; Financièrement, les transferts de fonds de l’Iran ou pour l’Iran sont devenus de plus en plus compliqués et surtout de plus en plus coûteux ; Enfin, la faiblesse des banques iraniennes et les difficultés de ces dernières à établir des Lettres de crédit (tout particulièrement en US$) ; Bureaucratie, manque de transparence, corruption malgré une nouvelle loi conte le blanchiment d’argent ratifié en février 2008 ; Manque de protection juridique dans le domaine des brevets et des marques ; Insécurité juridique en général lors de la conclusion de contrats (non seulement au niveau étatique mais également entre les particuliers) ; La loi du travail iranienne ne permet que très difficilement des licenciements ; Les personnes étrangères travaillant en Iran sont soumises à des taxes sur le revenu relativement importantes ; de plus, les exemptions de taxes légales prévues sont très souvent difficiles à être appliquées ; Taux d’inflation très élevé (chiffres officiels donnés sont inférieurs à la réalité) ; Pauvreté et taux de chômage relativement élevé comme facteurs potentiels d’instabilité ;
Main relevant economic measures in force for the relations with Switzerland are: -
Single exchange rate system, Foreign Investment Promotion & Protection Act, and reduced corporate taxes; Removal of non-tariff barriers for imports – except, “temporary” ones since early 2006 to, mainly, support local similar productions; Most of the country’s foreign exchange reserves have been converted from US$ to Euro and Yen; Privatization of state companies that, however, is progressing slowly.
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2
International and regional economic agreements
2.1
Country's policy and priorities
From a regional point of view, bilateral economic agreements with the member states of the Economic Cooperation Organization (ECO)1, the Persian Gulf southern states and the former Soviet Republics are declared to constitute the main priority of Iran to the possible extent. The negotiation on a Trade and Cooperation Agreement with the European Union has stopped. From a Switzerland-Iran perspective: for existing agreements see APIS A 252 module provided by the DFA. 2.2 Outlook for Switzerland (potential for discrimination) Switzerland-Iran Trade Agreement will provide, when coming into force, a good legal basis for the expansion of Swiss economic activities in Iran and foresees safeguards against any trade discrimination.
3
Foreign trade2
3.1
Development and general outlook
3.1.1
Trade in goods
See Annex 2, Principal Economic Variables. According to Iran Customs, total imports of the country in the Iranian year 1386 (2007-2008) amounted to US$ 48.3 billion, i.e. 16% growth over the previous year, and the main exporters were the :UAE, Germany, China, Switzerland, France, South Korea, Italy, England, India and the Netherlands according to the statistics 2006, no new statistics for 2007. The major imported items are basic foodstuffs, machinery, apparatus, electronics, chemicals, pharmaceuticals and precision instruments. The non-oil export, without gas liquids, amounted to US$ 15.2 billion, i.e. 15% over the previous year, and mostly consisted of carpets and handicrafts, foodstuffs (incl. pistachios, vegetables and fruits), metals & minerals, industrial and petrochemical products. The Oil Stabilization Fund (OSF) was established in 2001 for depositing all the surplus oil revenues over the amount set in the annual budgets. The Government has heavily used it to meet the budget deficits or to extend credits to the private sector selected industries. Contrary to the expectation and despite considerably higher oil revenues, the balance of the Fund estimated to be about US$ (8) billion in December 2007. During the years under study, most of the oil and gas export revenues was allocated to the country’s annual budgets and the rest went to the OSF. This Fund has been controlled by a Board of Trustees up to 2007. This Committee has been replaced beginning 2008 by the Economic Committee of the government (composed of 7 ministries) directly dependent of the President, which allows him to have money at his disposal without a real control. 5 bios US$ have already been taken from this Fund in 2008 for fighting drought.
1
The ECO consists of Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzistan, Pakistan, Tajikistan, Turkey, Turkmenistan, and Uzbekistan. Homepage of ECO: http://www.ecosecretariat.org/ 2 The risk rates of Iran by the SERV (former Swiss ERG) and the OECD stand both at 5 presently.
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The change in international reserves of the country reached US$ 11.4 billion in the year 2006/2007, and registered US$ 11.3 billion as of September 2007. These included changes in the OSF’s balance and the Central Bank’s international reserves. The gross foreign reserves was about US$ (70) billion in March 2008 according to the Central Bank, and estimated to have been US$ 59 billion in March 2007 according to the IMF. However, the US$ portion of the reserves has drastically decreased because of shifting most of it from US$ to Euro, mainly as a precautionary measure against the restriction made by the U.S. on the country for making international transfers in US$. 3.1.2. Trade in services Iran has always been a net importer of services in the period of 2003/2004 - 2007/2008, i.e. from US$ 4.5 billion to US$ 6.8 billion as of September 2007, according to the Central Bank. 3.2.
Bilateral trade (Basic data in appendix 4 = APIS A 750)
3.2.1 Trade in goods La Suisse reste en effet le 8ème partenaire de l’Iran et le 4ème partenaire du Moyen-Orient qui comprend les pays suivants : Arabie Séoudite, Bahrein, Emirats arabes Unis, Territoires autonomes palestiniens, Irak, Israël, Yemen, Jordanie, Koweït, Liban, Oman, Qatar et Syrie. Le montant global de nos exportations est resté pratiquement inchangé, +1,5% en comparaison avec l’année précédente. En revanche les importations depuis l’Iran ont connu une chute de plus de -38,8%. En 2007, i.e. de janvier à novembre 2007, nos exportations ont quelque peu chuté : -0,2%. Iran’s import of goods from Switzerland stood at fourth in the Middle East after Saudi Arabia, the UAE and Israel, and increased by 2% in 2007 over 2006. La Suisse a ainsi importé des marchandises pour un volume de CHF 35, 4 mios. Entre les Emirats Arabes Unis (CHF 1.74 mias) et Israël (CHF 1 mias), les deux principaux partenaires de la région et l’Iran, le fossé est ainsi relativement grand. Il ne faut pas négliger qu’une grande partie des biens destinés à l’Iran transite par les Emirats Arabes Unis. Since Iran’s market is a quality oriented one, Swiss high quality products and after-salesservice are appreciated well here. The Swiss companies’ weak points are mainly their competitive disadvantage on price as well as their comparatively small capability in undertaking large-scale projects requiring heavy industries’ products. Recently, increased Swiss presence in the Iranian market has been observed for: -
3.2.2
building equipment such as elevators; high quality consumer goods, e.g. dairy products, confectionery, and cosmetics; food industry (for which hundred of millions of US$ have been allocated for procurement of its required machinery and equipment); medical monitoring systems (due to increase in the number of hospitals and their reliance on modern technology); Environmental technology particularly in the areas of energy production and consumption; as well as waste management. Trade in services
Switzerland provides Iran with important services in the areas of: -
engineering, specially in areas of dam maintenance, tunneling in the country’s mountainous roads; metro installations’ consulting and engineering,
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international transportation and forwarding, marine shipping.
In the past couple of years, Swiss presence have been observed in the hydropower generation and engineering services sectors in joint venture with Iranian engineering companies. Since 2006, major Swiss banks have decided to limit or to stop having business relations with Iran-based or Iran-related customers. Other Swiss banks have to a very limited extent entered the Iranian market (mainly private banking). It is to be noted here that a number of major European (Deutsche Bank, Dresdner Bank and Commerce Bank), Japanese banks, and some Chinese and Singapore banks have stopped transactions with Iran, mostly or totally in US$ terms with Iran. There is no export of services from Iran to Switzerland.
4.
Direct investments
4.1
Development and general outlook
In the year 2006-2007, the public and private sector made gross fixed capital formation of about 28% of the GDP in current prices, of which the well greater part was by the private sector. Noteworthy that many foundations and other economically active institutions are considered private although they are publicly owned. However, the growth rates in capital formation have been lower than the Fourth Five-Year Development Plan (2005-2009). Generally, there is a tendency for capital flight from Iran attributed to the internal economic and international situation of the country, mostly in the last couple of years. The total actual Iranian investment has been much higher than foreign investment, excluding foreign investments in oil and gas areas. The so-called buy-back contracts3 in the oil and gas fields had formed most of the foreign investment until the last couple of years when economic sanctions tightened on Iran. Foreign direct investment in its classical sense has thus been limited (the statistics available are poor). See annex 5. The present Foreign Investment Promotion & Protection Act4 provides potential foreign investors with main facilities and guarantees. However, it also restricts foreign investments in the economic sectors and sub-sectors. The Act recognizes other forms of foreign investments, but preference is still given to the conclusion of contracts on a buy-back basis. This Act foresees that the Iranian courts shall deal with disputes between the government and foreign investors, unless a bilateral agreement on investments exists with the investor's government and foresees another form of dispute settlement. The foreigners’ work permit fee has since March 2006 increased considerably. It is now 30% of a deemed salary table, plus a nominal amount of about CHF 30. The process of privatization includes transfer of a great bulk of companies’ shares, named “Justice Shares”, to the low income groups at reduced prices. Foreign investment in the Free Trade-Industrial and Special Economic Zones of Iran is encouraged and is easier than on the mainland5. The additional incentives offered to foreign investors there include long-period tax holiday and no in-advance-issued entry visa requirement. But, despite these incentives, there has been limited presence of foreign 3
In the buy-back contracts, the foreign investor can only repatriate the foreign exchange earned from the export of the goods made by that investment or from export of other Iranian made products. 4 See http://www.mefa.gov.ir/laws/investment_law_eng.asp 5 Homepage of the High Council of Iran's Free Trade-Industrial Zones: http://www.iftiz.org.ir/
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investors in these Zones so far. To a very limited extent, the zones have served as re-export points to Iran for mostly consumer goods. 4.2
Bilateral investment flows
The bilateral Agreement on Promotion and Reciprocal Protection of Investments in force since 2001, along with the Iranian new Foreign Investment Promotion & Protection Act, as well as the Agreement for the Avoidance of Double Taxation in force since 2004 (see chapter 2), provide, ceteris paribus, more suitable ground for Swiss investment in Iran. The new Direct Tax Law of Iran (max. 25% of taxes) facilitates foreign companies business. However, the Swiss investments in Iran have mostly been in the form of establishment of registered branch/representative offices, some of which are facing serious difficulties in making foreign exchange transfer due to the international and/or the U.S. unilateral sanctions or difficulties imposed on Iran’s foreign banking relationship. Switzerland enjoys the advantages of being recognized for high quality products and very good after-sales service in the Iranian market. However, for the moment, Swiss limited investment in Iran may be attributed to the risks and problems mentioned previously.
5
Trade, economic and tourism promotion (Country advertising)
5.1
Foreign economic promotion instruments
The Embassy of Switzerland in Tehran is presently the only and main player in Swiss economic promotion in Iran by providing business information to Swiss and Iranian inquirers. Additional to direct contacts, the Embassy prepares and sends the Swiss business community in Iran an e-mail Business Newsletter periodically, featuring points of potential interests to them. The Embassy also makes available to the interested inquirers publications from Location Switzerland, Presence Switzerland, Switzerland Tourism, etc. Due to the ongoing international approach regarding Iran, there is no interest seen in Switzerland for organizing promotional events presently or for foreseeable future.
5.2
Interest in Switzerland as a location for tourism, education and other services, potential for development
Such interest has long existed in Iran. Despite the relatively high costs (private education, medical care, tourism), there is still a small segment of Iranians who can afford them. The number of Swiss visas issued by this Embassy in January-November 2007 over the same period the previous year was up by 6% 5.3
Interest in Switzerland as a location for investment, potential for development
The Embassy has noticed this interest in the form of establishment of Iranian companies’ branches or representative offices, and has provided the inquirers with the information available to it, mostly those from Location Switzerland. The potential for development mostly depends on the local business conditions in Iran, and on the benefits of establishing such businesses in Switzerland – such as residency permit there… (of course, the transfer from London and establishment of NICO in Lausanne can not be attributed to the said possible incentives). 5.4
Interest in Switzerland as a financial location, potential for development
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There is much interest by Iran and Iranians in Switzerland as a financial location, reflected in Iranians’ private accounts with Swiss banks and its desired banking relationships between the two countries’ banks, including the Central Bank of Iran. Restrictive decisions of 2006 by major Swiss banks have partly changed the situation.
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6.
Useful internet links
The following sites provide some information on Iran: • • • •
Embassy of Switzerland in Iran, www.eda.admin.ch/tehran Business Network Switzerland (OSEC), www.osec.ch The Int’l Monetary Fund: http://www.imf.org/external/country/IRN/index.htm The World Bank: www.worldbank.org The Iranian government agencies for main statistics:
• •
The Central Bank of Iran, www.cbi.ir Customs Administration of Iran, www.irica.gov.ir Other Iranian government bodies or agencies:
• • • • • •
Embassy of Iran in Berne, http://www.iranembassy.ch Ministry of Economic Affairs and Finance, www.mefa.gov.ir Foreign Investment Organization, www.investiniran.ir Standards Institute of Iran, www.isiri.com and www.isiri.org High Council of Free Trade-Industrial Zones, www.iftiz.org.ir Iran Int’l Exhibitions Co. (fairs calendar), www.iranfair.com/english/default.htm
Business information by Swiss entities may also be channeled through this Embassy or their representatives in Iran.
Iranian Non-government business organizations: • •
Iran Chamber of Commerce, Industries and Mines, www.iccim.org Tehran Stock Exchange, www.tse.ir English Dailies in Iran:
• • •
Iran Daily: www.iran-daily.com www.irannewsdaily.com Iran News: Tehran Times: www.tehrantimes.com
Date:
July 2008
Author: Adress of author:
Embassy of Switzerland 13 Yasaman Street Sharifi Manesh Avenue Elahieh 1964963751 Teheran Iran Tel. +98 21 22 00 83 33 Fax +98 21 22 00 60 02 E-mail:
[email protected] www.eda.admin.ch/tehran
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Appendices
1
Economic structure table
2
Main economic data table
3.
Trade partners (APIS A352 module)
4.
Bilateral Trade
5.
Foreign Investors
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Appendice 1
Economic Structure % of GDP
Sector Services Oil Industries & Mines Agriculture
2005/6 51.0% 11.0% 25.0% 14.%
2006/7 51.0% 10.0% 25.0% 14%
Change 0.0% - 1% 1% 0.0%
Source: Central Bank of the Islamic Republic of Iran, Iran Economic Changes in Real Sector In 1385 (2006-2007), December 2007 Note: The percentages for each year are rounded up. Table closer to the instruction, i.e. from 1996/97 Economic structure table Sector
% of GDP 1996/7
Services Oil Industries & Mines Agriculture
39% 16% 21% 24%
2006/7 51.0% 10.0% 25.0% 14%
Change 12% 6% 4% 10%
Source: Iran Central Bank “Economic Trends” publications. Note: The percentages for each year are rounded up.
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Appendice 2 Main economic data table
The average exchange rates of US$ 1 = Rials 8719 (for 2004-05) and 9026 (for 2005-06) reported by the Central Bank of Iran have been used for conversions, if needed. Same information as in last report (no new information) P: (Projection)
N.A. : (Not Available yet)
E: (Estimate)
GDP at current prices (US$ Billion) Per Capita Income at current prices (US$)** GDP, at constant prices, Growth rate (%) Inflation (%)1 Exports of Goods (US$ million) - oil & gas - non-oil 2 Exports of Goods (% of GDP at current prices)** Imports of Goods (US$ million) Imports of Goods (% of GDP at current prices)** Trade balance (US$ million) Trade (Im+Ex) in Goods (% of GDP at current prices)** Balance of Current Account (US$ million) Gross Foreign Exchange Reserve (US$ million)* Budget Surplus (US$ million)* Non-Oil Budget Balance (US$ million)*
2004/05 161 2340 4.8 15.2 44’000 36’000 8’000 27 38’000 24% 5700 51% 1400 33’000 270** -24600**
Budget Surplust (% of GDP)* Gross Capital Formation (% of GDP at current prices)** External Debts (US$ million)3 External Debts (% of GDP)** Debt Service (% of exports)* Unemployment (%)*4
1.7 29 23’000 14 N.A. 10.3
2005/06 190 2800 5.4 12.1 60’000 49’000 11’000 32** 41’000 22 19’000 53 14’000 46'300 P 215** P 38'000** P 1.1 P 27 24’300 15 N.A. 11.5
Source: Central Bank of Iran, except: * IMF report on Iran dated 15.2.2006; The latest report dated 1.2.2007 hasn’t yet been approved by the Iranian authorities. ** Calculation done from the relevant figures released by the Central Bank or the IMF. Notes: 1. The unofficial estimates are much higher rates, anything up to 25%. However, according to the Deputy Governor of the Central Bank for Economic Affairs in November 2007, the inflation during a year leading up to September 2007 was 15.8%, showing a 7% increase compared to last year’s figure. Another announcement indicates a yearly inflation rate up to October 22, 2007 to be 16.2% 2 Based on a report of the Customs Administration carried in Sarmayeh (Capital) daily of 25.11.07, Iran exported $ 8 billion of non-oil products in March-October 2007, indicating a 9.2% increase over the figure of the corresponding period the previous year. But, the report continues, that some 60% of the amount, i.e. $ 5 billion, was from export of gas condensate, that according to law, must be included as oil exports. 3 According to the Deputy Governor of the Central Bank in November 2007, the country’s total foreign debts reached $ 33 billion i.e. 1.3% over the figure for the March 2007. 4These figures are also reported by the Statistical Center of Iran (SCI). The figures released by the Central Bank are slightly higher, i.e. about 12% for both periods. The unofficially estimated unemployment rates are higher. According to the SCI, the unemployment rates among population aged 15-24 are about 24% in both periods. The Young National Org. has reported the unemployment rate in the age group 15-29 was 25.8% in 2004/05.
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Appendice 3 Eidgenössisches Departement für auswärtige Angelegenheiten Département fédéral des affaires étrangères Dipartimento federale degli affari esteri
Formulaire APIS: A352
Représentation suisse à: Téhéran Pays: Iran
Date de la dernière mise à jour: 16 juillet 2008
Partenaires économiques Pour l’année mars 2007 – mars 2008 Source : douanes iraniennes World 1 2 3 4 5 6 7 8 9 10 11 12 13 14
EU6 UAE China Switzerland South Korea India Japan Turkey Russia Singapore Brazil Taiwan Saudi Arabia Thailand
34,000
100%
--8135 3029 1979 1741 1062 944 844 616 410 400 366 352 343
--24%7 9% 6% 5% 3% 3% 2% 2% 1% 1% 1% 1% 1%
6
Iran Customs has provided only the import figures from the EU’s largest exporters to Iran this year, and, therefore, total for the year in question can not be given. The import values (rounded up) in million Euro from the EU’s largest exporters in the year under study, March 2007-March 2008) are:
Germany England France Italy Austria Holland Belgium Spain Sweden Denmark Finland Ireland Cyprus
3750 1430 1400 1335 758 383 380 330 320 134 109 83 50
The trade statistics of the EU member states in Gregorian years are better to be obtained from the EU relevant bodies, although they may be obtained somehow late. 7 Includes reshipments.
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15 16 17 18 19 20
Malaysia Kazakhstan Azerbaijan Indonesia Turkmenistan Kuwait
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298 242 230 190 184 128
1% 1% 1% 1% 1% 0.5%
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Appendice 4 Appendice 4 : Echanges commerciaux En 2007, l’Iran a maintenu sa position comme quatrième marché d’exportation pour la Suisse au Moyen-Orient24 derrière les Emirats Arabes Unis, l’Arabie saoudite et Israël: CHF 763.36 mio. Les groupes de marchandises les plus importants furent les machines (30,6%), les produits pharmaceutiques (21,7%) et les produits agricoles (17,4%). En 2007, les importations depuis l'Iran n'ont subi qu'une très modeste augmentation par rapport à 2006 (+ 6,9%) en se montant à CHF 38,6 mio. 2.2.1 Evolution des échanges25 Exportations
Variation
Importations
Variation
(mio CHF)
%
(mio CHF)
%
1990 1995 1999 2000 2001 2002* 2003* 2004* 2005* 2006* 2007 (I-XII)*
432.4 203.9 342.7 393.3 443.7 482.5 541.9 584.6 745.8 757.1 763.4
0.2 0.1 0.1 8.7** 12.3 7.9 27.6 1.5 1.7
67.5 69.7 110.3 183.2 177.9 159.7 170.8 185.2 58.9 36.0 38.6
Solde
(CHF mio) 364.9 134.2 232.4 0.8 210.2 0.7 265.7 0.0 322.8 10.2** 371.1 6.9 399.4 8.4 686.9 -68.2 721.1 -38.8 724.8 6.9
Volume des échanges
25
Source : Administration fédérale des douanes. Ces statistiques ne prennent pas en compte les mouvements de métaux précieux en lingots.
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499.9 273.6 453.0 576.5 621.6 642.2 712.7 769.8 804.7 793.1 802.0
Appendice 5
Foreign Investors in Iran
Due to poor statistics, no official or otherwise precise data, even from the last couple of years, on actual direct foreign investment in the country can be presented here. For example, United Nations Conference on Trade and Development (UNCTAD) has announced the values of direct foreign investment in Iran as $282 million in 2004, $ 360 million in 2005, and 901 million in 2006. This is while the figures given by the Iranian related authorities amount to billions of dollars for each Iranian year that almost corresponds to those Gregorian years (e.g. 2006 correspond to the Iranian year 1384 – 1385). However, most of the foreign investments in Iran are in the form of the so-called “Buy-back” and in the oil and gas fields , followed by metal and mineral products. The Swiss investments in Iran have mostly been in the form of establishment of registered branch/representative offices. At this stage, Switzerland has only four direct foreign investments in Iran: manufacturing flour mill equipment under Swiss license, a joint venture for production of baby food; purchase of shares in a few Iranian cement production plants, and a joint venture for inspection of goods.
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