Economy, Business And Markets

Anzali: Iran's New Exchange Platform

Anzali: Iran's New Exchange Platform
Anzali: Iran's New Exchange Platform

Iran Mercantile Exchange trading floor has been inaugurated in Anzali Free Industrial Zone. The floor is to turn to a reference pricing platform for basic goods imported from CIS and the Caucasus, SENA reported.

The move will boost and expand Iran's cooperation with countries including Tajikistan, Uzbekistan, Turkmenistan, Kazakhstan, Kirgizstan, Afghanistan, Magnolia, Russia, Azerbaijan, Armenia, Georgia, Ukraine, and Belarus. 

Anzali Free Industrial Zone is located in a famous North-South International Corridor (INSTC), which is the 21th century transit corridor between Asia and Europe.

International North-South Transport Corridor (INSTC) is a multi-modal transportation route established in September 12, 2000 in St. Petersburg, by Iran, Russia and India with the aim of promoting transportation cooperation among the member states. The corridor connects the Indian Ocean and the Persian Gulf to the Caspian Sea via Islamic republic of IRAN, and then it is connected to St. Petersburg and North European via the Russia Federation.

Anzali Free Industrial Zone is a neighboring port of Astrakhan and Lagan ports in Russia, Krasnovodsk port in Turkmenistan and some other ports in Kazakhstan and Azerbaijan, north of Iran. This strategic positioning of Anzali port could play a crucial role in reinforcing Iran's economy.

More than $2 billion of various commodities were imported to Iran via Anzali port in 2013, while in the same period, Iran's export through this corridor was valued at $174 million, SENA reported.

Iran's import within the first 5 months of the Iranian year ending Aug 22, surged 12 percent via this port, while the export value increased by 4 percent.

The report says more than 50 percent of the country's demand for crude steel has been imported through Anzali port.

Investors face no restrictions in bringing their capitals in and taking them out of the zone. Furthermore, contribution in projects up to 100% ownership is guaranteed, foreign investments are protected, and goods, raw materials, machinery and spare parts are free of import duties.

Due to infrastructural problems and a lack of billet and rebar capacity, the country is still dependent on imports to meet the market's demands and Anzali would be the major gate to import billet from the CIS region, an analyst said.

The whole package is tailored based on the country's needs and will shape a safe and transparent corridor for the transfer of a variety of commodities including crude steel.