TEHRAN - The head of the International Affairs Center of Iran's Ministry of Roads and Urban Development announced at the 16th Joint Economic Commission meeting between Iran and Azerbaijan that trade between the two countries reached $580 million in 2024, reflecting a 20% increase from $480 million in 2023.

TEHRAN - The Minister of Energy and the Deputy Prime Minister of Azerbaijan have agreed on developing electric connectivity routes and practical implementation methods.

TEHRAN - Davood Madadi, Chairman of the Board of the Renewable Energy Association of Iran and Vice President of the Iranian Electricity Industry Federation, emphasized the fundamental role of energy in driving the country’s economy. He stated: "Without electricity, industry cannot function, and the economy cannot progress as planned." It was anticipated that Iran would see an 8% economic growth this year, yet reported figures are around 2.4% to 2.3%. He also pointed out that the country is grappling with a deficit of fossil resources, essential for electricity generation.

TEHRAN - According to Eurostat data, trade between Iran and the European Union reached €4.15 billion in the first 11 months of 2024, marking a 3% decrease compared to the same period last year. Of this amount, EU exports to Iran accounted for €3.37 billion, reflecting a 4% decline, while Iran's exports to Europe grew by 5%, reaching €773 million.

TEHRAN - Masoud Barahman, the head of the Iran-Africa Joint Chamber of Commerce, spoke with ILNA about the ongoing challenges and opportunities in trade between Iran and the African continent. He highlighted issues related to shipping, financial transactions, necessary bank guarantees for participating in tenders, and the lack of direct flights to Africa, which continue to complicate trade relations.

Iran Airtour, a private airline, is launching direct flights from Tehran to Paris, despite Western sanctions targeting the country’s aviation industry.

TEHRAN – During the meeting of the Iranian Chamber of Commerce's tenth term representative council, Head of the chamber Samad Hassanzadeh, the president of the chamber, addressed key issues facing the nation's economy, particularly regarding electricity supply and international trade.

TEHRAN - According to a joint report by the Iran-South Korea Chamber of Commerce, Iran's non-oil exports to South Korea surged 180% in 2024, reaching $8.609 million, while South Korea's exports to Iran fell by 11% to $142.631 million.

Russia’s second largest bank, VTB, has said it is scheduled to convert its Tehran office into a branch.

TEHRAN - The Commercial Counselor of the Islamic Republic of Iran in Afghanistan announced an 84% increase in trade and commercial exchanges between Iran and Afghanistan in 2024 compared to 2023, highlighting the ongoing growth in bilateral trade over the past two years.