SPECIALADVERTISINC SECTION lran- Foreign lnvestment, Banking and Finance Saman Bank Goes F 「 om St 「 ength tO Strength The Bank oflndustry and Mine (BIM) is well positioned as one of lran'sleading develo- financjng a wjdevariety 0f P 「 0」eC区 . thatare. Æaman Bank first opened む doors-to-customers ・ - 旧・ Septembe 「ー1999, trading contri buting tO the on-goi ng dyna m ism Of the nationS economy. the name Saman Eghtesad. G 「 OWth wasimmediate and its early success was 「 ewa 「 ded The histO 「 y of BIM goes back tO 1956 when it was established aslndust 「圄 Credit with a full banking license in 2002, when に also changed its name tO Saman Bank. Less DeveIopment Bank and fO 「 the past 60 yea 「 sit has been involved in a comprehensive than two decadeslater Saman ・ s capital stands at app 「 oximately eighty times its 0 「 igin 「 ange 0 「 sectO 「引 n the lranian economy. share capital. AS a development bank. BIM focuses primarily on project finance rathe 「 than t 「 adi- tionalretail 0 「 comme 「 Cial services."We have had a very rich expe 「 ience and successful track 「 eco 「 d ove 「 the past 60 years. We have been involved in 訓 kinds Of project f ト nancingin a numbe 「 Of diffe 「 ent sectO 「 s," explains M 「 Ali Ash 「 af Afkhami, Chairman and Managing DirectO 「 Of Bank oflndustry and Mine, whO has enjoyed an illust 「 ious 40-year ca 「 ee 「 in lranS banking and financial se 「 vices sector. "One a 「 ea Of the lranian economy in which we a 「 e particularly st 「 ong is the pet 「 oche- mical sector. We have financed a numbe 「 Of majO 「 projects such as the に「 gest ethylene c 「 acker, whichinvolved an investment of almost €500 million," he adds. the downstream sector the bank has 創 SO financed project 引 n high and IOW density polyethylene and some large-scale methanolprojects. "We are pleased with these initiati- ves as they are export oriented and can earn the country much needed ha 「 d cur 「 ency, he says adding, ・・ we have alSO financed a numbe 「 Of high p 「 Ofile p 「 OJect 引 n the 0 ⅱ and gas secto 「 such as the South Pa rs Gas Field." BIM is SO playing a key role in establishing new power plants,imp 「 oving thei 「 efficien- cy and helping tO meet the countryS growing need for electricity and power gene 「 ation. "We are the count 「 y'sla 「 gest financiers Of power plants. Our financing has ensured that We placed a strategic focusin the online arena. When you see today's there are 3000Mw cur 「 ently under const 「 uction and Othe 「 s have already been comple- lnternet and mobile banking advertisements from ou 「 competitors, you ted and in operation places such as GoIestan, Yazd, Ke 「 man p 「 ovince and many Othe 「 a 「 eas," states M 「 Afkhami. have tO 「 emember that we were dOing this ten years ago, which is why BIM acts as one of lran's most vital d 「 ive 「 s of economic g 「 owth and since the 」 Oint we are a pioneering bank in online and digital services. Comp 「 ehensive PIan Of ActIOn ( 」 CPOA) was implemented afte 「 the lifting Of sanctions,its 「 OIe in lran's economic development has intensified. "With the implementation Of 」 CPOA M ー行 a e the 「 e is conside 「 able and important economic potentialin lran that can lead tO valuable Co-founderand Chairman ofSaman Bank achievements fO 「 mutualcooperation. " NOW 0 「 ng with 53 b 「 anchesin Tehran and anothe 「 47 across the country it has Cmperation and up Of lranS marketandthatofthewide 「「 egion iscloseto M 「 become one Of lran'sleading banks. As its operations have expanded. the growth Of its AfkhamiS heart; ・ 'being partne 「 s in the 「 econst 「 uction and development Of the 「 egion would custome 「 base has followed suit making it one Of the に「 gest in the 「 egion. Saman Bank benefit the enti 「 e world, yet some Of the は「 gest gIObaI banks a 「 e still absent and we u 「 ge aISO the highest market-share in financing Of the pha 「 maceuticaland fOOd industries.ln them tO develop business réations with lran and the 「 egion. TO that end we have a good 「 isk 2015 it financed almost 29 % of the fOOd and pha 「 maceuticalt 「 ade between lran and its management system in place. we are internationalpa 「 tne 「 s. committed to internationalstanda 「 ds ・ VVe have had a ve 「 y clea 「 plan and st 「 ategy and this has enabled us tO 「 each ou 「 ta 「 - and we a 「 e absolutely ready tO WO 「 k gets and b 「 ing about 訓 Of ou 「 achievements," explains M 「 VaIi Za 「 rabieh, the Co-founde 「 with globalbanks," he concludes. and Chairman of Saman Bank. Between 2010 and 2015 the bank WO 「 ked ha 「 d tO understand sectO 「 specific needs and developed tailored banking solutions accordingly. A majO 「 pa 「 t Of this strategy was yea 「 s,but is SO demonst 「 ates that thei 「 new slogan ・ The 「 e FO 「 You' is an accu 「 ate one. tO lead the cha 「 ge tO become a pionee 「 for online banking servicesin lran. Fu 「 the 「 more, the inc 「 ease in these banking solutions shows the magnitude and the "We placed a strategic focus in the online a 「 ena. に took a yea 「 tO convince diffe 「 ent size Of the market in lran along with its huge potential. TO be able tO take full advantage 「 egulato 「 s about hOW lnternet banking WO 「 ks, but then we initiated the fi 「 stlnternet ban- Of this potential Saman Bank has been working hard tO implement 訓 gIObal banking klng se 「 vice in the country," states the Chairman adding "when you see today'slnternet standa rds. The ba nkis a n idea land experienced loca lpa 「 tner わⅱ nvestors studyi ng bu- and mobile banking adve 「 tisements f 「 om ou 「 competito 「 s, you have to 「 emembe 「 that siness opportunities in n. which is why it has taken 訓 necessa 「 y steps in areas such as we were dOing this ten yea 「 s ago, whichis why we are a pioneerjng bank in online and CO 「 PO 「 ate governance. anti-money laundering compliance and 「 iSk management in line d ig ital services. " with the Basel Ⅲ framewo 「 k. Anothe 「 technology that wasn't as widesp 「 ead a$ltls tcxiay and with which Saman- "Havi ng worked very closely with ou 「 correspondent banks we learned through expe- Bank hasfiourished is POint Of SaIe (POS) te 「 minals ancJATMs. .M/hen Saman Bank star- ー一一 rience hOW tObe uprtorspeed -wlthallnecessary lnternationaicomplian n ehave ted out the 「 e were only around five million ca 「 ds issued,less than 4,000 POS and only been dOing this since 2010 and this has been c 「 ucial tO ou 「 success tO date and will give IO,OOO ATMs. Todayl 「 an has mo 「 e than 200 million cards in use, four million POS te 「 mi- us a competitive edge fO 「 the futu 「 e given the t 「 ust CO 「「 espondent banks and inte 「 natiO- nals and 25,000 ATMs. nalpa 「 tners place in Saman Bank," he concludes. ・丁öday it is ra 「 e tofind any bus 旧 e55 that doesnot have twoPOSterm 旧 aIsAetalone one and we enjoy a ve 「 y significant ma 「 ket sha 「 e because Of the way we placed a st 「 ate- gic focus on this a 「 ea.ln POS te 「 minals we a 「 e 「 anked second in thecountry With respect tO the number Of t 「 ansactions pe 「 terminal we are 「 anked fou 「 th. We have more than 600,000 te 「 mnalsinstalled.ln addition, we a 「 e 「 anked 35th globally by Nielson Reports, out Of the top IOO service p 「 ovide 「 s globally," he adds. NOt only does this shOW why Saman Bank has gone from st 「 ength tO strength in 17 lran's Pioneering Development Bank Bank of lndustry & Mine Abbas Azimi orney W Apt. 10 , 3 Floor, NO. 248. Yas Bldg. ZafarSt, Modares. Highwayl Tehran. lran 飜 + 9821 77 23 ー Fa ん + 21 88772387 e-mail info@leund.com ー Web: 」 eund. D に u な曲 - 聞 i 、曲 0 一 t 「 i ← und Ha れ delskammer と、区舅 3 凵 0 」 0 上 AHK 公

SPECIALADVERTISINC SECTION S E 「 Q- 5 Permanent strategy and Proficient activity With a growing numbe 「 ofcorrespondent banks anda solid track 「 ecord in f00d and pharma, We could be your first choice bank in lran. There for You www.sb24.com MAN

SPEC!AL ADVERTISINC SECTION lran- Foreign lnvestment, Banking and Finance Banking and Finance 〇 verhaulto Fuel G 「 owth FO 「 lran tO truly benefit from the lifting Of sanctions, the country needs tO reintegrate its banks intO the globalfinancialsystem. N0t only did financial isolation take tOll on the sector, but undercapltalisation and a high number 0f non-performing loans (NPLS) have a 0 厄代 the country's banking sector in need Of 「 efO 「 m. The Central Bank of lran (CBI), under the leadership Of its Governor, Dr Valiollah Seif is now working hard to bring about much-needed modernisation and macro-economic stability. As the world witnessed in 2008. no modern economy can function without the su- ppo 「 t and capitalof a fit-fo 「 -pu 「 pose banking sectO 「 and now lran's banks and financial services companies a 「 e engaged in a ma 」 0 「 push towa 「 dS g 「 eate 「 t 「 anspa 「 ency and the adoption of globalbanking indust 「 y best p 「 actices. "lnevitably, du 「 ing the sanctions, because Of the isolation Of the lranian banking sec- to 「 f 「 om the global banking system. in some cases lranian banks became distanced DrValiollah Seif f 「 om international banking standards. For example, this affected a 「 eas such as co 「 pora- GovernorCentral Bank of lran te gove 「 nance, disclosu 「 e, and accounting standa 「 dS. The fi 「 St measu 「 e was putting 旧 lran's return tO the debt and international capital ma 「 kets is a high p 「 io 「 ity. con- place the guidelines and di 「 ectives with 「 ega 「 ds tO the banking system, corpo 「 ate go- t 「 ast tO Othe 「 count 「 ies in the wider persian Gulf region,l 「 eC()nOmy iS much mo 「 e ve 「 nance and a 0 imp 「 ovements Of their management methods in 0 「 de 「 tO avoid con- dive 「 sified and enjoys a stronge 「 industrial base. The CBI now has plans for the issuan- flicts ofinterest, and improve the CO 「 po 「 ate structure of the banks," notes Governo 「 Seif. ce Of bonds as pa 「 t 0 「 a five-yea 「 economic development p 「 og 「 amme and to help lran finance outstanding debt obligations over the next fiscalyear. Given the diversified economy lran already enjoys,it is no su 「 p 「 ise that the count 「 y has not been as badly affected by low 0 ⅱ p 「 ices as others in the 「 egion. 1 「 an has co- pious natural 「 esources in addition tO OiI, which helps the economy 「 emain in a solid position.lran aISO has ve 「 y solid human capital; as 65 % of the lranian population is made up 0 「 young people unde 「 the age 0 「 35 Most of them a 「 e well educated and have university degrees and possess good skills and expertise in diffe 「 ent fields. The population Of ove 「 80 million and ou 「 ability tO access the 400 million people located 吶 the 「 egion, togethe 「 with a unique st 「 ategic location. p 「 ovides us with a g 「 eat advan- 0 れ飜 io 2h5 可 f tage as a gateway fO 「 all Of these ma 「 kets," the Governo 「 explains. GovernorCentral Bank Of lran Such his belief in lran's potential; he is keen fo 「「 eforms to take place as quickly as With lran's capital ma 「 kets needing adequate capitalto kick-sta 「 t domestic growth possible SO as tO build on the cu 「「 ent momentum. ・ 'The fact is thatthe lranian economy such 「 efO 「 ms a 「 e welcome, just as tackling the high 「 ate Of inflation has been another has a numbe 「 Of st 「 ong points. Our p 「 io 「 ity is to focus on those st 「 engths and continue step in the right di 「 ection. The d 「 op in inflation tO the cu 「「 ent 「 ate of 12.6 % already improving upon them. We anticipate that the credit institutions should fully unde 「 stand a ve 「 y positive achievement. "Thanks tO the implementation Of co 「「 ect management all Of those facts and the capabilities of ou 「 count 「 y in a clea 「 manner, so that they can and the establishment Of mac 「 o-economic discipline in ou 「 moneta 「 y policy, we we 「 e make a prope 「 evaluation oflran's situation. One of the measures that will be taken in able tO solve the majO 「 p 「 oblem facing the lranian economy. " adds the Governor. this 「 ega 「 dis that we shall inc 「 ease the degree of transpa 「 ency throughout the lranian This is not only a vitalachievement fo 「 D 「 Seif, but it is also a ve 「 y positive indlcation economy. We have already sta 「 ted implementing those measu 「 es and plan to conti- Of the ove 「訓 stewardship ofthe economy unde 「 the 「 efo 「 mist Rouhani administ 「 ation. nue. We therefo 「 e expect this tO so positively affect lran's c 「 edit 「 ating. " he concludes. Logistics and T 「 ansportation Key tO Post-Sanctions Development With the anticlpated post-sanction economic b00mコ「 an's t 「 ansport secto 「 is the country th 「 ive as a ma 「 itime hub."We should enhance ou 「 port facilities as expected tO take on the challenge 0 「 delive 「 ing the necessa 「 y infrast 「 uctu 「 e its mo 「 e than 90% Of ou 「 t 「 ade with the world is ma 「 itime and this is projected to economy now needs, while SO p 「 oviding thousands of much needed 」 obs. g 「 OW," he adds. early 2016 lran climbed from being positioned 27th on the Transpo 「 tlntelli- The signing Of the MOIJ with the PO 「 t Of Antwe 「 p is already one Of the most sig- gence 「 ankings for emerging markets tO being 「 anked 15th on the list of attracti- nificant post-sanction developments fO 「 the t 「 anspo 「 t sector. Fu 「 the 「 more the Po 「 t veness fO 「旧 ternatlonalfinancing 0 「 the sector. of Chahaba 「 will 「 eceive an investment of up to $20 billion fo 「 m 司 0 「 development By Septembe 「 it had become clea 「 that high levels ofinvestment in transport and the const 「 uction Of a Special Economic Zone. and logistics were planned 0 「 already underway. lran's t 「 anspo 「 t indust 「 y can Mr Mohammad Kiaie, Managing Di 「 ecto 「 and Chalrman of the Boa 「 d at Rah Sha- now be a major d 「 ive 「 behind delive 「 ing lran's gIObal economic position fo 「 yea 「 s hrlnternational G 「 oup is a 0 bullish about the secto 「 's futu 「 e. ℃ urinfrast 「 uctu 「 e tO come and given the enviable fact that lran has the hlghest number of enginee- is 「 unning at capacity and this presents great potential fo 「 investors. We need to ring graduate 引 n the world per capita, the 「 e should be untOId possibilities for the develop ou 「 po 「 ts, railways and aviation sector and instil a culture of logistics. " This sectO 「 tO develop. validates the opinion that the secto 「 is ripe fo 「 investment and growth. The lslamic Republic 0 冂「 an Shipping Lines (IRISL) one of the wo 「け s top ・・ Since the lifting of sanctions. companies are looking to lran fo 「 much rno 「 e than 20 に「 gest shipping companies and its Chairman and Managing Di 「 ectO 「 , Dr MO- hyd 「 oca 「 bon oppo 「 tunities and the possibillties that t 「 anspo 「 t and logistics offer, hammad Saeidiis clea 「 about the opportunities fO 「 the sectO 「 and for fO 「 eign coupled with di 「 ect access to mo 「 e than 14 neighbouring count 「 ies, put 引「 an in a investors. "There are CiVi ト engineering and gene 「創 const 「 uction p 「 OjectS such as urmque position," he adds. 「 ailways, po 「 ts and dams that a 「 e undoubtedly appealing tO foreign partne 「 s IOO- ・・ T 目 e 「 e a 「 e two things that. should they happen, could expedite g 「 owth in 信 n. king tO explO 「 e OPPO 「 tunities in lran. " Fi 「 st, is to have a 「 egulatory system forthe private sectO 「 and the second isto unders- IRISL aims tO benefit from lran's st 「 ategic geographical position and help tand the true meaning Of logistics when it comes tO t 「 anspo 「 tation," he concludes. lran's banks became outdated unde 「 the sanctions regime and two steps are needed tO restore them tO health. First they need tO be 「 eintegrated with foreign banks. Second, banking 「 egulation and compliance must be brought intO line with internationalstandards by fully implementing the pillars Of the BaseI accord on bank safety 「 equirements'

currency ()e means keeping it artificially 10W the campaign, Trump vowed t0 bring down the relative tO the dollar tO gain a trade advantage) , U. S. national debt, but the odds of that happen- ing are long. He wants tO cut bOth corporate and the Chinese central bank is now desperately re a se defense spendin tain the curre nt value 0 f ー the -. 工 en ュ・・・ , , , , ・ , ・ - - ーーーーーーーーーーー minbi against the dollar. Thanks to a weakening and spending on national infrastructure. The domestic economy and a stronger dollar, Chi- only way t0 d0 this without blowing out the bud- nese lnvestors are hustling money out Of their get deficit is tO reform entitlement programs— country and intO dollar-based assets. China's Social Security and Medicare—which House massive foreign exchange holdings dropped $ 70 Republicans are all for. The problem? Trump billion in December tO their lowest level in six isn t. He has no enthusiasm for cuts in entitle- years, and the pressure is intensifying—partly ments. So the budget deficit is likely t0 explode, which in turn means the U. S. will have tO borrow because 0f fears 0f devaluation. Yu Yongding, a former adviser t0 the people's Bank Of China, more from abroad to fund itself, which likely rattled markets at home recently when he said means further upward pressure on the dOllar. And is likely t0 drive up the trade defi- the renminbi cannot be allowed tO depreciate more than 25 percent this year. lnvestors tOOk cit, Just as it did in the Reagan era¯something that to mean that the current PBOC effort tO Trump most certainly does not want tO happen, (TRADE) WAR prop up the renminbi will ultimately fail—and given hOW he campaigned as a trade warnor. GAMES: The array Here's where Trumpononucs arguably could that devaluation is inevitable. Of policies the Trump administra- turn calamitous. Consider what's happenmg That means Chine se lmports are likely tO tion wants all point in China right now: Despite Trump s constant mcrease—not decline, as Trumpwould like. Given to a trade war with harangues about BeiJing manipulating its the politics in Washington, that makes an outright China. And at some point, U.S. stock in- trade war with China all but inevitable. vestors will notice. Alre ady, the B e ijing government has 十 leaked word than any effort by the し S. tO discriminate against Chinese goods will result in problems for American multinationals. The government is THE BUDGET DEFICIT IS LIKE- LY TO EXPLODE, WHICH MEANS THE U. S. WILL HAVE TO BORROW MORE FROM ABROAD. A1139 、 9d38W0018 、 319VN 13V 工 0 一 INAUGURAL PARADE IINEUP A15 already qmetly thre ate ning antitrust and tax inve stigations against them, and privately many U. S. companie s are already very nervous. A trade war between the world's two largest economles IS not an outcome thaÜanysanepolicymaker¯shou seek. Yet the array ofpolicies that the Trump administratlon wants all point ・ n th at d ire ction. At s omepointy. stock ー investors in the U. S. will notice that, and the current “ melt-up" will turn intO the exact opposite. ロ 0 NEWSWEEK 27 01 / 27 / 2017

THEY COME WITHOUT WARNING, AND SPREAD WRECKAGE AND CONFUSION AROUND THE GLOBE. At American intelligence agencies, they have dec- imated morale, according tO a government OffCial with ties tO that community. Key offlcers whO made personal sacrifices because Of their love Of coun- try are sprucing up their resumes in preparation Of Jumping tO the more lucrative private s e ctor. ln the field, agents are finding a growmg reticence among overseas sources tO continue taking personal riSkS tO provide information tO the United States about activitie s by foreign governments. ln South Korea, theyhave boosted feelings ofsecu- rity, as offcials there have confided tO contacts in the United States that they are feeling more secure. The Ame ric an gove rnment , they believe , will s 0 on take much stronger actlon ln response tO North Korea S the news media and on the internet follow for a few hours—Why can't flag burning be banned? why is a new Air Force One being bmlt?—before movmg on, unre solved, tO another Trump topic d' Tweet. Many presidents have used technology tO commu- nicate directly tO the citizenry. Franklin D. Roosevelt had what became known as his first "fireside chat ” over the radiO in March 1933 , during a time Of great fear about the health of U. S. banks. Dwight Eisen- hower conducted the first televised presidential news conferences. Ronald Reagan boasted Of going straight t0 the people in televised speeches when he believed Congress was holding up his agenda. And Barack Obama used social media, including Twit- ter, Facebook and Flickr. But all of these methods repeated flouting Of United Nations resolutions calling for Pyongyang t0 dismantle its nucle ar program and halt ballistic missile tests. ForAlec Baldwin, theyhave boosted his fame worldwide. They have informed people wh0 pay no atten- tion to TV that ratings for the C 房 i り ス ppr ビ reality show have fallen. For some on Wall Street, one execu- tive told Ⅳビルル々 , they have created a new strategy: betting on Trump slumps, ” in which traders watch tele- VISIOn news reports for a corporate development that might anger Don- ald Trump and then, in hopes he will tweet mean things, enter short-term trades where they would profit if the company's stock price falls. All Of these extraordinary events are the result of government by Twit- 旧 IMPOSS 旧 LE TO KNOW 旧 TRUM 円 SGIVING ACONSIDERED ARGUMENTOR 旧 」 UST REACTING TO SOMETHING HEREADONA CEREAL BOX. 0f reaching the public directly were designed t0 instill confidence or push for particular legislation, not tO attack 立叩 Mght 廱 for lampooning Trump or actresses like Meryl Streep for criticizing him at the G01den Globes. (lmagine for a moment Rea- gan proclaiming tO the nation that Trump was an overrated, failing businessman. Sad! ” in 1987 , when the New York developer criticized the president's foreign policy and ques- tioned his depth ofknowledge. ) Trump s seemingly uncontrolla- ble tweeting was a prominent part of his life long before he began his latest bid for the White House. But throughout the campaign, his Twit- ter obsession struck even hiS allies as bizarre, as he tweeted repeated attacks on the parents Of an Ameri- ter, a bizarre world in WhiCh an internet com- mumcations platform combines with an lmpulsive president tO create glObal chaos in mvestment mar- kets, overseas halls ofpower and domestic agencies. ln the morning or afte rnoon or the middle 0f night, Trump delivers 140-character proclamations on pol- icy and piffe in arbitrary flashes 0f power and spite that shOOt across the virtual firmament without warn- ing. Discusslons and debates about their content in N E W S W E E K 30 can soldier killed in combat, the news media and almost anyone who criticized him publicly. The worst came when he relentlessly tweeted insults at a former Miss Universe who had criticized him for degrading her when he ran that beauty contest; the flurry Of almost maniacal tweets, tapped out on his mobile phone when most ofthe rest ofAmerica was asleep, once again led tO questions about whether Trump had the self-control t0 be president. But 01 / 2 7 / 2 017

SPECIALADVERTISINC SECTION lran- Foreign lnvestment, Mining and lnsurance MIDHCO Becomes A Top lranian Brand 旧 Less Than IO Years Razilnsurance Sets High Standa 「 ds NOt only is Dr Mazluml a fervent supporte 「 ofhis country's but he also has the distinction of being the CEO of lran's first eve 「 p 「 ivate insurance company. Since it began a me 「 e 13 yea 「 s ago in 2003, RaziInsu 「 ance Company has expanded to such an extent that it cu 「「 ently providesinsurance cover fo 「 two and a half million lranians and employs 5,000 staff ac 「 oss 40 agenciæ. "We have already insu 「 ed mo 「 e than ten million people over the years," he explains. NOt keen to 「 eston hislaurels, D 「 MazIumiis eage 「 tost 「 ess thatthere is ℃ om fo 「 im- p 「 ovementin lran'sinsurance industry and that there is 「 oom fo 「 insu 「 ers f 「 om ab 「 oad tO ventu 「 e intothe lranian market. However, any new playersin the ma 「 ket will have to adhe 「 e to RaziS impressive standa 「 ds and ensu 「 e they c.an meet custome 「 s' expectations. "The most impo 「 tant thing OLI 「 company iS ou 「 values and OLI 「 firm commitment t0 custome 「 satisfaction. This is crucial both f 「 om the standpoint of management and ou 「 employees We prcy Vide ou 「 custome 「 S With the maximum coverage we can and the mostimpo 「 tant ele- ment of customer satisfaction in the 旧 su 「 ance industry lran espeaallyis the speed Of payment Of claims. ltis very impo 「 tant for us to pay claims very, very quickly. This is a CO 「 e value for ou 「 company, staff and managers, and is undoubtedly one ofthe most importantthings fo 「 us and a crucialfacto 「 behind ou 「 ongoing succæs" he explains. lnsurance penet 「 ation 「 emains low in lran, but acco 「 ding to MazIumi that is only good news, as the 「 e is t 「 emendous potential for g 「 owth, hence the emphasis he places on training and human capitaldevelopment. Razilnsu 「 ance Company has provided cove 「 fo 「 some of IranSIargest p 「 uects, in- cluding the South Pa 「 s Gas P 「 OJect (Phases 1 to (O), which is the largest gas plant in the Persian GuIf, but they a 0 0 秤 e 「 general cove 「 fo 「 health, liability, engineering and aviation. Thei 「 policies cu 「 rently cove 「 many airline fleets. Nowthe company is eyeing international expansion and it has acqui 「 capitalfrom sha 「 eholders to open b 「 a nchesi n neighbou 「 ing cou ntres. Fu rthe 「 afield they hope one day tO 0 n b 「 anches in North Ame 「 ica to p 「 ovide cover for the lranian diaspora. MlDHCO'sState-of-the-ArtTechnoIogy lran's Middle East Mines and Mine 「 allndust 「 ies Development HoIding Company (MIDHCO) was established less than a decade ago. に began its ope 「 ations with an t 圄 capital Of $IOO million and yet, nine sho 「 t yea 「 slater MIDHCO is listed on the Tehran StOCk Exchange,it has 16 subsidiaries and has already invested $ 3 billion, with a fu 「 the 「 $ 2 billlon of investments planned. "ln recognition Of our rema 「 kable performance, MIDHCO was g 「 anted the NationaI ExceIlence Awa 「 d as one 0 「 the top six companies in the count 「 y. Fu 「 thermo 「 e, MID- HCO'S ranking in the wo 「に top IOO mining companies stands in 37th place, which indicates a conside 「 able ma 「 ket capitalisation growth," explains M 「 AIi Asgha 「 pour- mand, MlDHCO's CEO. Credit cannot be taken away f 「 om MlDHCO's impressive g 「 owth; it has built a st 「 ong brand very quickly and it has ca 「 ved an extrao 「 dina 「 y development path sin ce its inception. However,I 「 an's mining secto 「 potential allowed it the pe 「 fect p に t 「 0 「 m whichit could nu 「 tu 「 e its 「 apid rlse. に is estimated thatl 「 an holds p 「 oven mineral 「 ese 「 ves of ove 「 43 billion tonnes that could be wo 「 th mo 「 e than $700 billion. The country possesses 68 diffe 「 ent types of mine 「 als, including 27 billion tonnes 0ⅱ「 on 0 「 e and 2.6 billion tonnes of coppe 「 , which accounts fo 「 4 % of globalrese 「 ves. As a holding company, MIDHCO has taken advantage of the natural 「 esources by investing in companies active in explO 「 ation and mining ope 「 ations as well as pro- duction 0 「 chemicals fO 「 WhiCh mine 「 alS have been used as raw mate 「 ials. Fu 「 the 「 mo 「 e, MIDHCO invests in companies that 0 幵 e 「 mining and mining indus- t 「 ies related consulting, financial and economic, comme 「 cial, management and su- pe 「 ViSO 「 y se 「 vices, as well as companies, WhiCh a 「 e involved in the development 0f p 「 Oduction plants within lran O 「 ove 「 seas. "Mining p 「 esented us with a highe 「 variety of 「 esou 「 ces than oil and gas and the sector has ten times the potential and a good busness mind will natu 「 ally invest in it," says the CEO. lmportantly he adds, ・・ we concentrated on steel and coppe 「 and the p 「 ocess we gained a 25 % ma 「 ket share fo 「 each. " Though it was also the compan ゾ s strategy that propelled them to success, "we produce all the 「 aw mate 「 lals and the subsidiary 「 aw mate 「 ials fo 「 ou 「 expansion p 「 o- jects, SO we a 「 e locally connected to the mines and this generates ve 「 ticalinteg 「 ation and highe 「 quality end p 「 oducts. " lnnovation and state-of-the-a 「 t technology has so been key to MIDHCO's success and what they have done tO minimise ha 「 mfulresidues at coppe 「 plants is expected tO be 「 eplicated by companes 訓 ove 「 the world. NOW MIDHCO is IOOking tO fO 「 eign investo 「 s and joint ventures to 0 「 ive futu 「 e g 「 owth. "We a 「 e inte 「 ested in having 」 V 引 n the mining secto 「 and we have the ideas, the knowledge and the 「 esou 「 ces," he concludes. Bank oflndustry & Mine Bank oflnd ustry and Mi ne, a Leader ⅲ 市 4 t 「リ 0 tndustrie 0 me BANKING SERVICES ・ Corporate Banking ・ SME Banking ・ Private Banking (Wealth & Asset Management) 第 Project Finacing + lndustry & Mine + lnfra-Structure (Rail Road, Aviation , Maritime Transportation & Communication) + 0 ⅱ , Gas & PetrochemicaIlndustries + Chemical & Pharmaceuticallndustries + High Tech lndustries & RenewabIe Energy ・ Sustainable DeveIopment 第 Environmental Protection Fo 「 Progress, Development & Better Life WWW. bim. i 「 Email: info@bim.ir

lran SPECIAL ADVERTISINC SECTION A RegionalPowe 「 house 〇 nce Again Open f 〇「 Business Under President Rouhani's stewardship, the new administration has succeeded in mitigating the negative impact Of sanctions on lran's economy. By designing prudent macro-economic policies, while moving forward the negotiations on lran's nuclear programme, hiS administration has man- aged tO bring stability backto the economy and engender promising prospectsfor investment in the post-sanctions era. Untapped Growth Potential One yea 「 afte 「 inte 「 national sanctions we 「 e lifted, lran is enjoying being back in the world economic and t 「 ade club. By restO 「 ing lran's histo 「 ic links with the world, P 「 esi- dent Rouhani's administration is hopefulthat the count 「 y will att 「 act fO 「 eign capital, g 「 OW its export potential and inc 「 ease its technological capacity, SO that it can benefit f 「 om a long-term economic boom Hisintent was clea 「 f 「 om the first day Of his adminis- t 「 ation; 1 am committed tO fulfilling my p 「 omises tO my people, including my pledge tO engage in const 「 uctive inte 「 action with the wo 目 d. " Economic g 「 OWth has p 「 eviously st 「 uggled, but by suc- cessfully achieving the lifting Of international sanctions, lran's GDP g 「 owth could su 「 ge tO 5 % 0 「 6 % by Ma 「 ch 201 ス bringing the count 「 y close 「 tO its ta 「 get Of 8%.InfIation has SO been cont 「 OIIed, d 「 opping f 「 om 40% 的 the sanctions era tO 「 ecently ease intO single digits. These imp 「 ovements lead the Governo 「 of lran's Central Bank, Dr Valiollah Seif, tO state 1 「 an is now a very good envi 「 onment fO 「 investo 「 S tO realise thei 「 R 日乙 旧5u 「ロ nce 〔 0. expectations and lrecommend thatinvesto 「 s take a close 「 look at lran. " Many investo 「 s a 「 e taking notice and in the last 12 months, agreements on billion-dolla 「 investments have been 「 eached with Eu 「 opean companies With its highly educated and young population Of 80 million, lran iS now a major att 「 action fO 「 investors looking fO 「 bette 「「 eturns than 的 their home ma 「 kets. Sectors such as Oil and gas. financial se 「 vices, inf 「 as- tructu 「 e, tourism, and hospitality a 「 e now set tO beco- me viable competitors on the globalinvestment stage. D 「 Younes Mazlumi, CEO Of Razilnsu 「 ance Company concu 「 S, 1 「 an can be a very St 「 ategic country fO 「 com- panies tO invest in. We a 「 e a country that Offe 「 s huge oppo 「 tunities. " Mr Mohsen 」 a 圄 pou 匚 President of the influentiall 「 an Chamber Of Commerce,lndustries. Mines and Agricultu- 「 e is keen tO point out what opportunities exist and he explains that;"in OiI and gas p 「 OJects and development plans, we a 「 e at the ve 「 y top Of ou 「「 egion, while many ー am committed tO fulfilling my promises tO my people, including my pledge t0 engage in constructive interaction with the WO d. ” H. E. Hass Rouhani PresidentofIran neighbou 「 ing count 「 ies a 「 e unfO 「 tunately th 「 eatened by ext 「 emism and politicalinstability. lran the g 「 ound is well prepa 「 ed fO 「 us tO WO 「 k on ou 「 strengths tO help bring g 「 ea- te 「 stability and p 「 osperity tO the 「 egion. " M 「 René Ha 「 un, Managing Di 「 to 「 atthe German-lranian Cha m 「 Of Comme 「 ce a 0 suggests that now is the time tO take 記 OOk at the possibilities in lran. "Eve 「 ybOdy should come and visit lran tO expIO 「 e the opportunities availa ble in the count 「 y.lt is importantto act now, as it is a chanceto start something new and carve out a niche," he explains. You will alwayslook after our kjds.. but whol&oksafteryou? www.Razi24.(0 m Sponsored Feature Produced by Quantum P 「 oductions www.quantum-p 「 oductions. CO. uk

a considered argument reflecting the direction Of his administration based on input from experts, or is Just reacting tO something he read on a cereal bOX. One example: ln a tweet on North Korea, Trump may have been trymg t0 accomplish something, or simply may have been t1Y1ng to sound tough. On Jan- uary 2 , he typed, "North Korea Just stated that it is in the final stages ofdeveloping a nuclear weapon capa- ble ofreaching parts ofthe し S. lt won't happen!" The tweet could be an act of diplomatic bril- liance or misinformed nonsense. Kim Jong Un, the dictatorial leader Of North Korea, IS renowned One 0f the biggest foreign policy failures 0f the Obama administration has been hOW it has dealt with North Korea's missile tests, an approach that could be called "speak loudly and carry no stick. " Despite dozens of tests by Pyongyang—each a violation 0f the し N. resolutions—Obama did almost nothing in response. That approach, experts say, emboldened K1m and led to fears among South Korean offcials that the United States might not be willing to defend their nation against a North Korean attack. Trump's tweet changed that, and now the south Koreans have tOld at least one American adviser whO spoke tO N ルルた anonymously SO as not tO dam- age his relation ship with 0ffcial s the re that they are cautiously optimistic the president plans tO aggres- sively confront the North. "He had the right kind Of response tO North Korea, says Bruce Bennett, a senior defense analyst at the Rand Corporation. "The question he has to face is, is he really going tO make [North Korea s missile tests] a maJOr issue, and ifhe does, what is he going t0 do t0 try to prevent [them] from happening?" If he chose, Trump could take very strong actions. The United States could push Beijing tO control Kim by refusing t0 d0 business with any Chinese company that also does business in North Korea. (That, Of course, runs the risk Of setting 0 代 a trade war. ) Or he could simply warn Pyong- yang that the United States is prepared t0 sh00t down any missiles North Korea tests. China would strongly oppose that, but a Trump administra- tion could tell offlcials there to force their North Korean allies tO stop or the United States will stop them instead. Then, of course, if China balks and Kim tests American resolve, Trump would have tO follow through on his threat, an action that would never be condemned by the U. N. since he would be dOing nothing more than enforcing its resolution. Or, the tweet meant nothing, and Trump was Just impulsively reacting tO something he heard without any consideration Of long-term policy and with no understanding of Kim's long-term habit of bogus blathering. South Korean offcials believe that no one ascending tO the American presidency would just blithely tweet out such an aggressive statement without thought, SO they are certain Trump plans tO have stronger policies regarding North Korea. But in truth, there is no way to tell what has meaning and what doesn t in his 315 tweets since the election. Ⅳどル 5 ルた sorted Trump s 315 tweets since the election, November 9 tO January 12 , into 16 cate- gories, including domestic policy, foreign policy, 2055 0 十 WALLTWEET: Some traders now watch fO 「 corporate news that might upset Trump and then, in hopes he will tweet mean things, enter trades where they would profit if the company's stock price falls. for bragging about his country possessing abili- tles it doesn t, and this was one Of those instances. Pyongyang has gotten no further than testing intermediate range missiles, which have failed in seven out Of eight tests. Those missiles—if they even worked—could not make it half the distance between North Korea and the continental United States; they would even nuss reaching Hawaii by about 1 , 500 miles. SO North Korea is nowhere close to being able t0 reach the United States with a nuclear device, and the statement was Just another one Of Kim's saber-rattling-without-a-saber. SO if Trump was taking North Korea's boast seriously and just combatting a bellicose statement with a bellicose tweet, that was silly. On the other hand, if Trump's statement was thought out rather than impulsive, it was shrewd. 十 TWITTER DIPLOMACY:In a tweet on North Korea, Trump may have been trying tO accomplish some- thing, 0 「 trying tO sound tough. The tweet could be an act Of diplomatic brilliance 0 「 misinformed nonsense. 32 N E W 5 W E E K 01 / 2 7 / 2 017