Ending Sanctions on Iran
On July 14, 2015, a historic deal on nuclear capability was reached between Iran and the world powers (the United States, the United Kingdom, France, Germany, Russia and China), bringing to an end 35 years of international sanctions and frozen diplomatic relations. If you’re a Western investor, now is the time to capitalize on this welcome, and among ordinary Iranians, eagerly-awaited thawing of relations.
When Tehran delivers its end of the bargain, economic sanctions on Iran’s financial, energy and trade sectors will be removed, opening up a massive opportunity for you to invest in the country’s $400 billion economy. The political climate is changing, with a new spirit of cordiality being extended from the Iranian administration itself to Western investors. At a recent Iran-EU trade conference, for example, the country’s industry minister, Mohammed Reza Nematzadeh, told over 400 business delegates that Iran was no longer interested in unidirectional importation of machinery and goods from Europe. “We are looking for two-way trade, as well as cooperation in development, design, engineering and joint investment for production and export,” he stated.
Iran’s Economic Recovery
Iran’s economic recovery is being led by its manufacturing sector, which saw impressive growth of 6.7% in 2014 (the country’s mining sector outperformed this national average, growing by a spectacular 9.8%). The country wants to triple the number of cars it manufactures by 2025, and is eager to harness the interest shown by major Western firms (including General Motors and several European and Japanese carmakers) in joint production.
Iran’s mining sector needs an additional $20 billion in investment by 2025 to explore and develop more mines – investment that Iranian ministers know will have to come from abroad. These requirements for further economic development are likely to foster far more co-operative and peaceful relations than at any time since the fall of the Shah of Iran in 1979.
If you’re still dubious about anti-Western sentiment, the rhetoric of “the Great Satan” in relation to the US is already dying away and was never embraced by the majority of ordinary Iranian citizens anyway, according to one of the leading authorities on Iran-U.S relations, Barbara Slavin. She found ordinary Iranians hungry for good relations with the West; they want to live in a more peaceful, prosperous and safer world.
Dr Shahram Shirkhani, an experienced legal consultant and successful entrepreneur based in Tehran, is an example of the rising class of internationally traveled and forward thinking Iranian business leaders who want inward investment to the country. He and many others like him believe the thawing of relations will lead to a win-win situation for both Iranian businesses and Western investors. If you’re among the latter, you can look forward to gaining traction in an already developed, modern Middle Eastern economy that is hungry for greater prosperity. The deal represents the opening up of an unprecedented opportunity.
In summary, a long-awaited thawing of relations between Iran and Western powers has been inaugurated by the signing of the nuclear deal. A new era of cordial international relations and mutual prosperity is at last within reach.