Iran open for business

Nahavandian (right) in Davos with Iran Foreign Minister Mohammad Javad Zarif. Keystone

Iran is ready to open its doors to foreign investors after the lifting of economic sanctions. That should please Swiss companies that will be joining a trade delegation led by Economics Minister Johann Schneider-Ammann at the end of February.

The United States, European Union and United Nations lifted sanctions last weekend following an agreement over Iran’s nuclear programme. Switzerland already lifted its sanctions in August of last year.

The new business climate could see a stampede of corporations towards Iran looking to seal lucrative deals in the oil and gas rich country. The Swiss government estimates that Swiss exports to Iran, which were CHF610 million in 2014, could double or triple within a decade.

Speaking at the World Economic Forum’s annual meeting in Davos on Wednesday, Mohammad Agha Nahavandian, Chief of Staff of the Presidency of Iran, said the country was open to business offers.

“Iran already has a strong economy that has proved its resilience during these long years of sanctions,” he said. “We are ready for any constructive proposal for many projects that have already been prioritised. Unfortunately because of undue sanctions the world economy has not benefited from this economic opportunity.”

Nahavandian said opportunities could be found in transport infrastructure projects, mining, ICT and the hospitality industry. He added that Iran was willing to sign up fully to World Trade Organisation rules.

“We have done a great deal of work in the last two years to improve the business environment,” he said. “The government is very serious about cutting red tape and facilitating trade. The message from the Iranian economy is that Iran has the capacity to be the most promising emerging economy in the coming decades.”