iranian european firms hobnob with eye on postsanction bliss
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Iranian, European firms hobnob with eye on post-sanction bliss

Arab Today, arab today

Arab Today, arab today Iranian, European firms hobnob with eye on post-sanction bliss

Turquoise Partners CEO Ramin Rabii
Geneva - AFP

Iranian and European business leaders gathered in Geneva Thursday to explore the massive opportunities expected to open up when years of biting sanctions against Tehran end, although experts warned huge challenges remained.

"We're seeing a lot of activities and a lot of interest from foreigners," enthused Ramin Rabii, the head of Turquoise Partners, Iran's largest managers of foreign portfolio investment on the Tehran stock market.

He told AFP he expected Iran's economy to grow at a rate of between six and eight percent for the next decade after the sanctions are fully lifted.

Rabii was representing one of nearly 600 companies and organisations taking part in the Europe-Iran Forum, among them French industrial giant Alstom, Germany's number two power supplier RWE, National Iranian Oil (NIOC), the Tehran Stock Exchange and Iran's central bank.

Held in a luxury hotel overlooking Lake Geneva, it was the first international business conference of its kind since Iran and world powers reached a historic nuclear deal in July.

The deal aims to curb Tehran's nuclear drive in exchange for a gradual lifting of the crippling sanctions imposed on Iran's economy since 2006.

The lifting of sanctions, set to start next year, is expected to return long-awaited foreign investment to Iran, which has a population of almost 80 million people and boasts the world's fourth largest oil reserve and its second largest gas reserve.

"Iran will be the biggest country to enter the (global) financial system since the break-up of the Soviet Union," said Amirali Handjani, vice chairman of PG International Commodities Trading Services, highlighting the opportunities available to European companies willing to invest.

"The EU was once Iran's largest trading partner a decade ago. Now Russia, China and India have taken over. I think they have a real appetite to get back in, and the Iranians are welcoming them back," he told AFP.

But while the interest is rife, most deals are still off limits since the most punishing sanctions on Iran's banking and oil sectors remain in effect.

 - No El Dorado -

 For major companies, one priority is getting Iran reconnected to the global network of SWIFT banking transactions to enable firms located there to transfer funds in and out of the country.

Once that happens, "business will be easier and it won't be as costly," Handjani said.

But even when the main sanctions are lifted, experts say Iran will not be an El Dorado, given the wealth of issues complicating the process of doing business: the political risks and regional instability; Tehran's outdated legal system; its restrictive labour laws and its lack of experience dealing with international investors.

Since a range of sanctions not linked to the nuclear issue will remain in place, companies will also need learn what is and is not permitted, and there is also the risk that sanctions could be re-imposed.

"Without an enhanced due diligence, you will have a tough time working in Iran," Swiss ambassador to Iran Guilio Haas told the conference.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iranian european firms hobnob with eye on postsanction bliss iranian european firms hobnob with eye on postsanction bliss

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iranian european firms hobnob with eye on postsanction bliss iranian european firms hobnob with eye on postsanction bliss

 



GMT 04:22 2017 Tuesday ,26 December

Israel in touch with '10 countries' over embassy moves

GMT 19:43 2017 Friday ,06 October

Employee safety top priority at Khalifa Port

GMT 16:19 2017 Friday ,28 April

ISIS Suspect Arrested in Western Germany

GMT 12:57 2017 Monday ,11 December

50 Students Poisoned by Contaminated Well Water

GMT 16:31 2017 Thursday ,10 August

Palestinians will discuss decline of aids

GMT 21:15 2017 Saturday ,04 March

Obama never ordered surveillance on any US citizen

GMT 10:00 2017 Thursday ,09 March

Russia ‘can be good friends with GCC’

GMT 02:13 2017 Wednesday ,22 February

Russian helicopter crash kills 19 in Siberia

GMT 13:23 2017 Tuesday ,05 December

Lebanon PM Hariri rescinds resignation

GMT 00:39 2017 Tuesday ,05 December

Gunmen kill cleric in Aden, southern Yemen

GMT 11:43 2016 Thursday ,24 November

Will learn from Euro exit

GMT 06:56 2017 Tuesday ,17 October

US ‘not taking sides’ between Iraqi forces, Kurds

GMT 19:59 2017 Thursday ,16 February

Syrian opposition's chief negotiator arrives in Astana
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday