Arab Today, arab today iranian european firms hobnob with eye on postsanction bliss
Last Updated : GMT 04:21:17
Arab Today, arab today
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.

 

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*

Arab Today, arab today iranian european firms hobnob with eye on postsanction bliss Arab Today, arab today iranian european firms hobnob with eye on postsanction bliss

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday