Ali Taiebnia
Iran's potential – with its abundant natural resources, young and educated workforce, advantageous geographical location and emerging status as a tourism hub – can now be realised with the sanctions imposed against the country dropped. This is an opportunity that cannot be missed, writes Ali Taiebnia, the country's minister of economic affairs and finance.
 
After taking over the presidential office in early August 2013, the government of Hassan Rouhani has managed to bring about major changes both in Iranian politics and the economy. The new political and economic environment arising from these positive developments is the primary reason behind the abandonment of efforts to isolate my country, and the decision by many countries to compete for greater political and economic relations with Iran.
Under Mr Rouhani's stewardship, the new administration has succeeded in mitigating the negative impact of sanctions on Iran's economy. By designing proper economic policies, while also moving forward the negotiations on Iran's nuclear programme, the new government has managed to bring back stability to the economy and engender promising prospects for investment in the post-sanctions era. 
A country of many talents
Iran enjoys a special geopolitical and geo-economic position with rich and diverse underground resources. It has the second largest natural gas reserves, ranks fourth for its proven crude oil reserves, is first in zinc deposits and second in copper. Iran has a young and educated workforce, a diverse climate, rich civilisation, abundant tourist attractions for travellers, a consumer market of 80 million locally, and 350 million people in neighboring countries. Access to these advantages adds to the attractiveness of Iran. These factors, in addition to the policies adopted by the new government to promote greater interaction with the international community and deliver greater stability to the economy, have greatly added to the attractiveness of opportunities in Iran.
In the two years since Mr Rouhani took office, the new government, of which I am proud to be a member, has succeeded in achieving a number of economic objectives by adopting proper economic policies and putting in place robust monetary and fiscal discipline. This government has increased the gross domestic product growth rate, after two consecutive years of recession, to 3% in 2014. It has increased the investment growth rate – which fell sharply to -23% and -6.9% in 2012 and 2013 respectively – to 3.5% in 2014.
In addition, the government has reduced the average annual inflation rate to 14.8% in 2014, from its peak of 40.4% in the autumn of 2012. In light of greater stability and confidence in the market for goods and services, we anticipate a single-digit inflation rate within a short period of time. Meanwhile, the erratic fluctuation in foreign currency exchange rates has been controlled.
A reform agenda
This tangible improvement of the macroeconomic situation is not solely the result of better fiscal and monetary discipline. Running parallel to this process, the government is making substantial efforts to bring about structural and institutional reforms in order to create a more conducive environment for investment. Iran has also made noticeable progress in improving indices that are monitored and periodically published by reliable international institutions. For example, the ranking of Iran in the World Bank’s Doing Business survey improved from 152nd in the 2013 report to 118th in the 2015 report, while the country's ranking in the World Economic Forum’s Global Competitiveness Report improved from 83rd in 2014 to 74th in 2015.
Moreover, as a result of foreign trade facilitation efforts, we have managed to achieve a number of objectives. These include reducing the average number of days for customs clearance formalities from 26 days in 2012 to four days in 2015, while the number of official documents required to export goods has fallen from seven in 2012 to three in 2015. 
We have also implemented major projects for the creation of the 'single foreign trade window', further privatisation and deregulation, foreign investment promotion, improving the business environment, the promotion of non-oil exports, the expansion of capital markets, the modernisation of the banking system, greater transparency in taxation and in government and public procurements and transactions, and fighting corruption. These efforts, combined with sustaining our fiscal and monetary discipline, will lead to a more stable macroeconomic environment and a more favourable climate for doing business in Iran.
Life after sanctions
All of these achievements have been executed under circumstances in which my country was facing unjust sanctions that severely limited trade in goods and services and payments through banking system while negotiations with the P5+1 (China, France, the UK, the US, Russia and Germany) were continuing. Fortunately, we are now on the verge of the lifting of these oppressive economic sanctions against Iran which will facilitate our economic connections with the outside world. With the lifting of sanctions, the frozen financial resources of Iran will be freed, new trade and banking relations will be facilitated, and we will have greater access to external financing. It is for this reason that economic analysts predict a positive outlook for investment and further economic growth for Iran in the coming years.
As the most powerful country in the Middle East and north Africa, with untapped markets and numerous promising projects ripe for investment, it is our intention to make best use of the opportunities arising from the lifting of sanctions in Iran’s next Five-Year Development Plan that starts in early 2016. This development plan envisages major investment projects in various sectors, including oil and gas, petrochemical industries, transportation, information and communications technology, agriculture, water resources management, food processing industries, automotive industries, mining and tourism. We are also looking for new technologies for export-oriented industries with the aim of increasing the volume, value, diversity and quality of products. We welcome the participation of major banks and companies for these investments.
Iran is a model of stability in our region and we intend to make use of our geopolitical and geo-economic position to turn Iran into a hub for regional commerce and financial services. Through stronger bonds of trade and affinity with our neighbours, we can help consolidate mutually reinforcing relationships and interdependence, which will also help strengthen regional stability and security.
Investment wanted
The implementation of development projects and the attainment of the desired economic growth rate in Iran will require the mobilisation of massive resources, including billions of dollars of financial facilities from inside and outside the country. The government of Iran intends to turn its sixth Five-Year Development Plan into an opportunity for greater mutually beneficial economic relations with the rest of the world.
We are interested to see the participation of other countries in the financing of development-oriented and hi-tech projects in Iran, and welcome the active participation of investors in Iran's capital markets. National laws and regulations in Iran have been amended to offer full protection for foreign investors, and there are also substantial incentives and concessions in our tax laws for special hi-tech industries, with additional incentives in place in some provinces.  
It is because of this positive outlook, as we approach the final implementation of the Joint Comprehensive Plan of Action, that more and more economic and banking delegations from Europe, Asia and other regions are visiting Iran. They are searching for ways to expand their trade and economic relations with our country. We believe this change of attitude toward Iran augurs well for our country. It is our intention to make use of this opportunity to lay a solid foundation of mutually reinforcing relations. This is a historic opportunity for Iran and the world, and we must not miss it.
Ali Taiebnia is Iran's minister of economic affairs and finance.

Source: Banker Magazine

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Published: 23 January 2016

 
Lord Norman Lamont, President of Britain-Iran Chamber of Commerce voiced his gratitude to Iran and US foreign ministers for achieving nuclear accord and stressed that British companies are now looking forward to explore Iranian market.
[Lord Lamont: British firms looking forward to explore Iran market]

'This is a great day. Congratulations to Minister Zarif and Secretary Kerry who have worked tirelessly against opposition in both their countries,' Norman Lamont, President of Britain-Iran Chamber of Commerce told IRNA.

He added that this agreement 'I hope will be the beginning of much better relations between the Islamic Republic and the UK'.

Stressing on the win-win situation of nuclear accord, Lamont said, 'Of course it will take a little time for the effects to become visible, but my earnest hope is that it will not be too long before the Iranian people who have suffered from the effects of sanctions experience some benefits.'

“Let us remember trade is for mutual advantage. I know many British companies are looking forward to exploring the Iranian market. There is a lot of interest and excitement,” added the President of Britain-Iran Chamber of Commerce.

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Published: 17 January 2016