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Why should I invest in Iran

Iran qualifies from many respects to be a good location for investment and doing business. it has huge potential for investing after the termination of economic sanctions, Some of the features are highlighted below:
1. Vast domestic market with a population of 80 million growing steadily 2. Young, educated and cheap labor force 3. Excellent strategic geographical position 4. The quick and easy access to neighboring markets with a population of 350 to 400 million 5. Developed and ready infrastructure 6. Cheap and abundant raw materials, energy and transportation 7. The four-season climate and climate variability in the country 8. Fiscal incentives 9. Security and political stability 10. Untapped and consumer market ..

Minister of Petroleum Bijan Zangeneh and Chairman and Chief Executive Officer (CEO) of French Total Patrick Pouyanné met in the Austrian capital on Thursday prior to the 172nd OPEC conference.

The 172nd Meeting of the Organization of Petroleum Exporting Countries (OPEC) Conference is to be held in Vienna within hours on Thursday.

The today OPEC meeting is to focus on the extension of the November 2016 agreement on cutting oil supply.

In Nov, 2016, Pouyanné in an interview told CNN that “it would be happy to be the first Western oil company to reach an agreement with Iran.”

According to Shana, National Iranian Oil Company (NIOC) has signed a heads of agreement (HOA) with a consortium comprising the Total, CNPC and Petropars for developing project on the phase 11 of the supergiant South Pars Gas Field.

Iran’s 12th Presidential election removed an important part of obstacles in the way of new oil contracts’ implementation, said Bijan Zangeneh, Minister of Petroleum on Wednesday.

Bijan Zangeneh, on the sidelines of agreement ceremony for manufacturing CRA (corrosion resistant alloys) pipes, told reporters that the main topic of the OPEC (Organization of the Petroleum Exporting Countries) meeting which is going to be held on Thursday would be the extension of the November 2016 agreement on cutting oil supply.

As to Saudi Arabia’s possible resistance to the extension, he said that Saudis are now favoring high oil prices. The minister also ruled out any cut on Iran’s oil production.

Responding to a question on the time of Iran’s gas export to Iraq, Zangeneh told that the main obstacle in this regard is the letter of credit (LC) that should be issued in order to export gas.

The 172th meeting of the OPEC will be held in the organization’s headquarters in Vienna on Thursday.

Russia and Saudi Arabia, the two biggest oil producers in the world, have already announced that the agreement of oil output cut was required to be extended for another nine-month period.

The agreement was signed first in the official meeting of the oil OPEC in November 30, 2016 in Vienna; it was the first such consensus of the cartle since 2008 on cutting oil output aimed at pushing up the prices by curbing global supply glut.

According to the agreement, implemented since the first months of this year, OPEC decided to cut its oil production 1.255 million bpd for six months.

Iran, Nigeria and Libya were exempted from the cuts, as they are struggling to restore their oil production levels which were hit by sanctions and internal crises.

In continuation of the banking openings after the nuclear deal between Iran and G5+1, Saman Bank opened its first branch in Rome, after the Central Banks of Iran and Italy had granted the necessary licenses.

Saman bank opened its first agency in Rome in order to provide financing, investment, banking, and legal consulting services and also to create conditions for investment and to introduce investment opportunities to the European, especially Italian, investors.

According to Saman Bank’s Public Relations and Customer Care official Mansoor Momeni, using the positive atmosphere created after the nuclear deal, Saman Bank opened the Rome agency based on the previous experiences and with the purpose of facilitating Iranian industrialists and traders’ activities.

The Saman Bank’s Public Relations and Customer Care official said that, according to the contract signed between Italy Export Guarantee Funds (SACE) and the Iranian Saman Bank, an exclusive credit line was set up for Saman Bank.

During the fourth edition of Iran-Europe Banking and Business Forum in late April in Tehran, 2017, it was announced that some Iranian banks would shortly open agencies in Europe.

After the nuclear deal, AKA Joint Comprehensive Plan of Action (JCPOA), there have been a lot of openings in banking, such as expansion of banking relations with other countries, removing limitations on Iranian banks in other countries and temporary suspension of Iran from among the countries not cooperating with the Financial Action Task Force (FATF).

Iran requires about 30 billion dollars of investment in offshore sector, Deputy Minister of Industry, Mining and Trade said on Monday.

The Joint Comprehensive Plan Of Action (JCPOA) has paved the way for great projects in offshore and onshore sectors, said Mansour Moazzami, referring to the landmark agreements between Iran and the world major powers.

According to the agreement signed in 2015, Iran accepted to curb its nuclear program in return for sanctions relief.

Describing JCPOA as a good opportunity for the country, which may not last forever, Moazzami who is also Managing Director of Industrial Development & Renovation Organization (IDRO) of Iran added that according to the assessments, Iran would require an investment of $ 30 billion in its offshore sector.

Speaking at the International Offshore Industries Conference, he added that agreements would be signed with Korea’s Daewoo, as well as National Iranian Tank Company (NITC) and Islamic Republic of Iran Shipping Lines (IRISL) on shipbuilding.

The 7th International Offshore Industries Conference May 22-23 is being held at Sharif University of Technology in Tehran, attended by experts, policy makers, engineers, contractors, manufacturers, university professors and other communities of the maritime sectors.

Foreign tourists in Isfahan's ancient Imam Square.
Foreign tourists in Isfahan’s ancient Imam Square.

Iran’s tourism industry has been identified for a third straight year to have the most affordable prices in the world for foreign visitors. 

A biannual report published by the World Economic Forum (WEF) gave Iran a score of 66.6 in terms of price competitiveness and put it ahead of global tourism players such as Egypt, Malaysia, Russia, Turkey, Greece, Spain, the US, Franc and Italy.

The last 10 countries at the bottom of the list in the same category included Peru, Australia, Denmark, Senegal, Norway, Iceland, Barbados, Britain and Switzerland.

The price competitiveness of countries in the WEF’s “Travel and Tourism Competitiveness Index 2017” were measured by comparing costs relating to travel to and from a destination (travel costs including ticket prices, taxes, fuel rates, etc) and those relating to prices within the tourism destination (ground costs including hotel prices, service rates, food prices, etc).

Iran was also given a ranking of 38 in terms of cultural resources – the number of World Heritage natural sites, total known species, total protected areas and attractiveness of natural assets.

The country outperformed several European countries including the Czech Republic (42), Denmark (43), Hungary (45), Romania (46) and Norway (47) in the same category.

At the top of the list in the same group were China, Spain, France, Japan, Italy, Germany, Britain, Brazil, India and Mexico.

Overall, the WEF report showed that Iran’s overall travel and tourism competitiveness ranking had improved by four points over the past two years.

It identified Iran as the 93rd country with the appropriate set of factors and policies that enable the sustainable development of the travel and tourism sector.  Those factors, it said, include business environment, safety and security, health and hygiene, human resources and the labor market as well as its readiness in terms of information and communication technology (ICT).

The country’s closest rivals in the Middle East with lower rankings are Lebanon (96) and Kuwait (100) and those with higher rankings include Jordan (75), Oman (66), Saudi Arabia (63), Bahrain (60), Qatar (47) and the UAE (29).

The top 10 best performing countries are Spain, France, Germany, Japan, the United Kingdom, the United States, Australia, Italy, Canada and Switzerland.

The bottom 10 worst performing countries are Benin, Lesotho, Nigeria, Mali, Sierra Leon, Mauritania, Congo, Burundi, Chad and Yemen.

Overall, the report said the Middle East and North Africa, led by the United Arab Emirates (29th), had improved its travel and tourism competitiveness. Better ICT infrastructure, lower prices, partial improvements in international openness and some progress in nurturing cultural heritage have created better conditions to develop the tourism sector overall. Still, natural and cultural resources remain mostly underexploited, international openness is still limited and security perceptions remain the biggest hurdle, it emphasized.

The vice president of Iran’s Chamber of Commerce in a meeting with his counterpart from Switzerland’s Canton Ticino urged the expansion of banking relations and utilizing Eurasia capacity for expanding trade between Iran and Switzerland.

Pedram Soltani in the meeting with Marco Passalia pointed to an Iranian delegation’s visit to Switzerland last October and declared that another delegation is on its way to that country.

Pointing to the banking, tourism, technology, pharmaceuticals, services and many other fields of cooperation, the official predicted a good future for the economic ties between the two countries as a result of the Joint Iran-Switzerland Council.

Soltani also urged private sectors of the two countries to pave the way for banking relations as one of the main prerequisites for economic ties.

Describing Iran-Switzerland’s cooperation as unsatisfactory for the time being, he stressed that Switzerland Irann could boost cooperation with the Commonwealth of Independent States (CIS) through its collaboration with Iran.

Soltani explained that since Iran is going to be a Eurasian Economic Union soon, the business opportunity should be utilized the most, as the region is ideal for exports.

“Iranian and Swiss companies could launch joint activities in different fields, with exporting to the CIS as part of their agenda’, he added.

Passalia, for his part, emphasized that his country’s current focus is on a few countries, adding that Russia, Kazakhistan and Iran are among the main export, trade and joint economic cooperation targets of Switzerland.

Pointing to the Iranian delegation to Switzerland as composed of energy, steel, and banking activists, he predicted that in foreseeable future, big agreements would be signed between the two countries.

He welcomed Iran’s Chamber vice president’s suggestions on trade with Eurasia, and expressed his country’s interest in trade with the region.

Vice president of Switzerland’s Canton Ticino Chamber of Commerce also stressed on the importance of free trade to his country, adding that Switzerland has signed 39 agreement in the field with various regions all over the world.

European Climate Action and Energy Commissioner Miguel Arias Canete addresses the first-ever Iran-EU Business Forum on Sustainable Energy in Tehran on April 29, 2017. (Photo by moe.gov.ir)
European Climate Action and Energy Commissioner Miguel Arias Canete addresses the first-ever Iran-EU Business Forum on Sustainable Energy in Tehran on April 29, 2017. (Photo by moe.gov.ir)

Iran’s exports to the European Union have increased by over 300 percent after the implementation of the historic 2015 nuclear agreement between Iran and the P5+1 group of countries, European Climate Action and Energy Commissioner Miguel Arias Canete says.

Speaking at the first-ever Iran-EU Business Forum on Sustainable Energy in Tehran on Saturday, Canete added that trade between Iran and the union showed 79 percent boost following the implementation of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), IRNA reported.

According to figures released by the European Union’s statistics agency Eurostat in February, Iran’s exports to the EU stood at €5.494 billion in 2016 as compared to €1.235 in 2015 due to the EU resuming oil imports from Iran following the nuclear deal.

Canete expressed the 28-nation bloc’s keenness to cooperate with Iran in the nuclear energy sector and said the JCPOA prepared the ground for the resumption of Iran-EU cooperation.

The commissioner reiterated the EU’s support for the nuclear agreement and said Iran and the union started to cooperate with each other in different sectors in 2016 and managed to sign many agreements.

He urged both sides to continue to upgrade their cooperation and expressed hope that the ongoing forum in Tehran would lay the ground for interaction in clean energy.

Canete expressed the readiness of the European countries to transfer their experience in the development of clean energy to Iran so that Tehran would be able to meet 30 percent of its energy needs from renewable energy resources by 2030.

He noted that he would help European firms make more investment in Iran.

Iran and the five permanent members of the United Nations Security Council – the United States, Britain, France, China and Russia – plus Germany signed the JCPOA on July 14, 2015 and started implementing it on January 16, 2016.

Under the agreement, limits were put on Iran’s nuclear activities in exchange for, among other things, the removal of all nuclear-related bans against the Islamic Republic.

Following the conclusion and implementation of the JCPOA, Iran and EU member states launched cooperation and signed several agreements in various fields.

More than 50 European companies and business associations and some 40 Iranian energy companies are participating at the Tehran forum with the purpose of enabling business relations and partnerships between Iran and the EU and laying the ground for further cooperation and joint partnerships in the energy sector.

It will provide a platform for investors and businesses to look into investment opportunities for clean energy, renewable energy efficiency and energy conservation actions in Iran.

Transmission and Distribution of Electric Power in Iran (Tavanir) and South Korean KEPCO Company signed memorandum of understanding (MoU) in the field of electric industry here on Saturday.

Managing Director of Tavanir Aarash Kurdi and Executive Vice-President for Overseas Operation of KEPCO Hyang-Reol Lyu signed the MoU.

In a signing ceremony, Kurdi said that the first MoU is in the field of CDM, which by technical assistances of the South Korean side; the collecting, refining and recycling SF6 gas is to become operational in Iran.

He added that SF6 is frequently used as insulator in high-voltage electrical equipment and using the gas in world electric industry is under international protocols and now the Korean side is to share its know-how with Iran in this concern.

Concerning the second MoU, KEPCO is to launch energy saving system in Iran and implement a probationary project that in case of success, the system could be used in high-rise building, hospitals.

KEPCO Vice-President hoped that cooperation with Tavanir to be promoted to higher levels.

Long-term relations between Iranian and European banks are expected to develop especially in financing civil engineering and production projects, Governor of Central Bank of Iran (CBI) Valiollah Seif announced.

Seif made the remarks in the Fourth Iran-Europe Banking and Business Forum which was held on Saturday at IRIB’s International Conference Center, Tehran.

Various banks have held detailed negotiations with Iran’s banking network, he said.

He pointed to the history of Iran nuclear deal which is also known as Joint Comprehensive Plan of Action (JCPOA), saying that it resulted in maintaining economic balance in the country.

One of the JCPOA’s achievements is that CBI and the banking system as well are fulfilling their responsibilities in planning, developing economy, strengthening financial sector, constructive engagement with international financial markets, establishing up-to-date standards, clarifying banking operation system, etc.

He referred to suitable conditions of Iranian banks and international institutions to resume baking ties with Iran, saying that Iran’s economy with unique capacities is one of the best possible alternatives for foreign investment.

Seif underscored the importance of the international cooperation role in revitalizing Iran’s domestic economy and in technological development of the country.

Vice Governor of Economic Affairs of the Central Bank of Iran said that the ratio between Iran’s foreign debt and GDP has reached 2.5 percent and the ratio between foreign debt repayment and export has reached 6.2 percent that creates an appropriate atmosphere for foreign investment attraction to Iran.

Referring to the advantages Iran’s economy have for attracting foreign investment, Peyman Ghorbani said at the 4th Trade and Business Forum Iran Europe that lowering the inflation rate to below 10 is a result of President Rouhani’s administration.

Ghorbani said that Iran’s economic growth is positive now and that although a big part of the growth took place in oil industry, non-oil parts like agriculture, industries and mining have also experienced some growth.

He mentioned Iran’s fourth rank in oil reserves, first in natural gas reserves, 10th in mines, 15th in tourism, and the big number of educated young population as among Iran’s economic advantages.

The Monetary and Banking Research Institute is now holding the 4th Trade and Business Forum Iran Europe in the IRIB International Hall. The conference started on April 29 and will finish on April, 30.

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