Iran Encouraging Foreign Investment As Sanctions Are Lifting
Iran will encourage foreign partners and investment as sanctions are lifted and the country seeks to boost its economy after July’s nuclear accord with the 6 UN world powers, President Hassan Rouhani said.
“Foreigners must bring investment and technology and partner with Iranians so that both sides can benefit by winning a share of the Iranian and regional markets,” Pres. Rouhani told reporters in Tehran Saturday. “The ultimate aim is to create employment for our youth.”
The nuclear agreement is helping to ease the nation’s political isolation, and has attracted European delegations in recent weeks keen to explore the opportunities arising from the removal of economic sanctions.
Pres. Rouhani’s government has come under attack by hardline politicians at home for conceding too much to the 6 UN world powers as part of the agreement. Some of his critics say that opening of Iran’s doors to foreign companies will only result in the import of Western consumerism without bringing much benefit for poorer Iranians.
Iran’s inflation slowed to 15.6% in June and Pres. Rouhani Saturday said the government is targeting single-digit inflation by the end of his term in Y 2017. The last time Iran’s rate dipped below 10% was in Y 1990, according to data from the central bank.
The President also said lower Crude Oil prices have created challenges for the nation. Iran is a member of the Organization of Petroleum Exporting Countries (OPEC) and Iran has increase its Crude Oil output from 2.7-M to 2.9-M BPD since he took office in August 2013.
Iran has over 55-M bbl of Crude Oil in floating stroage ready for market when the sanctions are fully lifted, so expect the price of Crude Oil to continue to head due South in here.
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