Iran is back open for business
Over the past few years, Iran has been seen as a ‘no-go’ zone for global businesses. For decades, the country’s nuclear program caused concern amongst the international community, leaving a black mark on its trade ambitions.
In a landmark year for the country, having met with stipulations of the International Atomic Energy Agency, almost all financial and economic sanctions against it have been lifted.
In short, Iran is back open for business.
In fact, not only has the country moved away from its recent chequered past, it has cultivated an enviable environment in which to do business. Iran is the Middle East’s second largest economy - surpassed only by Saudi Arabia - with an educated workforce and over 48 million of its population under 30.
While the economy presents a relatively untapped opportunity right now, and uncertainty remains, this won’t be the case for long. While some businesses have been slow to react, experts have no doubts about the country’s potential.
Figures from UKTI show that EU trade with Iran is predicted to quadruple to $32bn over the next two years, boosted by the recent sanction removal.
Many businesses have already taken the plunge, with great examples ranging from Airbus to Daimler. The former, which signed a $25bn deal with the country in January, has also unveiled a joint initiative with the Iranian Red Crescent Society (IRCS) to train thousands of Iranian teens in robotics and resilience techniques. This demonstrates not only Iran’s financial draw, but also the faith businesses have in its long term future.
In light of its growing appeal to global businesses, and seemingly massive potential, we decided to send our Operations Manager - Brian Trow - to assess the opportunity on the ground. He came back suitably impressed.
Having no real idea what to expect, Brian was stunned by the sheer scale of the opportunity Iran presents. From the incredibly welcoming nature of the local population, to the appetite for foreign investment around every corner, the country has the feeling of a sleeping giant that’s well and truly woken. The buzz around the country was “palpable”.
At EMS, we’ve always prided ourselves on doing things differently. We strive to bring inspiring, creative and leading technical expertise together for our clients. The only way we can keep doing this consistently is by pushing the boundaries, whether they're metaphorical or geographical.
While Iran presents an example of the latter, we’re ready to seize the opportunity with both hands. Can your business say the same?