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Iran aims at 8% growth this year, posted Reuters informing that Iran is seriously aiming for such an annual economic growth under a new development plan being implemented after the lifting of sanctions on the country this year, Iranian Energy Minister Hamid Chitchian said on Thursday.

Iran that was tethering along for years, sees growth under a post-sanctions plan up to 8%.   It would perhaps create another centre of development dynamics in the Gulf region that is plying under the 18 months old low oil prices.

Iran emerged from years of economic isolation in January when world powers led by the United States and the European Union lifted crippling sanctions against OPEC’s No.3 oil producer in return for curbs on Tehran’s nuclear ambitions.

Tasnim News Agency  reported that Iranian Minister of Economic Affairs and Finance called on the giant automaker Toyota and other Japanese auto manufacturing companies to invest in Iran as much as their French rivals, including Peugeot-Citroen and Renault, which are returning to the Iranian post-sanctions market.

Minister of Economic Affairs and Finance Ali Tayyebnia discussed opportunities for foreign investment in Iran and the government’s economic plan in a Thursday interview with Japan’s The Nikkei.

Iran offers significant opportunities for automakers, with a market of more than 70 million people. It can also serve as an export base to neighboring countries in Central Asia and other areas, Tayyebnia said.

Arabian business of 25 January 2016 published this article on Iran’s potential growth now that the hampering sanctions have been lifted.

Iran’s economy is forecast to grow by at least 5 percent in 2016 and has the potential to average 8 percent growth over the next five years following the lifting of international economic sanctions, a senior official has said.

Mohammad Agha Nahavandian, Chief of Staff of the Presidency of the Islamic Republic of Iran, delivered the forecast to participants in a special session at the World Economic Forum Annual Meeting 2016.

“The immediate result is that Iran will have access to its own reserves and will be able to finance more investment projects with its own capital and welcome international investment in development projects, whether national or regional,” he said.

Iran has quickly shifted from negative to positive growth and brought down inflation from over 35 percent to 13 percent today, Nahavandian added.

He told the meeting that Iran is focused on improving its business climate through reforms, including the Foreign Investment Promotion and Protection Act (FIPPA).

“Our global message is that diplomacy works,” added Javad Zarif, Minister of Foreign Affairs of the Islamic Republic of Iran. “That should be a very welcome message that all of us should entertain seriously when it comes to other issues.”

 

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