Economy, Domestic Economy

Call for Shifting Attention From Sanctions to Internal Woes

Call for Shifting Attention From Sanctions to Internal WoesCall for Shifting Attention From Sanctions to Internal Woes

Although the western sanctions imposed against Iran over its nuclear energy program have adversely affected the economy, internal obstacles are to blame for the larger part of economic stagnation, said deputy minister of Industries, mines and trade, Mojtaba Khosrotaj.

In an exclusive press interview dubbed “Effects of Sanctions on Iran’s Economy and Business”, Khosrotaj said, “The local economy has proven to be capable of overcoming sanctions with efficient management, halting negative economic growth and helping it to take a turn for the better,” IRNA reported.

Calling for the analysis of plans like ‘Resistance Economy’ – a set of guidelines proposed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to counter sanctions, promote domestic growth and reduce reliance on oil revenues – he said investments by Iranian expatriates could also help improve the economy.

He also called for comprehensive research on the standing of state capital “given that opportunities for investment and economic growth will be abundant once the nuclear talks [currently underway between Iran and six world powers] yield positive results.”

Lawmaker Hamidreza Fouladgar, who also attended the program, maintained that cumbersome regulations and parallel organizational structures in the country have undermined investments. He said sanctions account for 20-30% of Iran’s economic woes and can be thwarted with the management of financial resources. He believes improving the economic state must not be contingent on the results of nuclear talks.

“Implementing the ‘Continuous Improvement of the Business Environment Law’, which has repeatedly been mentioned by President Hassan Rouhani could alleviate the problems to a good extent,” he said, stressing that banks must sell their excess properties as per the ratified laws.

“The fact that Iran needs foreign investments, technical knowhow and advanced equipment from developed nations to expand its industrial sector cannot be denied,” said Seyyed Hamid Hosseini, a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture.