Economy, Domestic Economy

Tehran Will Decide Future Partners

Tehran Will Decide Future PartnersTehran Will Decide Future Partners

In the post-sanctions era Iran will pick and choose its trade partners rather than being chosen by others (under the sanctions regime), First Vice President Es’haq Jahangiri said Tuesday.

“Only international companies willing and able to set up joint ventures with us are welcome,” he added.

Iran will not let its market of 80 million people be flooded with imports of consumer goods in the post-sanctions era, he added, trying to console some quarters apprehensive about uncontrolled and unorganized imports after the sanctions that could hamper the domestic production units already facing huge challenges due to cheaper imports, especially from China.

“Of course the government will not adopt a restrictive, hands-on approach either. We will lend support to those who want to create jobs and invest,” IRNA quoted him as saying.

Addressing foreign investors, Jahangiri noted that long-established industries, experienced industrialists, an educated workforce and an 80-million-strong market are among the advantages of investing in Iran.

“The banking system should help domestic investors and provide resources for the private sector. To that end, President Hassan Rouhani has called for an overhaul of the banking system,” he said.

Echoing the oft-mentioned criticisms of prominent economists and experts, the senior official admitted that the banking system is outmoded, lethargic and facing challenges. “It is grappling with many problems and cannot provide the youth with strong financial backing for employment and welfare.”

The mission of our diplomats will be incomplete if “we are unable to exploit the true potential of the private sector in order to turn the economy around,” the vice president said.

Iran and six world powers last week signed an historic deal in Vienna that puts restrictions on Tehran’s nuclear program and calls for the lifting of all economic sanctions imposed for over a decade due to the West’s dispute over the Islamic Republic’s nuclear energy program.