Economy, Domestic Economy

Private Sector Seeks Stronger Role in Asia

Private Sector Seeks Stronger Role in Asia
Private Sector Seeks Stronger Role in Asia

Iran can play a pivotal role in expanding cooperation between East and West Asia, despite all external pressure in the past years aimed at isolating the country.

“Iran is among the next 11emerging economies,” Said Yahya Al-e Es’haq, head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture, during an economic event in India.

He criticized the current regional organizations for inaction, saying that Asian nations must be more cooperative.

Iran is among top 20 economies, according to the International Monetary Fund. The country is the 17th in terms of purchasing power parity, and 21st in terms of GDP.

Although Iran’s economy has suffered negative growth over the recent past years as a result of western sanctions, “our economy is bouncing back this year, and according to reliable forecasts by major economic centers, such as IMF, the accelerated pace of economic growth will be maintained in the coming years,” he said, while speaking at the 4th Global Economic Summit on Asia: Powering Global Markets, which is held on September 11- 13 in Mumbai.

Sanctions against Iran intensified in 2010 over a nuclear dispute between Tehran and the west, including the US.  Al-e Es’haq tried to justify his remarks about Iran’s role by presenting three reasons:

Firstly, he underlined that the country is “the most stable and safest country in the turbulent region of Middle East,” as the region has in recent years turned into “a breeding ground for political and military conflicts.”

As the second reason, he highlighted the country’s geopolitical position. “Iran can serve as a hub for communication routes and energy pipelines connecting East and West Asia.

He also pointed to Iran’s energy resources which he said enable the country “to ensure market stability for consumers in East Asia.”

“Iran possesses close to 16% of the world gas reserves, 132 trillion barrels of proven oil reserves, placing it in the first and third position respectively,” he noted.

He also touched on the subject of “natural resources and educated young and skilled human resources,” which he said were “instrumental” for economic stability.  

Asian nations need “greater and multifaceted relations” in future, especially among their private sectors.

The Iranian government has recently adopted policies to encourage its private sector to get more involved in the economy. Such policies “have given greater power to private sector establishments, especially chambers of commerce and industries, to have a greater role in shaping the economic future” of the country, he explained.

He said the chamber is ready to cooperate with private sectors of regional nations to expand ties and strengthen businesses.