The Re-opening of Iran?


The deadline for the US and Iran to reach a nuclear negotiation is this November. Businesses worldwide are thusly anticipating the re-opening of one of the world’s largest economies. The fact of the matter is that Iran is rich in natural resources, in human capital and potentially well-developed manufacturing and processing capabilities. There is a high likelihood that America is going to lift the major sanctions early on in the upcoming agreement. American companies will have a great opportunity to tap into this world, but it looks like European companies are already winning the race. While Iran has the world’s second-largest gas reserves, the world’s third-largest oil reserves and significant rare earth deposits, its consumers have been shut out of global markets because of the UN, the US and EU sanctions after it refused to suspend its uranium enrichment plan. Ironically, this actually pushed the Islamic Republic to develop its internal production capabilities. For instance, the internet and e-commerce sectors, while underdeveloped, are amenable to a few variables which will highly increase their potential. The country is a huge purchasing country, two-thirds of the population are under 35 and its tourism potential, while absolutely stunning, is barely booked online at all. The fact is that American sanctions are more complex and politically sensitive than UN or European sanctions because they require the US Congress to cooperate. Read more at Business Insider.