British enterprises are reportedly studying what experts have described as a huge potential for investments in the Iranian economy over the next decade.
The Telegraph in a report emphasized that the total value of investments in Iran’s trade and infrastructure sectors could reach as high as $600 billion by 2027.
It said projects of special interest including the renovation of the country’s airports as well as the construction of new international airports. The report quoted British consultants as saying that other sectors attractive to investors included Iran’s rail network among several others.
“Is there an opportunity here for UK business? Of course there is,” Amanda Clack, the head of Infrastructure and consultancy EY, told The Telegraph.
“Deliverability is key and contracts could be won by British companies on the basis of professionalism. These skills are underpinned by high standards and regulation which means the companies are more likely to offer a robust approach to the work.
The report further quoted figures released by the British government as showing that the value of exports to Iran was 42 percent higher than the value of exports in the same period in 2015.
Nevertheless, it emphasized that the main problem in increasing British Iranian trade lies in the absence of banking facilities because of the fear by European banks of American primary sanctions against Iran which were retained even after the Iran nuclear deal in late 2015.
“Until the American election there were indications that some UK banks were willing to handle direct transactions with Iran under certain conditions. Since then attitudes of the banks seem to have become more cautious and restrictive,” The Telegraph quoted the British Iranian Chamber of Commerce (BICC) as saying in a statement.