Dubai hosts conference on investment in Iran's free zones

An international conference on the investment opportunities in Iran's free trade zones has been held in the United Arab Emirates business hub of Dubai.

The one-day conference was inaugurated Saturday night with Akbar Torkan, a senior advisor to Iran's President Hassan Rouhani, in attendance.

Addressing the inaugural of the conference, Iran's Ambassador to the United Arab Emirates (UAE) said the Islamic Republic has adopted a sustainable strategy to development of its free trade zones in order to attract foreign capital and boost trade with other countries.

“Iran's free zones have the potential to turn into regional export and import gateways, especially for Iran's neighboring countries on the southern rim of the Persian Gulf,” Mohammad Reza Fayyaz added.

The conference, which was organized by the Iranian Business Council in Dubai, was attended by a group of Iranian businesspeople and investors as well as a number of businesspeople from the UAE and Saudi Arabia.

The position of free zones in economic development of Iran, ways of attracting foreign capital and technology to Iran's free zones, and major grounds for investment in Arvand and Chabahar free trade zones, were major topics of discussion during the one-day event.

A report published on the Bloomberg website in mid-April said the prospects for the removal of Iran sanctions as a result of a possible comprehensive deal over Tehran’s nuclear program has apparently encouraged investors to plan a return to the country.

It added that the most immediate beneficiaries – in case anti-Iran sanctions are lifted – will be banks and developers in Dubai.

“Banks and real-estate companies could see a commensurate impact in terms of value of deposits or trade finance and property purchases,” the report quoted Hasnain Malik, the head of the frontier-markets equity strategy at Exotix Partners LLP in Dubai, as saying. 

According to the Bloomberg report, other businesses in the UAE that could see major benefits from the removal of sanctions on Iran include DP World that operates Jebel Port, Air Arabia, and Savola food producer that operates in Iran through a local branch.  

Sanctions were imposed on Iran by the US and the European Union at the beginning of 2012, alleging that there was diversion in Iran's nuclear program toward military objectives; an allegation that Iran categorically rejected.

The Islamic Republic and the P5+1 group of countries – the US, the UK, France, Germany, Russia and China – reached a mutual understanding on April 2 in the Swiss city of Lausanne, which is considered a prelude to the achievement of a comprehensive deal on Tehran’s nuclear program before a self-designated deadline at the end of June. A key point of the Lausanne statement was a promise to lift a series of economic sanctions on Iran – including those on the country’s energy sector.

SS/SS

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk