International Affairs
The Chamber of Commerce of the Grand Duchy of Luxembourg, in close cooperation with the Embassy of Iran to the Kingdom of Belgium, the Grand Duchy of Luxembourg and the European Union has organised a seminar on business opportunities in Iran on Thursday June 30 2016. 115 participants attended this information session.
With about 80 million inhabitants, Iran is one of the biggest relatively untapped markets in the world and the second biggest economy of the MENA region. During his opening speech, H.E. Peyman Sadat, Ambassador of Iran to Belgium, Luxembourg and the European Union, confirmed that his country is interested in increasing economic interactions and confirmed the welcome by the Iranian government of a Luxembourg delegation headed by Minister Etienne Schneider in October (Dates will be confirmed shortly).
According to the World Bank, the Iranian economy progressed in 2015 after two years of recession. As stated by Dr Ahmad Azizi, Senior Advisor to the Governor of the Central Bank of Iran, a continued growth is foreseen for the years to come, 4,2% in 2016 and 4,6% in 2017. The Iranian banking sector comprises only 32 banks, experts from Luxembourg can certainly assist the Iranian financial centre technically to conform to international standards and share best practices.
At the beginning of this year, the international economic sanctions against Iran were widely lifted. The country tries again to join the global economy but has to modernize its infrastructures and its industrial installations. After an introduction done by IRALUX*, Reza Ansari, Vice-President of the Iran Chamber of Commerce, recommended joint-ventures with private companies and explained that the country’s large population base becomes an interesting market for consumer goods and services.
As explained by Katiana Khosroyar, Director at Gravity Partner, Iran is the largest mobile market in the Middle East with 83,2 mio of mobile subscriptions and ranks 18th in the world for internet users. The local VC’s industry is growing and new Fintech technologies have to be implemented.
Finally, Ahamd Jamli, Director General at OIETA, provided information about foreign investments in Iran.
As Carlo Thelen, Director General of the Luxembourg Chamber of Commerce, concluded: “There is a real interest from Luxembourg companies to bring commercial and economic relations with Iran to higher levels”.
*IRALUX (Iran & Luxembourg chamber of commerce and Industry), in its consultative role and with close cooperation with Iran Chamber of Commerce, Industries, Mines and Agriculture, assists in and contributes towards encouragement and expansion of trade and economic relations among entrepreneurs of Iran and Luxembourg. IRALUX encourages, supports, and facilitates trade missions from Iran to Luxembourg and vice-versa, as well as visits of businessmen either individually or in groups between the two countries. IRALUX fully supports its valuable members and regularly exchanges information of mutual interest on economy, foreign trade, trade rules and regulations, investment, customs as well as amendments pertaining to trade and investment legislations.
