Iran’s president Hassan Rouhani is in Europe for a four-day visit, arriving first in Rome and then heading to Paris. This will be President Rouhani’s first state visit to Europe. Officials say they hope this visit will help improve economic and commercial ties. With sanctions lifted, Iran can now access some $100 billion in frozen assets and pursue new trade opportunities.
Celebrations in Iran marked the lifting of sanctions – but now after the jubilation comes the hard work.
“Proper implementation will be a key contribution to improve regional and internationals peace, stability and security.” Federica Mogherini, EU Foreign Affairs Chief
Less than a week after the lifting of sanctions, the European Union’s announced it’s sending a delegation to Iran to begin rebuilding trade ties. Oil’s likely to be high on the agenda for both sides. The EU’s looking to diversify its energy sources away from Russia following the Ukraine crisis. And it comes at an opportune time for Iran’s oil industry which has stagnated in recent years, producing only a third of the volume of competitor Saudi Arabia.
Iran’s president says he expects international investment to reach 50 billion dollars next year. And experts say that would bolster Iran’s position as a major economic player in the Middle East.
Renault is expressing interest in setting up new manufacturing operations in Iran. The French carmaker’s also thought to be considering taking a stake in the state-owned carmaker Pars Khodro which assembles Renault vehicles in Iran.
The Iranian President Hassan Rouhani is visiting Europe this week for his first diplomatic offensive since the nuclear deal was signed, as the European Union is beginning to explore possible avenues for cooperation which may pave the way for more senior level visits to Iran in the coming months.
