Baku, Azerbaijan, Nov. 26
By Khalid Kazimov - Trend:
Iran's GDP growth will be the highest in the Middle East after the removal of sanctions, said the country's Economy Minister Ali Tayyebnia.
Tayyebnia made the remarks on the sidelines of the 31st session of Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) in Istanbul, IRNA news agency reported Nov.26.
We will join efforts in Iran to strengthen domestic production and at the same time we will make the best use of the economic chances abroad, he said.
Removing international sanctions against Iran in the near future will create great chance for Tehran to export Iranian products and attract foreign investors to the country.
Tayyebnia also said said that after removing the sanction Tehran will be capable of taking advantages of its frozen assets abroad.
Many economic experts believe Iran would get access to more than $100 billion dollar in frozen assets after the removal of financial sanctions.
Tayyebnia further added that easing the sanctions will serve Iran to export and also pre-sale its oil. In the meantime, the expenses of banking operations, insurance and shipping will be cheaper for Iran.
According to the World Bank's report Iran was the second largest economy in the Middle East and North Africa (MENA) region after Saudi Arabia, with an estimated Gross Domestic Product (GDP) in 2014 of US$406.3 billion.
The International Monetary Fund's (IMF) report released in October 2015 suggested that Iran's real GDP stood at 4.3 percent in 2014. The report predicted that Iran's GDP will hit 4.4 percent in 2016 while the estimated figure for 2015 was 0.8 percent.