...

Iran’s private sector needs reforms in post-sanctions era

Business Materials 11 January 2016 16:29 (UTC +04:00)

Tehran, Iran, Jan. 11

By Mehdi Sepahvand - Trend:

Removal of sanctions is going to open doors of hope to Iran's private sector, some reforms by the government are needed before the private sector can dare do business with foreigners, said Tehran Chamber of Commerce Chairman Masoud Khansari.

While the private sector is in hopes of good days after international sanctions are removed, it is as much worried that it might lose the chance due to lacking basics, Khansari told Trend Jan. 11.

"The foreigners will come to Iran and are very willing to invest. But they have their conditions as well, which include security of investments, stable currency rates, etc.," he said.

"The government needs to take steps to prepare the ground. It needs to downsize the public sector, fix currency rates, boost transparency, and reduce corruption, to name a few," he added.

Khansari, speculating that the sanctions will be lifted January 20, said the private sector is currently grappling with lack of investment and technology.

To achieve a target economic growth of eight percent, some $700 billion investment is needed, which cannot be provided by Iranian banks, he stated.

The removal of sanctions is expected to come as part of a comprehensive deal between Iran and six world powers.

Iran's economy has suffered greatly for years under sanctions imposed on allegations of a disputed nuclear program.

Latest

Latest