A land of opportunity
As the second largest economy in the Middle East and North Africa region, Iran has always had tremendous economic potential, and for businesses large and small there are incredible opportunities for investment and operations throughout the country.
In almost every market sector, Iran has room for significant growth, and while the petrochemical and refinery industries are obvious areas of investment for multinationals, there are many opportunities at every level for companies to explore.
For instance, the communication and tech industry present an opportunity, with a population of over eighty million that have significant purchasing power today, and with per capita GDP expected to rise by as much as 20% in the next 5 years, well into the future. That level of purchasing power and a thirst for tech that improves lives, means that whether it be smartphones or other tech, the market is open for all.
In fact, it is that consumer purchasing power, and the speed with which it is increasing, that makes Iran such a wonderful opportunity. With more than 60% of the Iranian population under the age of 30, it represents one of the largest consumer markets in the region, and with a strong appetite for foreign products, one that is welcoming for new innovation and ideas from all over the world. From soft drinks to branded fashion, there is a market for imported products of all kinds.
The key to success in Iran is like in any other new market, finding a need and providing the product or service that fulfils it. In this regard, Iran is like any other market, but there are some differences to pay attention to. Unlike many other countries that are significant suppliers of oil and gas, Iran has a diverse economy that is more expansive that others in the region. In addition, the geographical location of Iran places it as the perfect conduit for trade between India and Russia, as part of the INSTC trade route. For any investment, that makes Iran even more valuable, as the potential to add value to any investment is increased by such progress.
In fact, this new-found place in the world trade system has already led to an increase in the construction industry. Both residential and commercial projects are being launched at a rapidly increasing pace, and here again is opportunity for businesses in the sector, especially those providing innovative approaches and new ideas.
With its position set to take advantage of the fast-growing Indian economy, a population with significant, and increasing, purchasing power, and a long-standing love of imported goods, Iran may seem too good to be true. However, this is the reality of Iran today, and it means a wealth of opportunity available for businesses in all market sectors, and with a government actively encouraging external investment, it represents one the best new markets for investment and commerce today.
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