the Iranian government’s encouragement for foreign investment.1.2 Benefits of doing business in Iran - summaryīenefits of trading in Iran for UK businesses include: Guidance issued by the US Office of Foreign Assets Control (OFAC) with further information on US sanctions can be found on the US Department of the Treasury website. The Iranian government is keen to attract foreign investment and technology transfer across all sectors. Other sectors in this diversified economy with the potential to contribute to the country’s Gross Domestic Product ( GDP) growth and employment and where UK business has particular strengths include:
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Iran’s significant oil and gas reserves will be an important driver of economic growth. Iran is the biggest new market to enter the global economy in over a decade, offering significant opportunities in most sectors, with potential to grow as the market in Iran expands. There is a positive outlook for UK-Iran trade relations.
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Re-opening of the British Embassy in Tehran in 2015, the upgrade in diplomatic relations and the appointment of Nicholas Hopton as British Ambassador to Iran on 5 September 2016, marked an important step forward in diplomatic relations between the two countries. The Department for International Trade ( DIT) – based both in the UK and in the British Embassy in Tehran – is on hand to support trade and investment between our 2 countries. The UK government supports expanding our trade relationship with Iran and we encourage UK businesses to take advantage of the commercial opportunities arising from the lifting of sanctions. On 16 January 2016, Iran received extensive economic and financial sanctions relief following confirmation from the International Atomic Energy Agency (IAEA) that Iran had met its obligations under the nuclear deal agreed on 14 July 2015, meaning the country is now able to trade more freely globally. As of 5 November 2018, US nuclear-related sanctions have been re-imposed on Iran following the US withdrawal from the Joint Comprehensive Plan of Action (otherwise known as the Iran Nuclear Deal) on.
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