Iran Accord Sparks Race to Tehran as Automakers Target Deals
By Ladane Nasseri and Alaa Shahine - Nov 26, 2013
Sasan Ghorbani says the Iranian auto industry conference he’s organizing in Tehran next weekend is suddenly a hotter ticket than he’d expected.
Visas will be made available upon arrival to meet a surge in demand after the last weekend’s Geneva agreement to ease trade restrictions on Iran, said Ghorbani, head of the Islamic Republic’s auto-parts manufacturers association.
“Everyone asks us, ‘Did you know that sanctions would be lifted days ahead of this conference?’” he said in a phone interview yesterday. “To be honest, we didn’t.”
Among confirmed participants in the Iran Auto Industry International Conference on Nov. 30 are Renault SA (RNO) and Italy’s Pininfarina SpA (PINF), according to the event’s website. Their arrival holds out the promise of investment in an economy driven into recession by sanctions, and may add to the post-Geneva optimism that’s also on view in Iran’s unofficial currency markets, where the rial has surged since the accord was signed.
The agreement, which diplomats aim to replace with a final settlement in six months, will lift some trade curbs in return for restrictions on Iran’s nuclear work. That opens the door for international companies to enter a country of about 77 million people.
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http://www.bloomberg.com/news/2013-11-25/iran-accord-sparks-race-to-tehran-as-automakers-target-deals.html
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