TEHRAN (ISNA)- Speculations have emerged in international media that the opening of the doors to Iran’s huge consumer market will be much wider to US businesses than before under a nuclear agreement that Iran has made with the P5+1.
Most US firms have been unable to do business with Iran over the past decade as rules permit only certain industries to make limited transactions in Tehran, reported Benzinga news website. However, under the nuclear agreement most American companies will be able to access Iran’s growing market, it added.
The report said the US Congress will hold a hearing over the removal of Iran sanctions in the near future. Nevertheless, it emphasized that a variety of American enterprises have already started to test waters over investing in the Iranian market in a post-sanctions era.
US media had earlier reported that tech giants like Apple, HP and Lenovo are currently trying to prepare the grounds for their presence in the Iranian market as soon as the sanctions against the country are lifted.
Nevertheless, Benzinga has reported that apart from tech enterprises, American financial institutions and automakers can also benefit significantly from the removal of sanctions against Iran.
International banks have been prohibited from conducting business with Iranian banks, but new rules permitting trade between the two will give banks more freedom to interact with each other, it emphasized.
The report specifically mentioned Germany’s Deutsche Bank that had been forced to pay hefty fines for doing sanctioned transactions with Iran. However, those transactions will be again legal once the sanctions against Iran are lifted, it added.
As for the automakers, Benzinga stressed that Western vehicles are expected to be in high demand in Iran once sanctions are lifted. And European car-makers like Germany’s Volkswagen and France’s Peugeot are expected to reap the benefits, it added.