News ID: 115918
Published: 0646 GMT April 18, 2015

Iran poised to become regional economic hub

Iran poised to become regional economic hub

By Bahman Arman

Iran's infinite potentials can help it become the sole superpower in the region.

The Persian Gulf country has huge mineral resources, sits on the world's largest natural gas reserves and is considered the fourth global oil producer. Likewise, it has access to lucrative regional markets and boasts of huge industrial capacities. Furthermore, the country is blessed with diverse weather conditions which makes it all the more advantageous.

These outstanding features distinguish Iran from the other so-called regional powers. Currently, Turkey and Saudi Arabia claim to be the biggest regional powers.

Nonetheless, Turkey's economic growth capacity is limited and its energy and mineral potentials are nowhere equivalent to Iran's. Saudi Arabia's economic potentials are not comparable with those of Iran either.

If Tehran and the major world powers manage to reach a final nuclear deal by the June 30 deadline, Iran will be able to attract huge investment. This is because the lifting of sanctions will help the country surmount obstacles to its economic boom. As a result, the Middle East state can be named as the leading economic superpower.

Opponents of a nuclear deal with the P5+1 (the permanents members of the UN Security Council plus Germany) are concerned over Iran's increasing power. This is because economic power can also turn Iran into a regional political hub.

Once the sanctions are lifted, Iran's foreign trade will rise dramatically. As an example, experts speculate that Tehran-Berlin trade turnover will reach $10 billion annually once the financial penalties are removed.

Major international firms are poised to rush to the Iranian market as soon as Iran and the P5+1 reach a final nuclear deal.

Economic pundits have projected that Iran's economic growth rate will exceed eight percent for consecutive years if the deal is signed. Hence, the rate will stand higher than that of China.

Iran has achieved major economic gains over the past years. For example, Iran ranks as the 15th steel manufacturer worldwide and a top cement producer. These gains have lured foreign investors into exploring ways to boost mutual trade.

Nowadays, foreign investors are awaiting the removal of financial restrictions. Iranian markets will witness stiff rivalry among investors once the sanctions are lifted.

To sum up, our national economy is preparing for a take-off. Political groupings must prioritize national interests over factional interests to help promote the national economy. The administration of President Hassan Rouhani should also make all-out efforts to promote sympathy and harmony among all walks of life and political factions.

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