As it is economically isolated, the country of Iran has received a chance to prove itself inside the global economy. The deal with Iran has been approved by the security council of the UN on the 13th October 2015 and adopted three days after. Based on news-coverage from that time-frame, it can be confidently said that Iran and a lot of other countries have been anticipating this big opportunity. Several countries have already sent their delegations to Iran for talks on business and its legal framework in Iran. As it is new to most Non-Iranians on many different issues, it doesn’t hurt to know some fundamental information about the country. The next posts will provide important data and how the JCPOA will boost the economy under the condition that all parties play along.
The 78 million population of Iran is spread across 1.6 million square kilometers in size, making it the 17th largest country in the world with a population size similar to that of Germany. Half of the population are active Internet and social media users . An astounding 41% of the entire population are under the age of 25, offering a huge and reliable foundation for economic growth. The GDP of Iran stands with USD 415 billion almost equal to that of the United Arab Emirates. Though still categorized as an emerging market, it has very high educational standards and the youth literacy rate standing at 98% while the university enrollment rate stands at 58%. It is the 16th biggest producer in academic articles and has high availability in scientists and engineers. A strong automotive industry big enough in size to produce 1 million vehicles a year, along with a high demand for luxury cars and a thriving pharmaceutical sector add up to it strengths.
Yet its economy is rather fragile than stable and foreign businesses need to acquire deep market knowledge to succeed. They also need to learn how to adapt to the people’s mindset: Iranians talk and communicate like diplomats while being proud of their cultural heritage, have a tough skin in business but are also known for being kind and generous. This will be a great chance for both International and Iranian businesses to learn from each other. Of course there will be a lot of cultural differences, though if their strengths are embraced rather than falling into unnecessary dispute, it will be a win-win.
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