US, EU call on investors to do business in Iran

US, EU call on investors to do business in Iran

Western powers say they 'will not stand in the way' of companies and financial institutions engaging with Tehran

By Kasim Ileri

WASHINGTON (AA) – The U.S. and the European Union have pledged to help investors re-engage with Iran now that nuclear-related sanctions on Tehran have been lifted.

A joint statement by France, Germany, the U.K., U.S and the European Union on Thursday read: “This commitment to lift sanctions was fulfilled on Implementation Day, January 16, 2016, and, as a result, there are now extensive economic opportunities for companies and financial institutions in Europe and around the world to do business in Iran.”

“We will not stand in the way of permitted business activity with Iran, and we will not stand in the way of international firms or financial institutions' engaging with Iran, as long as they follow all applicable laws,” the statement added.

The EU said it was also looking at possible cooperation with Iran “including the use of export credits to facilitate trade, project financing, and investment in Iran”.

The Western powers also called on the Islamic Republic to create a favorable environment for investors to do business in the country, pledged to help companies to “clarify all sanctions-related matters and ensure that permissible business is not prevented by the lack of information.”

In July 2015, Iran and six world powers, including the U.S., Russia, China, France, Germany and the U.K., signed the Joint Comprehensive Plan of Action to ensure the peaceful nature of Tehran’s nuclear program.

Under the terms of the deal, Iran agreed to curb its nuclear program in exchange for the lifting of international sanctions.

The U.S. has maintained some sanctions in response to Iran’s destabilizing activities and alleged sponsorship of terrorism in the Middle East as well as its ballistic missile program.

Tehran has complained that these sanctions continue to prevent it from benefiting fully from the nuclear deal.

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