Iran has been planning to launch oil and gas projects worth $185 billion by 2020 after successfully signing a nuclear deal with the world powers. Iran has followed a realistic approach during the long years of sanctions and has emerged as a real economic power not in the region but also on the world development index. The deal has opened doors for Tehran to rejoin the international community and the European countries; especially Germany is ready to establish business and trade relations with Iran. It is surprising to note that Iran has not only survived economic sanctions, but also doubled its gross domestic products during the years of suppression. According to an Iranian minister Reza Nematzadeh, instead of importing the Western technology, the Islamic Republic will focus on its oil, gas and car industries to increase its exports to the European countries. The Iran policy-makers are looking for a two-way trade with the developed economies and technological cooperation in design and engineering. Tehran will concentrate on technological advancement and will discourage blind import of goods and machinery from Europe. The Iranian industry is self-reliant and resilient and produces quality products of international standards. The years of sanctions could not make a big dent in its economy.
On another note, the United Nations Security Council has already endorsed the deal to end economic sanctions on Iran in return for an agreement on its nuclear programme.The nuclear deal is in the interest of Iran as well as the world, though it requires a go ahead signal from the US congress. Difficult times are ahead for Iran to satisfy the nuclear inspectors who are required to confirm that Tehran is complying with the international commitments. On economic front, apart from Germany, many other European companies are interested in reestablishing business in Iran. Germany is sending a delegation of its leading business figures to Tehran.
Iran is our immediate neighbour and it is in the interest of Islamabad to establish strong economic relations with Tehran. Pak-Iran gas pipeline project, which was held in abeyance for years, should be revived as the major hurdle in its way in the form of economic sanctions has been removed. Iran has identified nearly 50 oil and gas projects worth $185 billion and it is a golden opportunity for Pakistani investors to take their share of business in Iran. The Pakistani government should also secure its side of border and take stern action against smugglers and anti-Iranian elements in Balochistan.
