(VOVworld) – The US and the EU removed economic sanctions against Iran after a report by the International Atomic Energy Agency said Tehran had complied with the nuclear deal signed with P5+1 last July. Iran has quickly acted to reintegrate into the global economy.

Iran aims to increase tourism revenues to 25 to 30 billion USD annually

The benefits of the nuclear deal are visible. Iran now can export crude oil, its main source of income, and access approximately 100 billion USD previously frozen in foreign banks, enabling Iran to upgrade its technology and develop its economy. Iran’s banking, insurance, trade, transportation, and technology transfer sectors have new opportunities to prosper.

Actions for integration

Iran targets an annual growth rate of 8% and foreign investment attraction between 30 and 50 billion USD.  President Hassan Rouhani says Iran will grasp this opportunity to resolve economic problems, paving the way for growth.

On February 14 Iran shipped 4 million barrels of crude oil to France, Russia, and Spain. Iran hopes to export 1.5 million barrels a day from now to the end of March. That will increase to 2 million barrels a day in the next fiscal year. Iran plans to export a daily average of 300,000 barrels of crude to Europe and 200,000 barrels to Asian countries.

Iran has introduced an ambitious plan to increase tourism revenues to 25 to 30 billion USD annually. Iran's foreign ministry issues 30-day visas on arrival to tourists from 180 countries. Previously, tourists could only get 14-day visas with no extension. Iran has also eased visa regulations for nationals of Turkey, Libya, Azerbaijan, Georgia, Bolivia, Egypt, and Syria. Citizens of these countries can visit Iran without a visa for 15 to 90 days. Iran has revealed a plan to buy 400 to 500 aircrafts in the next decade.

Expanding trade relations

Iran is seeking to attract 50 billion USD annually in foreign investment. Iran has many economic advantages other than oil and gas. While the Chinese economy has been slowing down and emerging economies have struggled to avoid recession, Iran has become a lucrative market for European and American companies. With 60% of its 80 million people less than 30 years old and well-educated, Iran’s middle class is seen as potential customers by Western businesses.

Businesses from Germany, Sweden, UK, Spain, France, and other major economies have quickly sought opportunities in Iran. Diplomatic exchanges and visits have been occuring between leaders of Iran and many other countries. Chinese President Xi Jinping visited Iran in January. Iranian President Hassan Rouhani’s tour of Europe saw many economic agreements signed.