100 French companies gearing up to resume cooperation with Iran

French companies are getting ready to resume economic dealings with Iran, after the country clinches a final nuclear agreement with the world powers ensued by removal of sanctions against the Islamic Republic.

According to an AP report, about 100 French companies are making plans to send a joint delegation to Iranian capital, Tehran, in September this year to review business and investment opportunities in the country.

According to French diplomatic sources, the report said, France’s businesspeople have met with French diplomats recently only to be told that there is “no time to waste” in resuming economic ties with Iran.

Iranian Transport Minister Abbas Akhoundi, paid a visit to Paris recently to take part in an annual international air show, noting that relations between his country and France are a “love and hate” relationship.

“Sooner or later the nuclear issue will be resolved and France needs to decide on its position as of now,” he said during a press conference in Paris.

The Iranian minister added,  “I am certain that the businessmen will have more realism than the politicians.”

Akhoundi even warned France about being shut out of Iran's market, including about USD 80 billion worth of business in the transport sector, if French companies fail to take timely decision on resuming cooperation with Tehran.

"In a word, I would say that love and hate dominate all aspects of our relationship," Akhoundi said in a press conference at the International Diplomatic Academy of Paris.

The Iranian minister also noted that many foreign companies have already shown enthusiasm to take part in developing Iran's transportation sector.

According to reports, the volume of trade between France and Iran stood at over USD 3.4 billion in 2011, but fell to USD 556 million in 2013 after international sanctions were imposed on Iran over its peaceful nuclear program.

Sanctions against Iran were imposed by the US and European Union at the beginning of 2012, alleging that there was diversion in Iran's nuclear program toward military objectives; an allegation that Iran categorically rejected.

The Islamic Republic and the P5+1 group of countries – the US, the UK, France, Germany, Russia and China – reached a mutual understanding on April 2 in the Swiss city of Lausanne, which is considered a prelude to the achievement of a comprehensive deal on Tehran’s nuclear program. A key point of Lausanne statement is a promise to lift a series of economic sanctions on Iran – including those on the country’s energy sector.

“Everyone is looking at Iran with greed,” a senior French official was quoted by the AP report, adding, “It’s an important market.”

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