Iranian companies turn towards Turkey for investment

IZMIR – Iran's investment interest in Turkey is rising as it provides a route for breaking into the global economy, Aegean-Iran Cooperation Association told the Anadolu Agency in Izmir last Thursday.

With the United Nations Security Council's sanctions on Iran, Iranian companies are trying to find a solution to integrate into the global economy and conduct business without restrictions by investing in countries which provide favorable economic conditions.

According to the Union of Chambers and Commodity Exchanges of Turkey, Iranian companies in Turkey increased significantly from 2010 onwards.

During 2010, Iranian companies established 418 companies in Turkey while 665 new companies were established in 2011 and 781 in 2012. In 2013 this trend continued despite a slow down.

Speaking to the Anadolu Agency, Hüseyin Arian, President of Aegean-Iran Cooperation Association said that the main reason Iranian companies establish businesses in Turkey is because of the sanctions imposed on Iran by the UN Security Council.

“Iranian companies try to become international companies. In the past, they actualized it by investing in Dubai. Now they mostly prefer Turkey and Georgia.”

Arian said that the investors who went to Dubai a few years ago began to turn towards Turkey which is seen as “a closer and friendlier country."

“A quarter of investments by Iranian companies were made during the development of Dubai as a financial and business hub. Now there is political apathy between the sides. Companies, who don’t feel at ease in Dubai, have relocated their investments to Turkey.” he said.

Arian emphasized the close relationship between Iran and Turkey, and said that the majority of the population sees Turkey as a friendly country and think that Turkey has supported them during the period of sanctions by finding resolutions to trading difficulties while working within the sanction framework.

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