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Nippon Shokubai has won Flanders Investment & Trade’s annual trophy for expanding its factory in Antwerp province to its largest outside of Japan
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Flemish director Felix Van Groeningen’s Sundance awardwinning film Belgica opens in cinemas this week \ 14
A new era
© Morteza Nikoubazl/ZUMA Wire
Flanders gears up for business with a post-sanctions Iran lee gillette More articles by Lee \ flanderstoday.eu
The lifting of international sanctions on Iran has opened a wealth of new trade opportunities, and Flemish officials and companies are ready to do business in the world’s largest untapped emerging market.
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purred by the lifting of international sanctions on Iran, Flanders’ international trade agency has reopened its representation office in Tehran and will embark on a major economic mission later this year. Minister-president Geert Bourgeois, whose portfolio also includes foreign policy, has hailed both developments. In a press statement, he called Iran “a country with huge poten-
tial in the Middle East. For our Flemish ports and companies, including the maritime sector, the opening of the Iranian market means new opportunities”. Yes it does, agrees Kris Put from Flanders Investment & Trade (FIT), who has just hired an Iranian to run the Tehran office. But he cautions that creating those new opportunities will take time. Having spent nearly five years in Iran, he saw sanctions take their toll. “They became really strict in 2011, when governments banned more export goods and required specific approval for most others.” Most importantly, he points out, almost all bank transfers were frozen – and still are frozen.
“This made trade nearly impossible. Even eligible companies didn’t bother trying.” US pressure against doing any business with Iran was no encouragement. Thus much of Iran’s formal economy came to a standstill. During these same years, despite a sanctions-induced brain drain, the Iranian population under the age of 35 ballooned to 70%. “They want jobs; they want to consume; they want a future,” says Put. “You can’t stop demographic development; that’s what the Iranian government is facing.” That is Iran’s rationale for striking a deal with the international community, he explains. Sounds straightforward, but continued on page 5