Mohammad Javad Zarif made the remarks at the opening ceremony of the 10th Iran Exhibition of Bank, Exchange & Insurance Exhibition (Finex 2017) asserting “people can today observe an epic economy thanks to policies of Economy of Resistance.”
“Despite the predicted figure of 3 to 4 percent for economic growth in the previous year, efforts of entrepreneurs and people brought about an economic growth of over eight per cent,” stressed the official. He further classified economic outcomes of the Joint Comprehensive Plan of Action (JCPOA) into three key areas which were main targets of cruel and unjust international sanctions with one area being the oil and gas sector.
He said removal of sanctions was no big surprise though the event represented interaction of biggest global brands with Iran and has attracted their trust and confidence. It also gave the message to the world that path of trade and cooperation with Iran is open,” he continued.
Iran’s foreign minister also referred to sensitivity of financial markets in the country's economy saying “sanctions, on the one hand by trying to disable the Iranian banking and financial system, increased transaction costs for the whole economy and, on the other hand, added to the costs of financing and investment in order to raise the risk of the country.”
“Loss of billions of dollars was one small instance of the great harm while the JCPOA has brought countless positive things to the financial markets,” he continued.
Zarif maintained that attraction of foreign investment, which holds great significance to economic boom, has risen by over 1,300 per cent hitting 12,583 billion dollars; “in addition to attracting foreign investment, membership in international capital markets like the International Organization of Securities Commissions (IOSCO) and signing of numerous agreements with other countries have been made possible in the light of the JCPOA.”
He pointed to access of Central Bank of Iran to its funds and financial resources abroad adding “CBI accounts in other central banks, especially in Europe, as well as connection to SWIFT are among other achievements of the JCPOA.”
Iran’s minister of foreign affairs however warned that no economic growth and development can be reached without attempts; “we can expect that, by providing a reliable and stable environment, structural weaknesses and remaining obstacles are removed so that the country enters a new phase of international engagement and participation in global value chains”
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