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Business Profile
Economy: Iran’s main sources of income are its huge oil and gas deposits, which are among the world’s largest. The agricultural sector is important for the numbers employed, although output has been depressed by drought and migration of rural labour to the cities. Both subsistence crops, mainly wheat, barley and sugar, and cash crops are grown. The manufacturing sector, which accounts for about one-sixth of total output, produces textiles, food-processing and transport equipment. Apart from hydrocarbons, Iran also has viable deposits of coal, magnesium ores and gypsum. Government policy has sought to promote the agricultural and light industry in order to reduce the economy’s dependence on oil and increase the influence of the private sector – about 80 per cent of economic activity is state controlled. The economy is performing steadily at present: although accurate figures are hard to come by, annual growth is estimated at four to five per cent and inflation at a moderate 12-15 per cent.
On the trade front, Iran has been developing important new links with the newly independent states of central Asia as well as Turkey and China, although these have scarcely compensated for the effects of the Western trade boycott which lasted throughout the 1980s and much of the 1990s. Trade with Western Europe has recovered reasonably well but US bilateral trade is still at a low level.
Business: Most Iranian businessmen speak English and are polite and conservative in manner and expect an appropriate response from visitors. Exchanging calling cards is normally restricted to senior people. Appointments should be made and punctuality is expected for business meetings. Business gifts are quite acceptable. Office hours: Sat to Wed 0800-1600, Thurs 0900-1200 (some offices may close all day).
Commercial Information: The following organisation can offer advice: Export Promotion Centre, PO Box 1148, Tadjrish, Dr Chamran Highway, Tehran (tel: (21) 21911; fax: (21) 204 2858 or 204 5733; website: www.iran-export.com); or Iranian Trade Association, World Trade Centre San Diego, Suite 204, 9635 Dowdy Drive, San Diego, California 92126, USA (tel: (858) 564 0560; fax: (858) 564 0561; e-mail: info@iraniantrade.org; website: www.iraniantrade.org).
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