After U.S. sanctions were lifted last week, Iran orders a dramatic increase in its oil production. This led to a number of foreign companies to arrange lucrative business deals as the country ends its long years of international isolation.
It didn't take many hours before the ink dried on the agreement lifting global sanctions on Iran that large companies in Asia and Europe started lining up to get juicy business deals with Iran's officials. Leaders of major countries were already scheduling trade missions eyeing Iran's oil fields that have long been dried because of the trade embargo.
The country's economic leaders have already processed approximately 1,000 letters of credit from foreign firms that hope to cash-in on massive deals in the future.
However, financial analysts are taking a more cautious approach. They warn that the lifting of economic sanction may not be the instant solution to the financial woes of Iran. High inflation rate, outdated oil infrastructure and plunging oil prices are a formidable combination that may stifle investments from U.S. firms.
The sanctions enforced by the U.S., the United Nations and the European Union were lifted as a result of a deal between these powerful entities and Iran. It is a reward for the country when it scaled back its atomic energy program showing them that Iran would never be able to produce a nuclear bomb.
"We will be committed to the nuclear deal as far as the other side is," says Hassan Rouhani, the Iranian President. He added that his country is morally and religiously committed not to produce weapons of mass destruction.
The lifting of sanctions will restore 100 billion dollars in frozen assets and will reopen Iran to foreign investors. It will also allow the country to participate in the selling of oil in the world market.
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