Iran's President has promised a flood of investment after the lifting of sanctions that have left the country outside the global economy for more than decade. But as Sonia Legg reports, it may take a while.
100 Airbus planes are apparently top of Iran's shopping list now sanctions have been lifted. A deal that big would be worth $10 billion. Airbus says talks haven't yet taken place. But it's an example of what's possible now Iran is no longer chained by sanctions. London solicitor Sarosh Zaiwalla has many Iranian clients. SOUNDBITE) (English) ZAIWALLA AND CO, SENIOR PARTNER, SAROSH ZAIWALLA, SAYING: "The infrastructure sector in Iran is in need of investment. For construction of roads, construction of new plants, construction of new factories, for example cement plants, building of new refineries." Iran's President says he hopes to attract $50 billion worth of foreign investment. He's talked about growth of 8 percent. But with a primitive legal system, corruption and an inflexible labour market that could be optimistic. James Bevan is Chief Investment Officer at CCLA (SOUNDBITE) (English) CCLA, CHIEF INVESTMENT OFFICER, JAMES BEVAN SAYING: "Iran will certainly receive a significant influx of foreign investment. How much that will be of benefit to western investors is yet unknown." But Iran has population of 80 million and an annual output of $400 billion dollars. Some reports suggest it could now have $100 billion to spend. (SOUNDBITE) (English) ZAIWALLA AND CO, SENIOR PARTNER, SAROSH ZAIWALLA, SAYING: "There will be a great demand for international consumer goods, for example people like fashions and they like nice chocolates and biscuits which you can't get in Iran at the moment, the international standard ones and there will be demand for that." It's thought a third of Iran's industry may have been idled by the sanctions. Saudi Arabia may not like it, but a revival could also shift the balance of economic power in the Gulf.