MILAN (AP) – Iran is signing business deals across Europe as its president embarks on a tour of the region to restore contacts after years of economic sanctions and international isolation.
Companies from the oil sector to car making are jostling to take advantage of the opening of the country of nearly 80 million people. Most sanctions were dropped last week after Iran agreed with world powers on a plan to limit its nuclear capabilities.
Some business deals are ready to be inked but others are still in negotiation as a few sanctions not related to the nuclear program remain in place, particularly by the U.S., on the trade of goods that could be used for military or intelligence purposes.
“I’d say the light went from red to orange,” the CEO of carmaker Renault-Nissan, Carlos Ghosn, said last week, when the sanctions were lifted. “We’re waiting for it to go from orange to green.”
As European companies prepare to ramp up operations in Iran, here’s a look at what deals are being made and where.