In exchange for the easing of economic sanctions, Iran has agreed to some limits on its nuclear program. As a result, some sanctions on cars, trucks, and automotive parts are easing, and international businesses may look to cash in.
The European automotive industry, for example, has been suffering for a number of years amid the economic crises. Some car manufacturers already have small production bases in Iran, but they may look to expand, according to Peter Fuss, senior advisory partner at the EY Global Automotive Center.
“They will definitely reach out to this upcoming market again and evaluate whether there are opportunities,” Fuss says.