On July 14, the P5+1 group of world powers and Iran reached a deal aimed at curbing Tehran’s nuclear program in exchange for the lifting of sanctions.
Now, in anticipation of Iranian banking and trade sanctions being lifted, possibly by the end of this year, a host of countries, including Japan, are eager to pave the way for formal investment negotiations.
According to the Nikkei, Tokyo wants to invest in resource projects in Iran, as well as boost imports of Iranian oil from 5% of the total to about 10% – which is where it was before sanctions forced Japanese refiners to cut purchases.
Earlier this month, Daishiro Yamagiwa, vice-minister of Japan's Ministry of Economy, Trade and Industry (METI), accompanied by executives from the oil, gas and other industries, visited Tehran and met top government officials.
However, Yamagiwa did not discuss an investment agreement, Shigetoshi Ikeyama, a director in METI's Middle East and Africa division, told Reuters.
"Knowing that Japanese companies are interested in boosting economic ties in future, state minister Yamagiwa had general discussions on streamlining the environment for that, but did not discuss an investment pact in particular," Ikeyama said, adding that the Ministry of Foreign Affairs would take the lead on any discussions on specific agreements, Reuters reported.
"Another reason for Yamagiwa's visit was to avoid being beaten by European and US companies," Ikeyama said.
Top government officials from Italy, France, Germany and Serbia have been among those who have traveled to Tehran since the landmark nuclear agreement was reached.
Last month, Iran outlined plans to rebuild its main industries and trade relations following the nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020, Reuters reported.
