Iran's return to the fold sparks business bonanza for Europe

Iran's return to the international fold has accelerated as President Hassan Rouhani sealed multi-billion dollar deals with Italian companies keen to capitalise on the lifting of sanctions on the Islamic Republic.
Italian officials said contracts signed in Rome late yesterday would be worth up to 17 billion euros (USD 18.4 billion), topped by a five-billion-euro deal for pipeline company Saipem, whose shares surged 18.5 per cent in Milan yesterday.
A major order for Airbus planes is expected to be confirmed in France tomorrow along with tie-ups with French carmakers Peugeot and Renault.
Rouhani said he had come to Europe with an 'open for business' message in the aftermath of Tehran's nuclear deal with the West.

"The Iranian market offers Italian and European investors the opportunity to establish themselves in the entire region," he said.
Italian Prime Minister Matteo Renzi added: "We have signed the first accords but we are only at the start of a long road."

Renzi said he had discussed efforts to end the war in Syria and the fight against the Islamic State group with the Iranian leader. "If we could reach agreement on the nuclear issue, we can find one on Syria. We can and we have to."
Rouhani is due at the Vatican today before flying to France the next day on his first official European trip as president.

It is also his first overseas trip since the nuclear deal came into force earlier this month, clearing the way for Iran to rebuild its relationship with the West.
The Iranian leader is accompanied by more than 100 ministers, officials and businessmen.
Rouhani, a 67-year-old former academic and diplomat who is seen as a pragmatist, was elected in 2013 on a pledge to end sanctions and improve relations with the West.
"We have had friendly relations with Italy and France in the past and we want to continue our good relations with them," Rouhani told reporters before his departure yesterday from Mehrabad Airport.

He also revealed that "important contracts" were in the works with Peugeot and Renault, adding to a burgeoning list of deals being struck as European companies scramble to get back into a USD 400-billion economy with the world's fourth biggest oil reserves and a consumer market of 80 million people.