Cash-strapped Europe bows before Rouhani’s historical visit

BARCELONA, Spain – A cash-strapped Europe with economies in the doldrums bowed Monday before Iran’s President Hassan Rouhani, on his first visit to the continent since sanctions against Iran were recently removed, generating large expectations of mega economic deals with Tehran.

Italy’s Rai television said Rouhani arrived for a three-day official visit to Italy, heading an economic delegation of 120 officials, including six ministers.

Iran had enjoyed excellent business ties with Iran before the sanctions – as did France, the next stop on Rouhani’s trip.

After years of crippling economic sanctions, Iran is looking at modernizing its economy. It is expected to sign multi-billion dollar deals, ranging on everything from aviation to communications.

Rouhani signed contracts worth up to $18.4 billion in Rome in Rome on Monday, state-run Iranian media reported.

More importantly, Rouhani said he hopes to attract up to $50bn in foreign investment annually.

“We want to draw maximum profit regarding the development of the country and the employment of young people by reinforcing the economic cooperation and easing the Italian and French investments,” Rouhani told Iranian media before leaving for Rome.

The Financial Times newspaper said Iran is expected to sign deals worth 17 billion euros ($18.4 billion) over the next two days in Italy, including in the energy and steel sector, while in France Iran is expected to buy 114 Airbus airliners.

The planes would mean a big upgrade for the aging Iran Air fleet which is around 25 years old.

Rouhani is visiting Pope Francis in the Vatican on Tuesday , a visit that has been called of “extreme importance” by Iranian officials. In Rome, Rouhani met Italian President Sergio Mattarella and Prime Minister Matteo Renzi, among other officials.

The international community is drawn like bees to honey to Iran, in anticipation of deals. On Saturday, China’s President Xi Jinping was on an official visit to Tehran. China is the first commercial partner of Iran, a position held by Europe before the sanctions.

Rouhani will travel to Paris on Wednesday to meet his French counterpart Francois Hollande, and French investors.

The United States and other countries agreed to lift sanctions against Iran this month, following a deal under which Tehran agreed to severely curtail its nuclear program.

Cash-strapped Europe bows before Rouhani’s historical visit

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