Iran’s president-elect, Ebrahim Raisi, calls for Economic Transformation and Attraction of Foreign Investment

Nouraei & M. Mostafavi Law Offices – 22 June 2021-Tehran- In his first press conference , attended by local and foreign media reporters, Iran’s president-elect, Seyyed  Ebrahim Raisi noted the election turnout reflected the need for the transformation of the domestic economy and the need for a  generally improved  standard of living, as well as combating corruption, poverty, discrimination, and in a word, the implementation of justice in all aspects of the life of Iranians. He added that when he takes office in late August, an efficient administrative system will be established to end the deficient bureaucracy that has created severe problems in the country.

The winner of Iran’s 13th presidential election emphasized that the issue of national economic and industrial production and prosperity is very important and will be a focal topic on the agenda of his government. Enhanced and sustained control of liquidity in the country and creation of a mechanism for directing liquidity to industrial production will also be another priority.

He continued: “Currently, the situation is such that both producers and entrepreneurs say that there is not enough liquidity, and on the other hand, experts believe that increasing liquidity has caused the current inflation problems. We will make production attractive while sharply curbing non-productive economic activities and rendering them unattractive. Channeling liquidity to production, of course, requires mechanisms that cannot be only addressed by directives and orders but by clear and decisive actions”.

The president-elect in response to a question about the stock market answered: “We will restore people’s confidence in the stock market where people’s capital is at stake, as well as creating ways to build hope and bolster compensation. This will be done by taking different steps; among other measures, the government will not use the stock market as a piggy bank to cover its budget deficit. We will also activate monitoring and regulatory mechanisms, which is an important factor in itself, along with the activation of the Development Fund and the Stabilization Fund, which should prevent shocks that affect the market”.

Emphasizing the necessity of boosting foreign investment, Raisi stated that Iran is a safe place for economic investment and the government guarantees protection of the activity of all entrepreneurs and investors, especially Iranians abroad.

Iran is currently under wide ranging economic sanctions imposed by the USA, and negotiations are underway by the related states in Vienna for eventual lifting of these impediments.

Raisi has served in several positions in Iran’s judicial system, such as Deputy Chief Justice (2004–2014), Attorney General (2014–2016), and Chief Justice (2019–present). Raisi successfully ran for president a second time in 2021, succeeding Hassan Rouhani, who reached the end of his two term limit.

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