Austria head of state first from west to visit Iran

TEHRAN: Austrian companies signed a series of deals with Iranian partners on Tuesday, becoming the first Western firms to put down concrete stakes in the Islamic Republic since it reached a landmark nuclear deal with big powers in July.

Austrian businesses in industries including car parts, information technology and engineering sealed agreements worth 80 million euros ($89 million) at an economic forum in Tehran, Austrian Chamber of Commerce chief Christoph Leitl said.

It was part of a three-day visit by Austrian President Heinz Fischer, the first by a Western head of state in more than a decade and a sign of the cordial relations neutral Austria has kept through years of high tension between Iran and the West. Tehran has bustled with Western business delegations since the diplomatic breakthrough with six world powers in which it agreed to curb its disputed nuclear programme in exchange for an end to sanctions, easing its international isolation.

Still, most Western firms have said they will wait until the nuclear agreement is implemented on the ground and sanctions are removed, which is widely expected to happen in 2016, before they make any firm business commitments in the Islamic Republic.

The WKO, Austria’s chamber of commerce, said the 15 deals and memoranda of understanding signed would comply with existing US and European Union sanctions. — Reuters