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Keeping the competition out: Iran startups thrive despite sanctions

Reuters    Translate This Article
6 October 2017

On 6 October 2017 Reuters reported: Their [Iran's technology entrepreneurs'] startups and e-commerce apps are flourishing, driven by government infrastructure support and young Iranians educated both in the country and abroad. Some are even drawing foreign investment in a way that Iran's dominant oil industry has yet to achieve since most international sanctions were lifted early last year under a nuclear deal with world powers. Global Good News service views this news as a sign of rising positivity in the field of science, documenting the growth of life-supporting, evolutionary trends.

Still, the absence of U.S. giants such as Amazon and Uber has allowed their Iranian equivalents Digikala and Snapp to grow rapidly. Many other local internet firms are following suit. ...

No figures are available on foreign investment in Iranian tech firms. However, Ramin Rabii, chief executive of Turquoise Partners, which facilitates foreign investment in Iran, estimated it at hundreds of millions of dollars since the nuclear deal came into force.

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