France is going to send a delegation comprising about 130 firms to Tehran later this month to catch up with the other European countries in benefitting from a huge market potential in Iran in light of conclusion of the nuclear talks between the country and world powers.
According to a report by Reuters, French companies seem to have fallen behind their main European, American and Asian rivals in reviving economic ties with Iran since the finalization of the text of a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) in July.
So, France's main business lobby group, the Medef, has plans to send a big delegation to Iran, including top companies such as Total and Peugeot, from September 21 to 23. They will be accompanied by the trade and agriculture ministers.
"This visit is very important for us," Reuters quoted Thibault de Silguy, vice-president of construction company Vinci and of the Medef, as saying.
"We have fallen behind, so now we have to make up lost ground," he added.
Among the countries that already have a lead on French firms, he cited Germany, Austria, China and the US.
French firms were once heavily involved in the Iranian market, but the European Union and in particular the US sanctions, adopted in 2011, scared them away.
"There will need to be offers that have a strong local dimension and are competitive in pricing, but also the financial problems need to be resolved," de Silguy said.
Iran and the Group 5+1 (also known as the P5+1 or E3+3) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.
The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation.