Market Overview

Iran Hoping To Bring In Cash From An Unlikely Industry

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Iran Hoping To Bring In Cash From An Unlikely Industry

With the nuclear deal between World Powers and Iran nearing its final stages, there has been a great deal of chatter about the financial benefits Iran will enjoy once the sanctions have been lifted.

While there has been a lot of focus on Iran's oil production and financial sector, the nation is also hoping that tourism will expand as well.

Travel Advice Changes

Earlier this summer, the UK Foreign Office lifted its travel advice for most parts of Iran, giving British people more confidence in visiting the Middle Eastern nation. Not only did the revised travel advice encourage Brits to consider Iran as a holiday destination, but it made it easier for people to get travel insurance covering their trips.

Related Link: Strong Dollar Could Dampen U.S. Tourism

Embassy Open

In another show of good faith, the British embassy in Iran and the Iranian embassy in London reopened fully over the weekend. The move is expected to spur tourism further as it provides some security to travelers and inspires confidence that relations between the two countries are improving.

Growing Tourism

Iran is hoping this trend will continue as it improves its diplomatic relations with Western countries.

At the moment, the nation's income from tourism is relatively small, but Tehran hopes to grow those figures in the coming years as confidence returns to the nation and foreign governments reassure travelers that they will enjoy a safe journey.

Image Credit: Public Domain

 

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