The Iran Invasion

On Jan. 24 and 25, executives from Airbus, Lufthansa, and Bombardier shared tea and pastries with representatives of the Iranian aviation industry at the Parsian Azadi Hotel, a 26-story tower at the base of the snow-capped mountains that loom over northern Tehran. A week earlier, French and Iranian pharmaceutical chiefs spent an evening at another hotel downtown nibbling on fruit and cupcakes while discussing health care. And on Jan. 25 well-heeled Iranians were treated to delights such as macaroons and chocolate truffles at the grand opening of a dealership for automaker Peugeot’s DS luxury line on upscale Andarzgoo Street. “Now that the sanctions have been lifted, we are very happy to be the first brand to enter the Iranian market,” Yves Bonnefont, DS Brand’s chief executive officer, said at the event.

Since Jan. 16, when sanctions against Iran because of its nuclear program were eased, Tehran has started to feel more like a business destination. The concourses of Imam Khomeini International Airport increasingly echo with the sounds of French, English, and German, and hotels are full of money managers and investment bankers looking to profit from a country with a $406 billion economy and a young, well-educated population of 77 million people. On Jan. 25, Iranian President Hassan Rouhani landed in Rome to kick off a European tour, where he was scheduled to meet with French and Italian leaders and corporate chieftains such as Fiat Chrysler CEO Sergio Marchionne and Total CEO Patrick Pouyanne. During the four-day trip, Rouhani reached business deals worth at least $22 billion with companies ranging from Italian oil and gas contractor Saipem to France’s Airbus.