I am pleased to report that 2006 was a successful year for the BICC despite the challenging political climate surrounding Iran over the nuclear issue, and the threat of tighter sanctions.

Nonetheless the BICC has continued to be active and promote the long-term potential of Iran. Recently the Chamber received form Iranian President Mohammad Khatami, a trade mission from Tehran and strengthened links with various government ministries, businesses and universities based in Iran. We were also delighted to welcome HE Movahedian Attar, Ambassador of the Islamic Republic of Iran to the United Kingdom and HE Geoffrey Adams, Ambassador of the United Kingdom to the Islamic Republic of Iran.

Activities
The highlight this year was the breakfast hosted by the Chamber of Commerce for President Khatami’s to meet the British business community. President Khatami’s visit was a great success and left many greatly impressed by his openness and moderation, and appeal for a “dialogue of civilisations”. In additional to Khatami’s visit, we also welcomed an Iranian trade mission to the UK in early November. Headed by Alinaghi Khamoushi, the delegation met with British officials and key members of the British business community. Mr Khamoushi is well known to the Chamber and we have excellent relations with this leading figure in the Iranian business establishment In 2006, a number of new members joined the BICC, including the National Bank of Qatar. The Gulf state is one of Iran’s neighbours and a huge player in the global gas market.

Strategy
Looking ahead to 2007, we hope to build on links and contacts we have made and hope to send a trade mission from the UK to Iran. We also have a host of excellent speakers lined up for next year including, Richard Beeston, the Diplomatic Editor of the Times newspaper, and UK based consultant Mehdi Varzi. We are also hoping to invite some of the Ambassadors from Iran’s neighbouring countries, Iraq, Qatar and Afghanistan to brief us on political and economic relations between Iran and their countries.

Conclusion
What we’ve seen this year is that political difficulties have dimmed, but not eliminated investor interest in Iran, as the potential for investors hasn’t altered. It is encouraging how many large companies continued to express long-term interest, when hopefully the present difficulties are resolved. Small businesses, if anything, are increasing their interest in Iran. Iran is still a very large attractive market for British products and services thanks to the size of the market and the highly skilled and educated populace. People have often remarked at how surprised they are by Iran and the friendliness of the people and it is a country where British businesses are often welcomed. Political uncertainties also didn’t dent US-Iran trade, which remained stable at around $1.12 billion in 2006.

However, although the US strategy so far has been to drive Iran further into international isolation, it must be hoped that political dialogue will continue. Present moves to involve Iran in discussions about Iraq could lead to wider negotiations and hopefully an improvement in relations with the West. That is what many ordinary Iranians want as does much of British business.