Brits Eye Investment Opportunities at Iran Embassy Reopening

© REUTERS / Darren StaplesA plague marks the re-opening of the British Embassy by Britain's Foreign Secretary Philip Hammond in Tehran, Iran August 23, 2015
A plague marks the re-opening of the British Embassy by Britain's Foreign Secretary Philip Hammond in Tehran, Iran August 23, 2015 - Sputnik International
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The improving relations between the West and Iran reached another milestone over the weekend with the UK re-opening its embassy in Tehran. However it appears Foreign Minister Philip Hammond’s diplomatic trip also doubled up as a pitch for British business.

Britain's Foreign Secretary Philip Hammond (L) shakes hands with his Iranian counterpart Mohammad Javad Zarif after a meeting at the Ministry of Foreign Affairs in Tehran August 23, 2015 - Sputnik International
British Foreign Minister Praises Reopening of UK Embassy in Tehran
Speaking from Tehran, Hammond praised the decision to re-open Britain’s embassy four years after it was forced to close after being stormed by protestors.

The foreign minister says the latest development will help build more "confidence and trust" between the two nations, which have received a boost following the signing of the Iran nuclear deal.

While labeling the opening a "milestone," Hammond also paid attention to the investment opportunities that came with the recent thawing of relations between Tehran and the West.

"Reopening our embassies is a key step to improved bilateral relations. In the first instance, we will want to ensure that the nuclear agreement is a success, including by encouraging trade and investment once sanctions are lifted."

UK Foreign Minister Meets Head of Iran’s Central Bank

During a meeting with Valiollah Seif, the governor of the Central Bank of Iran, Hammond said that Britain wanted to work with the bank to make it easier for British financial institutions to finance trade and investment in the country.

Gary Thompson, overseas security manager at Britain's Foreign and Commonwealth Office, raises the Union flag at British Embassy in Tehran, Iran - Sputnik International
UK Embassy Reopens in Tehran After 4 Years of Closure
"I think it would be very helpful and very positive if we could begin a dialogue about how we can create conditions which would allow British banks and British financial institutions to engage in the financing of trade and investment in Iran."

Hammond added that while the discussions were positive, he was cautious to ensure that any moves to invest in Iran would be done within full compliance of sanctions and laws.

"There is a huge appetite both on the part of our commercial and industrial businesses to engage with the opportunity of Iran opening up and there is huge appetite on the part of our financial institutions to support that activity but of course it has to be done in the proper way," he said.

London Jostling Into Position

Commentators have noted that Hammond’s purpose of visiting Iran was part of plans to give British organizations the best opportunities to invest in the country once Western-imposed sanctions are eventually lifted.

Tehran's oil refinery supervisor Jafar Jaleh Rafati, works at a unit of the refinery, south of the capital Tehran, Iran, Monday, Dec. 22, 2014 - Sputnik International
Iran Prepares for Foreign Investment Onslaught After Sanctions Subside
It’s thought that sanctions against Iran may be eased from as early as March or April next year, as other international diplomats from other Western nations also make visits to Tehran.

Britain, along with other countries including the US and Germany have also re-ignited diplomatic ties with Iran following the signing of the nuclear deal.

Sunday’s opening of the British embassy in Iran was also matched by the reciprocal move of re-opening the Iranian embassy in London.

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