TEHRAN – Head of Iran’s private sector authority has invited Sweden to revive previous joint investment initiatives in the country’s automotive and electricity industries, saying there is ample opportunity for cooperation in sectors not subject to international sanctions, with the government ready to guarantee the return of foreign capital and profits.

Samad Hassanzadeh, head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), made the remarks in a meeting with Swedish Ambassador to Tehran Mathias Otterstedt, emphasizing the potential to restore and even surpass the level of trade relations that once existed between the two nations.

“We welcome the entry of Swedish infrastructure technology into Iran,” Hassanzadeh said. “We have had successful joint ventures in the automotive sector and other industries in the past, and we hope to see those experiences repeated.”

Hassanzadeh pointed to Iran’s diverse investment potential, citing opportunities in petrochemicals, pharmaceuticals, agriculture, food production, handicrafts, and carpets. “Iran’s competitive prices create favorable conditions for Swedish participation in our mega-projects, including in power plant development,” he added.

Commenting on ongoing negotiations between Iran and the United States, he said, “The government is focused on expanding international relations, and with a positive outlook on the talks, we believe closer ties with Sweden and other European countries are within reach. I am confident these talks will conclude in a way that benefits all parties.”

He reiterated that despite existing restrictions, foreign investors have continued to pursue joint ventures in non-sanctioned sectors, with the Iranian government offering necessary guarantees to secure their investments.

Hassanzadeh formally invited the Swedish envoy to conduct feasibility studies on reviving joint production of Volvo vehicles and other industrial partnerships Sweden once held in Iran, promising that ICCIMA would work to help remove any obstacles.

He also extended an invitation to the president of Sweden’s Chamber of Commerce to visit Iran with a business delegation, saying such a visit would strengthen trade ties and allow both sides to become more familiar with each other’s commercial environments. He further suggested the creation of a counterpart joint chamber of commerce in Sweden to bolster bilateral cooperation.

For his part, Ambassador Otterstedt said Iran and Sweden's economies were highly complementary and noted strong potential for collaboration in sectors such as heavy vehicles, electricity generation, telecommunications, pharmaceuticals, steel, and mining.

However, he pointed to ongoing banking and financial transaction issues as a key hurdle. “We hope successful negotiations will lead to the lifting of sanctions and the revival of our relations,” he said.

Otterstedt also remarked that sanctions imposed over the past decade had pushed a generation of traders out of business, resulting in a loss of shared experience that now needs to be rebuilt. “The chambers of commerce must play a leading role in restoring these connections,” he said.

He added that some trade barriers were surmountable and voiced Sweden’s intention to build new networks with Iran’s private sector. “If sanctions are lifted, manufacturers—especially in the wake of Trump-era tariff wars—will likely seek new production hubs, and Iran could be one of them.”

EF/MA

Photo: ICCIMA Head Samad Hassanzadeh (R) meets with Swedish Ambassador to Tehran Mathias Otterstedt on Sunday May 4.