A light in the horizon

After years of despair and on the verge of absolute pessimism, once again the Iranian nation feels the new lights shed on their hearts. Desirable reversal of the ghostly economic trend in the light of brighter perspectives envisaged by containment of inflation rates and hopes that nuclear talks would put a happy ending to the story have, all in all, motivated people. On the other hand, the international community is changing its attitudes towards Iran and political as well as financial delegates rush to the country to assess and predict potential areas of cooperation. This is a win-win game for all players. Current circumstances provide opportunities for global investors to take the best advantage of potentials concealed behind natural bestowments in Iran. These potentials are further highlighted by the very existence of vibrant and talented young workforce. Meanwhile, Iranian authorities are also expected to demonstrate a strong determination to boost the economy via efficient domestic planning and efficient foreign relations. The open-doors policy, as rightly introduced by the president, can fulfill the required condition for such a purpose, but it is far from sufficiency. It is highly crucial for the new administration to decide when and where to allocate its own limited resources and how to manage and direct foreign investments. It is time to break the spell and avoid the curse of resources harming industries. Rationalizing the rates of energy and foreign exchange as well as directing oil revenues towards infrastructures and investments in social capital via improvement of education and health can both enhance productivity and safeguard other economic sectors.The intangible assets of the country can secure long-term wealth of the nation while natural and physical capital may assist their development. The brighter perspective for Iran can be a picture in which human capital and intangible assets contribute the largest share in the structure of national wealth. Sustainable development is guaranteed by humans not natural resources. Fortunately, Iran is bestowed with the latter to promote the former.