Sir Martin Sorrell has indicated his interest in the business opportunities available in Iran in his latest blog post where he describes the Middle Eastern country as “one of the last great untapped opportunities for global business.”
In his LinkedIn post titled ‘Iran & Cuba: Open for Business?’ Sorrell discusses Iran’s appeal as a great business opportunity which The Drum touched on earlier this week. He points out that the 80 million strong population is roughly the same size as Germany’s while highlighting GDP estimates which rank it among the world’s 30 biggest economies.
The WPP chief executive officer and founder explains that it mostly young, well-educated population who have easy access to mobile and internet will have developed a taste for Western products and brands, making it an appealing consumer market.
Sorrell admits to sharing the same reservations as many CEOs who are reluctant to invest in Iran despite its huge potential. However he expresses his hopes that the country will come to the negotiating table over limiting its nuclear development and adopting a more constructive relationship with Israel.
His overall view on the potential can be summed up with his comment that “consumer markets like this don’t drop from the sky very often” and he is quick to argue that trade and mutually beneficial commerce is one of the most productive ways to restrain military conflict and points out that many French companies and Apple are already testing its potential as a market.