TEHRAN- Some big German and French companies have declared their preparedness to set up chain stores in Iran, The Head of Iran’s Trade Promotion Organization (TPO) Mojtaba Khosrotaj told IRNA on Saturday.

He said these companies and also some companies from other European countries have already submitted their suggestions in this regard which are under investigation and some of them have said that they will announce their plans from 2018.

Iranian and foreigners face no barriers and limitations in establishing chain stores in the country, the official added.

BGF Retail Co., which owns South Korea’s largest convenience store chain, CU, has recently sealed a deal to open convenience stores in Iran, Press TV reported. 

The deal marks CU’s first foray abroad, coming in the wake of hypermarkets and mass merchandisers from Turkey, the UAE, and Europe seeking to capitalize on a pent-up demand in the Iranian market following years of sanctions.

Also, in February, Turkish discount retailer BIM said it was exploring opportunities in Iran for possible opening of stores in a country which has largely remained closed off for years under sanctions.

Qatar’s Abu Issa Holding, one of the largest retail and luxury goods firms in the Middle East, is also among a subset of Persian Gulf Arab businesses which hope to set up shop in Iran. It has said it expects to open its first store in Tehran.

MA/MG