Iran is one of the most resource-rich economies in West Asia, with a nominal GDP estimated
at around USD 400 billion (2023) and a population of approximately 88 million. The country
has a large domestic market, a skilled workforce, and significant industrial depth. The official
currency is the Iranian Rial (IRR), and the economy operates under a mixed model combining
state ownership, cooperatives, and private enterprise.
Iran holds the second-largest natural gas reserves globally and among the top oil reserves,
making energy a cornerstone of its economy. Beyond hydrocarbons, Iran has developed strong
capabilities in petrochemicals, steel, cement, automobiles, pharmaceuticals, medical
equipment, and engineering services. Agriculture also plays a vital role, with Iran being a
global producer of pistachios, saffron, dates, wheat, and fruits.
Despite facing sanctions and financial constraints, Iran has adapted through regional trade
integration, domestic production, barter trade mechanisms, and local currency
settlements. Its primary trade partners include China, India, Russia, Türkiye, Iraq, and
Central Asian states, with exports focused on oil derivatives, chemicals, minerals,
agricultural goods, and manufactured products.
Iran’s strategic geography is a major advantage, connecting Central Asia, the Caucasus,
South Asia, and the Middle East. Infrastructure initiatives such as the International
North–South Transport Corridor (INSTC) enhance its role as a transit and logistics hub.
Within BRICS Plus, Iran contributes to energy cooperation, transport corridors, financial
diversification, and regional supply chain resilience, reinforcing South-South economic
architecture.
Iran is one of the most resource-rich economies in West Asia, with a nominal GDP estimated
at around USD 400 billion (2023) and a population of approximately 88 million. The country
has a large domestic market, a skilled workforce, and significant industrial depth. The official
currency is the Iranian Rial (IRR), and the economy operates under a mixed model combining
state ownership, cooperatives, and private enterprise.
Iran holds the second-largest natural gas reserves globally and among the top oil reserves,
making energy a cornerstone of its economy. Beyond hydrocarbons, Iran has developed strong
capabilities in petrochemicals, steel, cement, automobiles, pharmaceuticals, medical
equipment, and engineering services. Agriculture also plays a vital role, with Iran being a
global producer of pistachios, saffron, dates, wheat, and fruits.
Despite facing sanctions and financial constraints, Iran has adapted through regional trade
integration, domestic production, barter trade mechanisms, and local currency
settlements. Its primary trade partners include China, India, Russia, Türkiye, Iraq, and
Central Asian states, with exports focused on oil derivatives, chemicals, minerals,
agricultural goods, and manufactured products.
Iran’s strategic geography is a major advantage, connecting Central Asia, the Caucasus,
South Asia, and the Middle East. Infrastructure initiatives such as the International
North–South Transport Corridor (INSTC) enhance its role as a transit and logistics hub.
Within BRICS Plus, Iran contributes to energy cooperation, transport corridors, financial
diversification, and regional supply chain resilience, reinforcing South-South economic
architecture.
