In the country of Iran the doors have been shut to the global market. Iran has some of the most extensive financial sanctions in the world.
These sanctions are imposed upon eighty million Iranians who live in a country where sixty-five percent of the population is under 35 years old.
The issues pertaining to these financial sanctions are harming towards the young people of Iran by excluding them from the global market place. The sanctions against Iran have negatively impacted the economy along with its citizens. Many of these sanctions were put in place in 2006 by the U.N. Security Council to combat the refusal by the country to stop its uranium enhancement programs. The U.N. believed that the production of uranium was being used to develop nuclear weapons. Iran did not stop the production and therefore sanctions were put in place having to do with almost all-foreign trade.
Since Iran can hardly participates in any foreign trade it has to struggle with sustaining trade within the Iranian borders. This makes the market restrictive, but surprisingly has produced “start up fever amongst the young people,”said Mohsen Malayeri the founder and creator of a small Iranian tech company called Avetech Accelerator.
The young people are enthusiastic, competitive, and have creative companies that could change the economic landscape of many global industries. In fact at this year’s Startup Istanbul competition featured some promising Iranian entrepreneurs. With one being the start-up company that has already proven to be a success is E-commerce. It is similar to the western version of Pay Pal. The difference is that only debit card can be used. This is because Iranians have no access to international credit cards. Debit cards are relatively new in Iran since business has always been done traditionally with cash or forms of checks. And what E-commerce does is connects the debit card to the Iranian banks in order to trade products and services using available computer networks.
The company has grown to 6 million customers since its birth in 2010. The co-founder Mostapha Amiri has hopes of one day taping into the global market and believes,“Based on E-commerce rising financial growth in Iran the impact the international market could have on the company could triple the growth rate.” The problem is since the start-up companies originate in Iran and have their main client base in the country they must wait until the financial sanctions have been lifted to do business globally. The push for start up companies and entrepreneurs is trendy in Iran and the lack of global opportunities is disheartening, but this trend has developed into a huge opportunity for women. Many women work from home bringing in income, which would have never been available to them previously.
The unemployment of young people in Iran is defiantly a problem and there is a lot of frustration surrounding the need to find investors for these promising start-up companies. The need for foreign investors is key and that will only be possible if there is a push from the economic community to pressure the U.N. authority to create dialect with Iran.