Iran is the homeland one of the ancient world’s mightiest empires – Persia. It holds 9% of the world’s oil reserves and with natural gas reserves second only to Russia’s, Iran occupies a distinct position in the Islamic world by retaining its own language, Farsi, and by its strict adherence to the Shia interpretation of Islam.

In addition to its vast hydrocarbon reserves, Iran also boasts a strong agricultural sector – key products include caviar, cotton, dairy products, fruit, rice and other grains, sugar beets, sugar cane, wheat and wool. Beyond the petroleum industry, Iranian companies are active in a number of industries, including armaments, caustic soda, cement, construction materials, ferrous and non-ferrous metal fabrication, fertilizers and textiles. The chief recipients of Iranian exports are China, Japan, India, South Korea and Turkey.

The oil sector generates the majority of government revenues. The reduction of world oil prices in 2008, during the global recession, had a deleterious impact on Iranian GDP, but prices recovered in 2009, adding $10 billion to Iran’s oil export revenue for the year. The Iranian government plans to phase out the country’s inefficient food and petroleum import subsidies. The country spends about 3.3% of GDP on its military.

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