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Middle EastDecember 1 2004

Risky business

Iran’s economy may be improving but the uncertain political situation means investors must proceed with caution, writes Gareth Smyth in Tehran.
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Nearly a year after rightwing conservatives swept February’s parliamentary elections in Iran, political deadlock has emerged as the reformist government of Mohammad Khatami soldiers on until the end of its term next June.

The rhetoric of many new deputies, combined with the prospect of a conservative president taking office next summer, has spread caution in the Iranian private sector and among would-be foreign investors.

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