Bermuda is to explore the possibility of investment and business opportunities with Iran, following the lifting of UN sanctions against that country earlier this year.

The Middle East country is hosting the Iranian Aviation Symposium between April 25-27. The event is seen as marking the start of a new era for the country’s aviation sector.

The Bermuda Business Development Agency is working to enhance the island’s aviation and shipping sectors, and will be represented at the symposium in Tehran by Ross Webber, chief executive officer, and Kevin Richards, the BDA business development manager for aviation and shipping.

Iran has been subject to US sanctions since the Iranian Revolution of 1979, and faced further sanctions imposed by the UN Security Council in 2006 after it refused to suspend its uranium enrichment programme. A breakthrough in nuclear talks between Iran and Western governments last year led to the lifting of UN sanctions in January.

The BDA has attended two aviation-related business gathering since the start of the year, and this week was also represented at the 31st Connecticut Maritime Association conference in Stamford.

“We’ve seen strong participation from our industry and government stakeholders,” said Mr Richards. “These sectors are important to Bermuda’s GDP and job creation; the BDA’s goal is to help promote and revitalise them so our economy can diversify and grow.”

The BDA has established industry working groups to help plan Bermuda’s competitive strategy for aviation and shipping sectors. The groups feature government officials, law firms, ship owners and ship-management companies and other representatives.

Bermuda’s aviation register was created in 1931 and has more than 700 aircraft listed. The island’s shipping registry dates back to 1789 and is today a Category 1 member of the Red Ensign Group, it includes cruise ships, tankers, bulk carriers and cruising and mega-yachts.

Commenting on this week’s shipping event in Stamford, Mr Richards said: “This is the largest North American conference devoted to the shipping industry.

“Our industry representatives have individually promoted Bermuda at previous conferences. As a result of the unity, cohesion and partnerships we have developed over the last six months, the BDA is now pleased to provide a central Bermuda presence for our jurisdiction’s stakeholders to leverage at this event.”

The three-day event, which ends today, attracted about 2,500 people. Mr Richards was accompanied by representatives of Bermudian-based Bernhard Schulte Shipmanagement, Charles Taylor & Co, Conyers Dill & Pearman, and Shoreline Managers, together with members of the Department of Maritime Administration.

Mr Richards will also represent the BDA and the island at maritime and shipping events later this year in Greece, New York and Monaco, and at the Louis Vuitton America’s Cup World Series events in New York, in May, and Chicago in June.

He is working closely with island law firms and the Department of Civil Aviation to promote the island within the aviation sector, and attended the Global Airfinance Conference in Dublin, in January.

A BDA team also joined Cedar Aviation at the National Business Aviation Association Schedulers and Dispatchers conference in Tampa, Florida in January.