In a step that followed the lifting of sanctions on Iran, Iran unveiled an expanded shopping list for more than 160 European planes and laid down another big order in front of Boeing at Tehran’s first major business gathering on Sunday. The deal could also include Airbus Group SE A380 superjumbos.

Years of sanctions, due to the country’s nuclear program, have left Iran with one of the world’s oldest aircraft fleets, which it is eager to modernize.

“We need short-, middle-range and longer-range airplanes,” Mr. Akhoundi said at the first Iran Aviation Summit organized by the CAPA Centre for Aviation Consultancy.

Tehran is determined to compete with established carriers across the Gulf. Transport Minister Abbas Akhoondi said Iran is looking to restore a “natural balance” in the region and urged foreigners to invest.

Last week, world powers lifted crippling sanctions against Iran in return for Tehran complying with a deal to rein in its nuclear programs.

The deal also released billions of dollars worth of frozen Iranian assets and opened the door for global companies that have been barred from doing business in Iran.

A stampede of investors at the CAPA Iran Aviation Summit illustrated the potential for suppliers to Iran at a time when the industry faces concerns over the global economy.

Akhoondi told Reuters in an interview that Iran enjoys competitive advantages because of its geography.
“I think it is a very natural position for Iran,” he said.

Iran said it would give priority to developing flag carrier Iranair, but would also support private carriers.