News ID: 211573
Published: 1253 GMT March 12, 2018

Iran attracts over $3b in foreign investment since last Aug.

Iran attracts over $3b in foreign investment since last Aug.

Iran attracted $3.2 billion of foreign investments since the twelfth government took office in August, 2017, said the director general of the Ministry of Industries, Mining and Trade's Foreign Investment Office on Monday.

Speaking to IRNA, Afrouz Bahrami further said that 69 projects involving a total investment of $3.2 billion were approved during the period while 50 projects will be finalized in the near future.

He added that 50 percent of the approved projects will be in the form of joint ventures with Iranian companies while the rest will be undertaken wholly by foreign investors.

The contracts stipulates that foreign companies transfer modern technology to Iran, said Bahrami.

Iran, he stated, received over $4 billion in foreign investment in industry and mine sectors during the year to mid-March 2017, while the figure was $1.9 billion for the year to mid-March, 2016.

The official added that Germany has invested $2 billion in Iran following the signing the Joint Comprehensive Plan of Action (JCPOA) with world powers.

In October, Bahrami announced that $24.95 billion in foreign investments were made from Sept. 23, 2013 to Sept. 22, 2017.

He added that the figure accounts for less than two percent of all the FDI made worldwide during the period.

According to the report, Germany, China, Turkey, Austria, the UAE and France were the top investors in Iran during the period under review.

The most attractive industries for foreign investors in Iran were polymer and chemicals, steel, trade, motor vehicles, mining, plastic and medical devices.

The most attractive Iranian provinces for foreign investments during the period were Alborz, Tehran, Khorasan Razavi, Fars, West Azarbaijan, Kerman, Zanjan and Qazvin.

As per the Sixth Five-Year Development Plan (2017-21), the government needs to attract at least $50 billion annually in foreign investment (direct, finance or joint investment) plus 5,800 trillion rials ($145 billion) in domestic investment to achieve an eight-percent economic growth.

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