A report by the Iranian Ministry of Economic Affairs and Finance said the new FDI projects will be scattered and implemented in 12 out of the 31 Iranian provinces with $1.6 billion in investments, Press TV wrote.
The report added the new investments will come from nationals of various countries and will cover projects in energy, manufacturing, agriculture, transportation and services sectors.
FDI projects should gain the approval of Iran’s Organization for Investment and Economic and Technical Assistance before they can be implemented. The body has endorsed more than $2.4 billion worth of new projects in the current Iranian calendar year that began late March.
The figure shows a threefold increase year-on-year in late July, said the ministry’s report, adding that foreigners will invest in a total of 60 new projects that have been approved this year.
The growing foreign investments in Iran comes despite restrictions imposed by the US on the country’s ability to engage in normal banking and finance activities with other countries.
The sanctions, imposed in 2018 after Washington decided to pull out of an international deal on Iran’s nuclear activity, have sought to deter governments and entities around the world from getting involved in development projects in the Islamic Republic.
Government figures published earlier showed FDI in Iranian projects had declined significantly in the year ending March 2019, standing at below $1 billion.