News in Brief
FDI from China rises tenfold in one year: Official
China’s investment in Iran increased tenfold in the year ending on March 20, 2023, announced the head of the Organization of Investment, Economic and Technical Assistant of Iran (OIETAI) on Tuesday.
Talking to IRNA, Ali Fekri referred to China’s investment in Iran, saying the value of the investment made by China in Iran last Iranian year stood at $3 billion.
The official emphasized that the country has managed to remove trade barriers in line with encouraging other countries to invest in Iran with peace of mind.
He also pointed to the country’s reimbursed debt to the Islamic Development Bank (IDB) and said $300 million worth of the country’s debt was fully paid during the current administration.
Developing and expanding relations with neighboring countries is the main strategy of the current administration, Fekri further emphasized.
Tehran,
New Delhi to sign deal on development of Chabahar port: Bazrpash
Iran and India will sign a contract on the development of the southeastern Iranian port of Chabahar soon, announced Roads and Urban Development Minister Mehrdad Bazrpash on Tuesday.
The new long-term agreement is intended to replace the original contract, which only covers India’s operations at the Shahid Beheshti terminal in Chabahar, and is renewed annually. The new agreement will be valid for 10 years and automatically extended.
The minister added that almost all development projects of Iranian ports will receive foreign direct investment, IRNA reported.
The Chinese show more willingness to invest in our ports, especially in the north of the country, Bazrpash noted, adding that after the opening of the Caspian port project, they have presented new proposals for investment in Anzali port.
In May 2016, Iran, India and Afghanistan signed a trilateral transit agreement in Tehran to open new routes of connection by turning Chabahar into a transit hub.