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Foreign investment at $1.8b under Iran’s new government
Iran’s Ministry of Economic Affairs and Finance said that a total of 182 foreign investment projects had been approved by its subsidiary, Organization for investment Economic and Technical Assistance of Iran (OIETAI), Press TV reported.
It said projects were in Iran’s oil and gas, renewables, car manufacturing, pharmaceuticals, food, construction, tourism, transport, services and agriculture sectors.
A latest batch of foreign investment applications approved in an OIETAI meeting on Sunday covered investors from 16 countries, including from five European countries, and Iranians living abroad, said the organization.
It said the new projects were worth $500 million, adding that it will continue to hold monthly meetings to discuss more foreign investment projects.
The announcement comes amid efforts by the Iranian government to open up to investors from the region and around the world amid sanctions that restrict the country’s access to foreign investment and technology.
President Masoud Pezeshkian won the election in Iran in July on a platform of better relations with the world and to solve Iran’s economic problems.
OIETAI figures show foreign direct investment (FDI) attracted to Iran in the calendar year to March reached a record of $5.5 billion.
A bulk of last year’s foreign investment in Iran came from China while investors from Turkey and the United Arab Emirates as well as Iranians living abroad had also a large share in investment projects in the country.
Government figures show that another $2.5 billion worth of foreign investment was attracted to Iranian projects over the past calendar year which was not authorized or registered by the OIETA.