Foreign investment at $1.8bn under Iran’s new government

An administration that came to office in Iran in August on a platform of boosting relations with the outside world says it has approved $1.8 billion worth of foreign investment projects.

Iran’s Ministry of Economic Affairs and Finance said on Sunday that a total of 182 foreign investment projects had been approved by its subsidiary the Organization for Investment Economic and Technical Assistance of Iran (OIETAI).

It said projects were in Iran’s oil and gas, renewables, car manufacturing, pharmaceuticals, food, construction, tourism, transport, services and agriculture sectors.

The 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 OIETAI.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir