6% growth in foreign investment in Iran

Business Materials 5 January 2010 11:35 (UTC +04:00)

The director of the Organization for Investment and Technical Assistance of Iran affiliated to the Ministry of Economic Affairs and Finance stated that foreign investment in Iran grew by six percent last year despite the global economic downturn.

Islamic Republic of Iran News Network (IRINN) reported Behrouz Alishiri saying that considering the problems in the past year due to the global economic crisis which resulted in an average 40 percent decrease in investments in other countries, we were able to sustain the existing growth trend and experience a six percent rise in foreign investment.

He stated that foreign investment in the country will reach a new level this year.

In December 2009, Alishiri stated that $3 billion in foreign investment projects had been approved by the Foreign Investment Council.

IRINN quoted him saying that in the 122nd meeting of the Foreign Investment Council several requests for increasing license credit lines, boosting investments and transferring profits were reviewed and approved.

Iran, holder of the world's second- largest gas reserves, is open to foreign companies investing in its energy sector.

"Many companies that belong to the government now will become private very soon," Azizollah Ramezani, deputy Iranian oil minister, said in October.

Iran is executing a plan to sell 80 percent of its major state-owned companies to boost the economy and stock values, following a 2006 order by Supreme Leader Ayatollah Seyed Ali Khamenei.