The director of the Organization for Investment, Economic and Technical Assistance of Iran stated that it is predicted by the end of the Fifth Development Plan (2015) $12 billion foreign investments will have entered the country.
Behrouz Alishiri stated on Monday that in order to realize the plan the business environment and economic factors in Iran must improve, the Mehr News Agency reported.
He said that in this Iranian calendar year (ending March) there has been $1.7 billion foreign investment, and predicted that this figure will hit $2 billion by the end of the year.
Alishiri said that foreign investment this year was 30 percent more than last year, adding that the country will set a record in this regard.
Up to now, $3.7 billion loans have been given to Iran by the Islamic Development Bank (IDB) including the credit granted to the private sector, he noted.
He pointed out that the loans have 6 percent interest and small firms can take advantage of the facilities through 4 Iranian banks.
The deputy finance minister said Iran should be among the 20 top countries for investment in the world, however, it currently ranks as the 136th among 180 countries which is 5 places better than before.
The Iranian official explained that in order to increase foreign investments in Iran it is necessary to reduce red tape, amend the trade law, labor law, civil law and import/export law.
He lambasted the Iranian Chamber of Commerce for delaying a bill to improve business and labor environment in Iran.
Alishiri noted that foreign embassies in Iran also have a major role in developing economic relations and increasing ventures in the country.
He added that the Iranian Majlis (parliament) plays a significant role in this matter as well.