Iran to attract more foreign investment

Business Materials 31 May 2011 15:50 (UTC +04:00)

Azerbaijan , Baku, May 31 /Trend/

Iran attracted more than $3 billion in foreign investments last year (ended on 20 March, 2011) IRNA reported quoting Deputy Minister of Economy and Financial Affairs Behrouz Alishiri as saying.

Iran plans to improve the figures, he added.

"Despite the sanctions Iran has continued to maintain rate of foreign investment this year and now we witness 30 percent growth in foreign investments," Alishiri said.

According to Alishiri, Iran's finance sector had a significant growth and the Organization for Investment Economic and Technical Assistance of Iran has been active in country's infrastructure and development plans.

Iran plans to attract finance from international banks and direct foreign investments.

The organization plans to apply foreign investment in construction projects in main provinces.

The United States has stepped up its efforts to isolate Iran-linked commercial entities tied to nuclear program since the United Nations Security Council ordered a fourth set of sanctions against Iran in June 2010.

The U.S. Congress approved financial sanction against Iran in 2010 which impose strict conditions for foreign investors and financial firms.