Iran approves $246 million in foreign investment plans
Azerbaijan, Baku, Dec. 31 / Trend F.Milad/
Iran has approved $246 million in foreign investment plans, mainly in the fields of launching chain stores, tile and ceramic production, and weaving industry, the IRNA news agency quoted Behrouz Alishiri, head of Organization for Investment, Economic and Technical Assistance of Iran, as saying.
Iran needs up to $300 billion in foreign direct investment (FDI) to meet objectives of its fifth five-year development plan (2010-2015), and reach 8 percent economic growth rate, Alishiri told the ILNA news agency in October.
"Totally, the country needs around $1 trillion investment by the end of the fifth development plan," he said, adding, some $15 billion in foreign direct investments was attracted last (calendar) year.
In terms of the growth of foreign direct investment, Iran is ranked among the world's top countries. Despite the global economic sanctions, more than 400 foreign companies are now directly investing in Iran in different sectors, he added.
The Iranian government has approved more than 100 foreign investment plans worth $5.3 billion in the first seven months of the current Iranian calendar year, which ended on October 22.
According to United Nations Conference on Trade and Development's (UNCTAD) statistics, Iran attracted $3.6 billion foreign direct investment in 2010.