Iran approves $1.6 billion worth of foreign investment plans
Azerbaijan, Baku, April 21/ Trend F.Milad /
New foreign investment plans, worth $1.6 billion, have been approved, said the director of the Organization for Investment, Economic and Technical Assistance of Iran.
Behrouz Alishiri told IRNA news agency that the plans are related to building hotels, commercial, residential, and recreational complexes, and implementing recycling and CNG projects, as well.
The plans are aimed to boost job creation, enhance exports and improve domestic production, he said.
Foreign investment plans in Iran amounted to $5.3 billion in the past calendar year, which ended on March 19, showing 27 percent growth compared to the year before, Alishiri said on April 2.
IRNA news agency quoted Alishiri as saying that up to $3 billion as foreign investment was carried out last year.
Some $1.1 trillion is needed to be invested during the fifth five-year economic development plan (2010-2015) to materialize the 8-percent growth rate, Alishiri said on February 26.
The domestic sources have the potential to meet around 56 percent of the required sum and the rest should be provided through foreign investment, he noted.
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 said.