Iran to approve $10 bln in foreign investment plans

Business Materials 4 August 2012 12:20 (UTC +04:00)

Azerbaijan, Baku, Aug.4 / Trend F.Milad /

Foreign investment plans worth as much as $10 billion are expected to be transacted by Iran during the current Iranian year, which ends on March 20, 2013, the head of the Organization for Investment, Economic and Technical Assistance of Iran stated.
Behrouz Alishiri told the Fars News Agency that some $3 billion in foreign investment plans has been approved during the first five months of the year.

Foreign investment plans in Iran amounted to $4.3 billion last year, showing a 27 percent growth compared to the year before, Alishiri said on April 2.

Iran needs up to $400 billion in direct foreign investment to materialize its objective of 8 percent economic growth, he added.

Over the next five years, the government will need new sources of capital sourced through the input of national and international private finance, Alishiri said.

He said in October 2011 that the growth of direct foreign investment in Iran ranks amongst the highest in the world. Despite the global economic sanctions, more than 400 foreign companies are now directly investing in Iran.