Iran approves $46 million in foreign investment plans

Business Materials 15 August 2012 11:03 (UTC +04:00)

Azerbaijan, Baku, Aug.15/ Trend F.Milad/

As much as $46 million in foreign investment plans have been newly approved by Iran, Mehr News Agency reported on Tuesday.

The plans have envisaged investments in building tourism complexes, residential and commercial towers, kinds of cranes, as well as producing decorative flowers and plants, and dairies.

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, Behrouz Alishiri said earlier this month.
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 on the year before, Alishiri said on April 2.

Iran needs up to $400 billion in direct foreign investment to materialize its objective of a 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.