Iran to attract $4 billion in foreign investments

Business Materials 8 March 2013 11:01 (UTC +04:00)

Azerbaijan, Baku, Mar.8/ Trend G.Mehdi/

Iran will attract $4 billion in foreign investments by the end of the current Iranian calendar year (March 20), ISNA quoted the head of the Organization for Investment, Economic and Technical Assistance of Iran Behrouz Alishiri as saying.

The figure shows 60 percent rise year on year, he added.

Some $7 billion worth of foreign investment plans have been approved in the current year, he said, adding that foreign investments in Iran have grown by 150 percent during the past four years.

Meanwhile, in September 2012, Alishiri said that foreign investment plans worth as much as $10 billion are expected to be transacted by Iran during the current Iranian calendar year.

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

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.