Iran approves $540 million worth of projects for foreign investment
Azerbaijan, Baku, July.24/ Trend R.Zamanov
Iran has approved eight new projects for foreign investment, Head of the Organization for Investment, Economic and Technical Assistance of Iran, Behrouz Alishiri said on Wednesday.
"The projects worth are worth $540 million," Alishiri said, the ISNA News Agency reported.
He went on to note that based on the law, if a foreign investor doesn't transfer a part of the agreed amount of money to the country in six months, the issued license will be annulled.
Alishiri said in July that the volume of foreign investment in the country has witnessed a remarkable growth.
"Iran attracted $4.85 billion in foreign investment in the last Iranian year (ended March 20, 2013)," he underscored.
He noted that the figure hit $2.60 billion and $4.60 billion in 2011 and 2012, respectively.
According to the latest world investment report released by the United Nations Conference on Trade and Development (UNCTAD), Iran absorbed nearly 5 billion dollars worth of foreign investment in 2012, which is 17 percent more than 2011.