Iranian expats invest $400 million in Khorasan Razavi province

Business Materials 17 November 2013 17:08 (UTC +04:00)

Baku, Azerbaijan, Nov. 17
By Rahim Zamanov - Trend:

Iranian expatriates have invested $400 million in northeastern Khorasan Razavi province, head of the Economy and Commerce Organization of the province said on Monday.

"The government has guaranteed the investments so in case of any problem the investors can receive their money," Seyed Ali Shahabi said, the IRNA News Agency reported.

"The government has invested the money received from the expats mainly in steel production units, trade centers, residential buildings, textile industries, and transportation sector," he said.

Shahabi said on November 11 that Khorasan Razavi province has absorbed $3 million worth of foreign investment in the first six months of the current Iranian calendar year, which started on March 21, the IRIB News Agency reported.

"Six projects have been approved to attract foreign investment in the mentioned period," Shahabi said.

Deputy Minister of Economic Affairs and Finance Behrouz Alishiri said earlier this month that Iran plans to absorb $2 billion of foreign investment in the current Iranian calendar year, which started on March 21.

"Some $1.5 billion worth of projects have been approved so far this year for foreign investment," the Fars News Agency quoted Alishiri as saying.

"Iran has secure some 50-60 per cent of the mentioned amount so far," he explained.

"Some other $0.5 billion worth of projects will also be approved in near future," Alishiri said.

Alishir, also the head of the Organization for Investment, Economic and Technical Assistance of Iran, went on to note that oil and gas, industry and housing are the three top sectors which absorb the most foreign investments.

Iranian Industry, Mine, and Trade Minister Mohammadreza Nematzadeh said in October that Iran will increase the value of foreign investments in the country by $8 billion in the next four years.

He expressed hope that the international sanctions would be lifted in the mentioned period, the IRNA News Agency reported.

"Based on international studies, each one dollar of foreign investment will bring two dollars of profit for the host country," Nematzadeh said.

"Iran needs to absorb foreign investment to carry out high-tech projects," he added.