Iran approves $30 million worth of projects to absorb foreign investment

Business Materials 4 December 2013 14:40 (UTC +04:00)

Baku, Azerbaijan, Dec. 4

By Rahim Zamanov - Trend:

Iran has approved six new projects with an estimated value of $30 million to absorb foreign investment, Deputy Minister of Economic Affairs and Finance Behrouz Alishiri said on Dec. 4.

Iran approves projects in different fields to diversify the options for foreign investors.

Alishiri said in November 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 secured 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 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.