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Iran needs foreign investment for high economic growth

Business Materials 8 April 2014 12:18 (UTC +04:00)

Baku, Azerbaijan, April 8

By Fatih Karimov - Trend: Iran should attract more foreign investment in order to achieve high economic growth.

Abolfazl Koudehi said on April 8 that in addition to local investments, we should plan to attract more foreign investment to achieve high economic growth, Iran's IRNA news agency reported.

Koudehi, director of Iran's bureau for foreign investments at the Organization for Investment, Economic & Technical Assistance of Iran, said the process of foreign investment should be streamlined through offering special incentives to foreign investors.

It has been estimated that the country would need around $1200 billion to achieve eight per cent economic growth. In the most optimistic case, 55-60 per cent of the needed money can be secured by local investors, he added.

In February, Iran's President Hassan Rouhani said that during the last few months some $4.5 billion foreign investments were absorbed by the country.

The Iranian president went on to say that the attracted funds were invested mostly in power plant and dam buildings as well as steel production plants, mines and metro construction spheres.

Iran and six major powers including the U.S., UK, Germany, France, Russia, and China reached a nuclear accord on November 24, 2013, which came into force on Jan.20.

According to the accord, the western countries would ease or suspended some restrictive sanctions over Iran's industrial sector when Iran halted some sensitive nuclear activities, including enriching uranium at a 20 percent level. Iran also would be able to access $4.2 billion in blocked funds abroad in eight stages.

Recently, several foreign economic delegations have traveled to Iran to evaluate cooperation opportunities, including the Turkish and French delegations visits in the last ten days.

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