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Iran authorizes investments worth $3.4B since sanctions lift

Business Materials 7 May 2016 08:53
The Iranian government authorized investments worth $3.418 billion
Iran authorizes investments worth $3.4B since sanctions lift

Tehran, Iran, May 7

By Mehdi Sepahvand - Trend:

The Iranian government authorized investments worth $3.418 billion, the spokesman of the government, Mohammad Baqer Nobakht said.

In the past three months, 16 foreign trade delegations, eight presidents, three heads of parliaments, and five prime ministers have visited Iran, he further said, SHANA news agency reported May 6.

On February 1, Iranian Deputy Minister of Economy Mohammad Khazaei said Tehran considers luring in $25 billion worth of foreign investment to spend on the country's development projects.

According to the United Nations Conference on Trade and Development (UNCTAD), Iran's annual inward FDI (foreign direct investment) was $2.408 billion on average during 2005-2007, while this figure for 2011-2014 was $3.523 billion.

Iran's total FDI inward from 1995 to 2011 was a little over $33 billion, according to the UNCTAD.

On March 15, Khazaei announced the approval of 14 plans worth $2.6 billion by Iran's Foreign Investment Board. The plans involved electricity production, car making, mining, and industries.

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