Iran attracts foreign investments ahead of sanctions
Tehran, Iran, July 28
By A. Shirazi - Trend:
The volume of foreign investments attracted during the first four months of the current Iranian fiscal year (started March 21) stood at $350 million ahead of returning US sanctions, the director general of the Ministry of Industries, Mining and Trade’s FDI (Foreign Direct Investment) Office said.
“Some $350 million of foreign investments have been absorbed in the sectors industries, mining and trade since the start of the year,” Afrouz Bahrami said on July 28, Shata news agency reported.
She added that the finance belongs to 23 plans and projects approved by the government.
“French, German, Turkish, Dutch and Austrian firms are among the major investors in the fields of food supplements, construction materials, fruit concentrates, and steel,” the official said.
Since President Hassan Rouhani took office for a second term in August 2017, Iran has attracted $3.3 billion foreign investment mostly from Iraq, China and Ireland, Bahrami further said.
US President Donald Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran next month. The first round of US sanctions on Iran goes into effect in August, followed by ones targeting Iran's oil exports in November.