Central Bank of Iran policies limit FDI in Qeshm Island

Business Materials 6 February 2020 19:57 (UTC +04:00)

TEHRAN, Iran, Feb.6


The recent policies of the Central Bank of Iran have limited opportunities to attract foreign investment and transferring foreign currency, Deputy Head of Qeshm's Free Zone Organization Economic and Investment Keyhan Abbasian said, Trend reports citing ILNA.

"As a result, many projects have been suspended. A solar energy project is ongoing with ceiling of €6 million despite problems. Meanwhile, two petrochemical projects valued at $1.2 billion have been stopped due to the limitations," Abbasian said. "The Persian Gulf bridge project has also been stopped due to financial constraints. The project current progress is 15 percent; the government has spent about $50 million since the launch of project in 2012, and around €460 million is to be allocated to commission it."

"There are requests for foreign direct investments (FDI), but due to the current regulation there is no possibility for them. The foreign currency limitations in cargo sale in Qeshm Free Zone have created problems for many trades," the deputy head added.

"There have been efforts to import necessary goods given their importance. So far, some basic goods including rice were imported," he said.