BAKU, Azerbaijan, May 2. The Organization for Investment, Economic & Technical Assistance of Iran (OIETAI) has given the green light to foreign investments worth approximately $10.8 billion into the country, targeting the selected 401 projects, since the current Iranian government came to power in the country (August 2021), Spokesman for Iranian Government, Ali Bahadori Jahromi said at a press conference in Tehran on May 2, 2023, Trend reports citing IRNA.
The spokesman noted that the organization intends to direct at least $6 billion of the mentioned investment to more important projects.
Bahodori Jahromi added that foreign investments will mostly be made into Iran's services, industry and energy sectors.
According to him, a conference will be held in Tehran with the participation of foreign businessmen on May 7 through May 10. Forty large foreign companies and 15 political delegations will participate in this conference, reportedly.
Meanwhile, the Organization for Investment, Economic & Technical Assistance of Iran (OIETAI) has approved 60 projects in the direction of attracting foreign investment worth $2.4 billion in the preceding Iranian year (March 20, 2020 through March 20, 2021).
Iran has been suffering from sanctions for years. This, in turn, affected how foreign companies made decisions regarding the Islamic Republic. On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) and imposed new sanctions on Iran. The sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
As the sanctions cover many sectors, a number of large companies are still refusing to work in Iran. Iran is currently trying to lure foreign companies, in an attempt to achieve economic development.
Reportedly, at present, businessmen from a number of countries, including Russia, China, India, Afghanistan, and Türkiye are interested in investing in Iran.
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