BAKU, Azerbaijan, October 12. Iran has seen a threefold increase in attracting of foreign investment since the new government took office in August 2021, an official of the Organization for Investment, Economic and Technical Assistance of Iran Abolfazl Koudei said, Trend reports.
According to Kudeyi, Iran received $6.05 billion from foreign investors in 356 projects until March 20, 2023.
The official noted that Iran has adopted some measures to ease the impact of the US and Western sanctions and to attract more foreign investment. One of these measures is to allow foreign investors to bring gold into the country instead of foreign currency and US dollars, which is easier for them.
He added that foreign investors have imported about 700 kg of gold as an investment so far.
Kudeyi also said that the new government has made some progress in solving the visa and temporary residence issues that foreign investors face.
Iran faces many challenges in attracting foreign investment due to the US and Western sanctions that were reimposed after the US withdrew from the nuclear deal in 2018. The sanctions have affected many sectors of Iran’s economy and have discouraged large companies from working in Iran. Iran’s new government, which took office in August 2021, has been trying to overcome these difficulties and to increase the flow of foreign investment into the country.
Most of the foreign investment in Iran went to the oil and gas sector (50.6 percent), followed by the industrial sector (32.3 percent) and the electricity sector (11.3 percent) from August 2021 to March 2023. The rest (5.8 percent) went to other sectors.
Foreign investors have lost interest in investing in various projects in Iran in recent years. This is because the US left the nuclear deal in 2018 and reimposed sanctions on Iran. The sanctions have affected many sectors of Iran’s economy and have made large companies reluctant to work in Iran. This has caused various problems for Iran’s economy.
Iran is currently trying to attract more foreign companies, aiming for economic development.
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