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Iran’s northern province sees surge in foreign investment under new government

Business Materials 12 October 2023 14:33 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, October 12. Iran’s Mazandaran Province, located in the north of the country, has attracted $203 million worth of foreign investment since the new government took office in August 2021, Governor of the province Mahmoud Hosseinipour said, Trend reports.

The governor noted that 14 projects were funded by this investment in Mazandaran Province.

Hosseinipour added that the province had attracted $170 million in foreign investment in the first five months of the current Iranian year (March 21 through August 22, 2023), which was a remarkable achievement for the province.

According to him, Mazandaran province had great potential for trade in the region, as it had 3 ports and 3 airports. He also said that by exploiting these opportunities, the country and the province could boost their economic growth.

In total, Iran attracted $6.05 billion worth of foreign investment within 356 projects from August 2021 to March 20, 2023.

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.

Iran is currently trying to attract more foreign companies to work locally, to help with economic development. It has many potential partners from different countries, such as Russia, China, India, Afghanistan, and Türkiye, who are interested in investing in Iran.

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