Azerbaijan, Baku, Jul.7/ Trend F.Milad/
Iran needs up to $400 billion in foreign direct investment (FDI) to materialize the objective of 8 percent economic growth, Iranian deputy finance and economic affairs minister said.
Over the next five years, the government will need new sources of capital, participation of the domestic and foreign private sectors, as well, the ILNA News Agency quoted Behrouz Alishiri as saying.
Alishiri said in October 2011 that in terms of the growth of foreign direct investment, Iran ranks among the world's top countries. Despite the global economic sanctions, more than 400 foreign companies are now directly investing in Iran in different sectors, he added.
Foreign investment plans in Iran amounted to $5.3 billion last year, which ended on March 19, showing a 27 percent growth compared to the previous year, Alishiri said on April 2.
IRNA News Agency quoted Alishiri as saying that up to $3 billion of foreign investment was transacted last year.
Some $1.1 trillion is required for investment during the fifth Five-Year Economic Development Plan (2010-2015) to generate an eight-percent growth rate, Alishiri said on February 26.
Domestic sources have the potential to meet around 56 percent of the required sum and the rest should be provided through foreign investments, he added.