Iran’s nominated industry minister aims to attract $8 billion in foreign direct investment

Iran Materials 12 August 2013 15:01 (UTC +04:00)

Azerbaijan, Baku, Aug.12/ Trend F.Karimov/

The nominated industry minister of the new Iranian administration has pledged to attract an annual $8 billion in foreign direct investment, the Mehr News Agency reported.

Mohammadreza Nematzadeh added that the industry sector's annual growth rate will increase to 12 per cent.

He also said that he will adopt policies to reach the share of industrial exports in non-oil exports to 45 per cent.

President Hassan Rohani took the oath of office in the Majlis on August 4.

Head of the Organisation for Investment, Economic and Technical Assistance of Iran Behrouz Alishiri said on July 24 that Iran has approved eight new projects for foreign investment.

"The projects are worth $540 million," Alishiri said, the ISNA News Agency reported.

He went on to note that based on the law, if a foreign investor does not transfer a part of the agreed amount of money to the country in six months, the issued licence will be annulled.

Alishiri said in July that the volume of foreign investment in the country has witnessed a remarkable growth.

"Iran attracted $4.85 billion in foreign investment in the last Iranian year (ended March 20, 2013)," he stressed, adding that the figure hit $2.60 billion and $4.60 billion in 2011 and 2012, respectively.

According to the latest world investment report released by the United Nations Conference on Trade and Development (UNCTAD), Iran absorbed nearly five billion dollars' worth of foreign investment in 2012 which is 17 per cent more than 2011.