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Industry, mines attract 42% of Iran’s post-JCPOA foreign investment

Business Materials 30 June 2017 10:09
About 42 percent of foreign investment made in Iran in the wake of the joint comprehensive Plan of Action (JCPOA) went into the industrial and mining sectors
Industry, mines attract 42% of Iran’s post-JCPOA foreign investment

Tehran, Iran, June 28

By Mehdi Sepahvand - Trend:

About 42 percent of foreign investment made in Iran in the wake of the joint comprehensive Plan of Action (JCPOA) went into the industrial and mining sectors, according to Afrooz Bahrami, director of foreign investment at the Ministry of Industry, Mine, and Trade.

About $13 billion foreign investment went into 165 projects in Iran in the wake of the 2015 agreement, $5.5 billion of which went into these two sectors to cover 83 projects, he said, IRNA news agency reported June 28.

Out of these 83 projects, 40 have been completed and are operational, he noted, adding that the 40 projects attracted $1.8 billion investment.

The amount of foreign investment made in Iran has increased tenfold thanks to the nuclear deal, government spokesman Mohammad Baqer Nobakht said back in May.

Before the deal, that is, in 2013, the entire foreign investment permit issued in Iran was $1.4 billion, whereas in 2016 it reached $12.5, he said.

He said will need $650 trillion rials (about $17 billion) foreign investment each year to meet the requirements of a master plan called the 6th Development Plan that outlines the country’s progress in the years 2017 to 2022.

The 6th Development Plan stipulates that Iran’s economic growth should sand at 6.8 percent.

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