OIETAI approves $1.7B foreign investment in Iran

Business Materials 12 August 2017 15:06 (UTC +04:00)

Baku, Azerbaijan, Aug. 12

By Emil Ilgar – Trend:

Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) approves $1.697 billion foreign investments, the organization’s official website reported Aug. 12.

According to the report, the investments would be allocated to 28 projects.

The Iranian government has issued guarantees for a total of about $12 billion in foreign investments in 2016, of which $3.124 was realized, according to official statistics.

The United Nations Conference on Trade and Development’s (UNCTAD) statistics also indicate that Iran attracted $3.372 billion foreign direct investment in 2016, compared to $2.05 billion in 2015.

Following the removal of international sanctions, the Iranian administration is planning to hit an 8-percent economic growth in the post-sanctions era. Iran also made an announcement that the country is seeking to annually lure in up to $50 billion worth of foreign investment.