Iran authorizes $2.4B foreign investment

Business Materials 7 October 2017 17:42 (UTC +04:00)

Baku, Azerbaijan, Oct. 7

By Fatih Karimov– Trend:

The Iranian administration authorized $2.4 billion in foreign direct investment, the official website of the Iranian Economy Ministry reported Oct. 7.

Over 25 proposals, including 7 new projects were approved during the latest meeting of Iran's Foreign Investment Board.

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.

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.