BAKU, Azerbaijan, March 12. Iran has attracted $5.5 billion of foreign investments in different areas in the current Iranian year (from March 21, 2023, through March 11, 2024), Trend reports via the country's Ministry of Economic Affairs and Finance.
In the reporting period, 318 projects proposed for the development of oil and gas fields, water, electricity and gas supply, transport, construction, industry, agriculture, and mining have been approved by the Organization for Investment Economic and Technical of Iran.
Foreign investment will be made by Iranians living in various countries, including China, Türkiye, Iraq, India, Afghanistan, the UAE, Saudi Arabia, Russia, Pakistan, and other countries.
At the last meeting of the Organization for Economic Investment and Technical Assistance held on March 10, 55 projects on the development of industry, pharmaceuticals, food products, construction, tourism, road construction equipment, and agriculture were approved. Within the framework of the projects, it was decided to spend more than $450 million in foreign investment.
To note, foreign investors have lost interest in investing in various projects in Iran in recent years. This is because the US left the nuclear deal—the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany)—in 2018 and reimposed sanctions on Iran. The sanctions have affected many sectors of Iran’s economy and have made large companies reluctant to work in Iran. This has caused various problems for Iran’s economy.
Iran is currently trying to attract more foreign companies, aiming for economic development.
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