BAKU, Azerbaijan, January 21. Iran's Foreign Investment Board held a meeting in which 70 applications for foreign investments, totaling $650 million, were reviewed and approved, Trend reports via the country’s Ministry of Economic Affairs and Finance.
The meeting was attended by the Deputy Minister of Economic Affairs and Finance and Chairman of Iran's Investment, Economic, and Technical Assistance Organization, Abolfazl Koudei, members of the Foreign Investment Committee; representatives of various ministries, and other relevant authorities.
The meeting also included an examination of the applications of 73 foreign investors.
Foreign investments were approved in a variety of economic sectors, including oil and gas, renewable energy, automotive manufacturing, pharmaceuticals, food products, construction, tourism, electronics, transportation, the steel industry, services, and agriculture.
Iran's Investment, Economic, and Technical Assistance Organization hosts monthly meetings of the Foreign Investment Committee to streamline and accelerate foreign investment processes.
The meeting did not reveal details about the foreign investors' countries.
To note, for several years, foreign investors have not shown interest in investing in various projects in Iran. This is because, in 2018, the US withdrew from the Comprehensive Joint Plan of Action between Iran and the 5+1 group (Russia, China, UK, France, US, and Germany) on Iran's nuclear program. The US's withdrawal from this plan led to the imposition of new sanctions against Iran. Major companies refused to operate in Iran as sanctions affected many industries. This led to various problems in Iran's economy. Iran is now encouraging foreign companies to work there again to achieve economic growth.
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