Wednesday, October 4, 2023

Deputy Industry Minister: Economy Needs $800bn Investment

Iran’s Deputy Industry Minister said the country requires $8bn of investment in order to reach the goal of 8% economic growth.

Deputy Minister of Industry, Mine and Trade Valiollah Afkhami Rad said, “Given that numerous investors have visited the country to evaluate Iran’s investment conditions, a need is felt to define a national road map for attracting foreign investment to be followed by all relevant organizations.”

“Accordingly, proper measures should be taken to provide security for the fund and investors in line with the road map,” he continued.

The official reiterated that, “On the basis of estimations, in the Iranian Ministry of Industry, Mine and Trade, more than $8bn of investment are needed to realize the aim of reaching 8% economic growth.”

“Meanwhile, the current financing system and the investment climate in the country needs reforms to enable the realization of such a condition which seem to be far-fetched in the short term,” underlined Afkhami Rad.

He emphasized the need to attract investment from home and abroad as well as to deploy domestic and foreign technologies for improving productivity as a means to achieve 8% growth.

“The objective will not be fulfilled by merely relying on government policies; rather, the private and cooperative sectors as well as all economic actors need to cooperate in order to achieve the desired result,” concluded Afkhami Rad.

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