Sunday, December 4, 2022

Foreign Investment in Iran Growing: Minister

Iran's Minister of Industry, Mines and Trade Mohammad Shariatmadari has highlighted the growing trend of foreign investment in the country.

In remarks made on Wednesday, Shariatmadari said Iran needs to absorb $180 billion to secure a sustainable eight-percent economic growth.

He noted that his ministry has set up an office to absorb domestic and foreign investment, adding, “The office kept working in 2017 and absorbed around $1.9 billion in direct foreign investment for production activities with the approval of the High Investment Council.”

According to a Farsi report by Fars News Agency, he said the council has given the go-ahead to around $9.7 billion in investment since the Rouhani’s administration assumed office in 2013.

“Out of the 244 investment projects, 40 have become operational and the rest are going through different phases of implementation.”

“Such cases show the policies adopted by the government in absorbing the funds of Iranian expats residing abroad as well as foreign finances are moving forward,” he noted.

The minister also underscored that further work and investment are needed in order to reach the target of 20-billion-dollar investment in the industry sector.

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