Tuesday, September 27, 2022

Iranian Province Attracts $36m in Foreign Investment

Iran’s East Azarbaijan province has attracted $36 million in foreign investment since March 2017, according to a local trade official.

Reza Hosseini, the province’s General Manager for Economy and Finance, says as part of a large development plan to attract foreign investment, the officials in East Azarbaijan have managed to attract $36m in foreign investment during the first half of the current Iranian calendar (which started in March).

“The investments have been made mainly in car manufacturing, gold exploration projects, yarn and ADF productions,” he noted, according to a Farsi report by the Kayhan newspaper.

The official went on saying that the Economy and Finance Administration of East Azarbaijan made 120 investment surveys in the province including infrastructural and knowledge-based projects and agricultural and coal fields.

“The marketing process for provincial plans has been organized by Iran’s Foreign Ministry in cooperation with joint commercial councils and chambers of commerce. Then the plans have been offered to domestic and foreign investors,” he noted.

Hosseini added the local officials are in contact with over 70 domestic investors. “On the other hand, at least nine foreign delegations from Indonesia, Turkey, Germany and Poland have submitted their requests to invest in the province,” he noted.

Hosseini also said legal procedures are underway to issue certificate for an investment of at least $54 million to establish three small power plants with a capacity of producing 49mw electricity in the province.

“Meanwhile, arrangements are made to establish a wind and solar farm with an investment of $45m.”

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