News ID: 190821
Published: 0628 GMT April 14, 2017

Iran inks investment deals worth $50b in post-JCPOA era

Iran inks investment deals worth $50b in post-JCPOA era

Finance Minister Ali Tayyebnia said memorandums of understanding (MoUs) for investments in economic projects to the tune of $50 billion were signed after the Joint Comprehensive Plan of Action (JCPOA) went into force.

He added that the MoUs were signed with foreign investors and agreements for many of them are currently being finalized, IRNA reported.

Pointing to certain problems and restrictions facing foreign investors eager to engage in the form of finance, he said that the restrictions with two European and one Asian state were resolved and efforts are underway to overcome problem with other countries.

Tayyebnia hoped that once the problems are removed in the near future, grounds will be prepared for drawing $50 billion in foreign investments.

Announcing that Iranian projects drew $12 billion in foreign direct investment last year, the minister said the target was set at $7 billion which was materialized through the prudence of the incumbent government after the implementation of JCPOA.

An MoU involving $25 billion was signed with two Chinese banks and other banks from the same country are also seeking to invest in Iran, he said.

Tayyebnia further contended that Iran's main priority is to get access to regular and sustainable growth which will ensure Iran's political and economic clout.

Meeting domestic needs within the country is the key to economic growth, combating social inequalities and improving the livelihood and dignity of the citizens, he said, noting that it is essential to draw sufficient investment as well as foreign and domestic investors to the economic projects.

In the past, the government invested in economic projects by relying on oil revenues and private sector's contribution was meager, he said, noting that economic growth necessitates directing public capitals and savings towards productive economic projects.

Profitability and capital security are major requirements for private sector investment in economic projects, he said.

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