News ID: 194776
Published: 0246 GMT June 14, 2017

Foreign investment thriving in Iran

Foreign investment thriving in Iran

Head of the Organization for Investment, Economic and Technical Assistance said that foreign investment is flourishing in Iran with overseas capital drawn to the country reaching $3.372 billion.

The United Nations Conference on Trade and Development (UNCTAD) in a recent report published in June 2017 stated that Iran has attracted more than $3.37 billion in foreign investment, IRNA reported.

The report added that foreign investment in Iran had declined for a few years. However, in 2016, Iran signed three international investment agreements and could reach close to pre-sanction level.

Mohammad Khazaei said that in the Iranian year to March 20, 2017, Iran received an unprecedented number of foreign investment applications of which $10.4 billion were approved and necessary guarantees were issued.

He added the number shows a 55-percent growth compared to the figure for the previous year.

Throughout the eight-year period before President Hassan Rouhani's foreign investment agreements had been signed with Eritrea, Djibouti, Burundi, Ghana, Kenya, the Comoros, Gambia and Bissau Guinea.

After the Joint Comprehensive Plan of Action (JCPOA) that was signed on July 14, 2015, Iran reached agreements with Japan, Russia, Singapore, Slovakia, Luxemburg, Iraq and Tanzania; also the agreements with Czech Republic, Croatia and Lithuania have been finalized and are ready to be signed, according to Khazaei.

He added that the provinces of East Azarbaijan, West Azarbaijan, Isfahan, Tehran, Qazvin, Kerman and Khorasan Razavi were more successful than others in absorbing investments.

UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. Its headquarters are located in Geneva, Switzerland, and it has offices in New York and Addis Ababa.

UNCTAD is part of the UN Secretariat. It reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership, and budget. It is also part of the United Nations Development Group.

The Division on Investment and Enterprise of UNCTAD serves as the focal point for all matters related to foreign direct investment and multinational enterprises in the United Nations System.

It builds on more than four decades of experience and international expertise in research and policy analysis on investment and enterprise development, fosters intergovernmental consensus-building, and provides technical assistance to over 150 countries.

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