News ID: 195226
Published: 0218 GMT June 21, 2017

Official: Ministry attracts over $2b in foreign investment in four years

Official: Ministry attracts over $2b in foreign investment in four years

Ministry of Industry, Mine and Trade has drawn foreign investment to the tune of $2.2 billion since President Hassan Rouhani assumed office in August 2013, said the ministry's director general of Foreign Investment Office.

Afrouz Bahrami told IRNA that investment pertains to 81 projects which have been approved by the administration.

He said the Rouhani government has approved foreign investments worth $18 billion for 263 projects.

The official said $8 billion of the total figure pertains to 178 projects initiated by the Ministry of Industry, Mine and Trade.

Bahrami added that in addition to the $2.2 billion investment in 81 projects, the ministry is attracting $5.8 billion in the remaining 97 projects.

He said the aforementioned projects have all witnessed physical progress of 20 percent.

 

Investment in post-JCPOA era

 

Bahrami also touched upon the achievements of the Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), underlining that the administration has approved 165 projects in all sectors of the economy in the JCPOA-era attracting $13 billion.

He said the Ministry of Industry, Mine and Trade has played a leading role in luring foreign investment over the past four years.

The official put the annual average foreign investment in the country in the last two decades at $2 billion.

Bahrami noted that Spain ranked top among foreign investors in Iran over the past four years with $3 billion followed by Germany ($1.36 billion) and China (1.32 billion).

He said that most of the foreign investment under the Rouhani government went to polymer industries ($3.5 billion) followed by metals industries ($1.3 billion), petrochemicals ($1.1 billion), trade ($920 million) and the auto sector ($410 million).

The JCPOA has offered ample opportunities for domestic and foreign investors.

The lifting of sanctions which began in January last year following the JCPOA's conclusion in July 2015 has sparked interest from numerous sectors and industries.

This interest is particularly evident in Iran's oil and gas industry as the Islamic Republic holds the world's fourth largest proven oil and the largest natural gas reserves.

Iranian top hotels have over the past two years also been teeming with foreign delegations seeking to boost trade with the Islamic Republic.

Scores of agreements have so far been signed between major international companies and their Iranian counterparts in all fields.

   
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