Economy, Business And Markets

$3 Billion Increase in Foreign Investments

$3 Billion Increase in Foreign Investments
$3 Billion Increase in Foreign Investments

Foreign investments in Iran increased by $3.124 billion during the previous fiscal year that ended on March 20, 2017, the director of the Organization for Investment, Economic and Technical Assistance of Iran, affiliated with the Ministry of Economic Affairs and Finance, announced.

"These investments were made in free trade zones and provinces to attract more foreign investments, which show the high prevalence of safety and investor confidence in Iran," Mohammad Khazaei also told IBENA.

Recently Economy Minister Ali Tayyebnia said Iran received $11 billion in foreign investments in the last fiscal year.

The official, who is also a deputy economy minister, added that in the previous year, GDP growth went as high as 11.6% while according to the World Bank, it stood at 5.8% in 2016.

Noting that for the first time in the history of the country, Iran's trade balance became positive by $1 billion in 2015, Khazaei added that before the administration of President Hassan Rouhani and in 2008, "imports into the country were higher than $55 billion and exports were registered at $25 billion, which meant that trade balance was a negative $30 billion".

According to a report published by OIETAI in early April, after the implementation of the nuclear accord with world powers, Iran has negotiated to receive $50 billion worth of foreign finance that is expected to flow into the country soon.

South Korea, China, Japan, Denmark, Germany, Austria, Italy, Norway, Russia and Brazil have reportedly shown interest in Iran's investment potentials.

Iran's Economy Ministry has reportedly signed bilateral agreements to incentivize and mutually support investments with Japan, Russia, Singapore, Iraq, Slovakia and Luxembourg with the goal of attracting more foreign investments, undertaking risk coverage and lowering the risk of investment in the country.

According to Khazaei, reducing concerns vis-a-vis Iran and facilitating the presence of foreign countries in Iran with the purpose of attracting investment coupled with instilling safety and economic stability were the achievements of the nuclear accord, which also helped develop exports. 

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