Next Gov't to Attract More FDI

Iran is set to attract more foreign direct investment to buttress its economy, First Vice President Es'haq Jahangiri announced.

Jahangiri was speaking during his address to the parliament in defense of President Hassan Rouhani's ministerial nominees, as lawmakers continue to debate the Cabinet picks for his second term, IBENA reported.  

"The government is authorized to use foreign resources up to $70 billion [during the Sixth Year Five-Year Development Plan (2017-22)], and we intend to create employment and boost the country's economy by tapping all this capacity," he said.

"In the 11th [Rouhani's first term] government, 600,000 jobs were created annually and we plan to increase that figure to one million jobs in the 12th government, and this will only happen if foreign investment, the use of banking resources and the empowerment of private sector are completely realized." 

Referring to the criticism of conservative factions alleging that the government failed in its pledge to revive international banking ties, he said there is no problem in transferring money through banks, as oil revenues have been transferred to the country via banks.   

Back in May, former economy minister, Ali Tayyebnia, said Iran received $11 billion in foreign investments in the fiscal year (ending March 20, 2017).

According to Mohammad Khazaei, the director of the Organization for Investment, Economic and Technical Assistance of Iran, affiliated with the Economy Ministry, FDI witnessed an increase of $3.124 billion YOY.  

Based on 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 of foreign investment that is expected to flow into the country soon.