Economy, Domestic Economy

Khorasan Razavi Attracts FDI Worth $580m

Khorasan Razavi Attracts FDI Worth $580mKhorasan Razavi Attracts FDI Worth $580m

About $580 million worth of foreign direct investments have been made in Khorasan Razavi Province since the beginning of the current Iranian year (March 21).

According to Khorasan Razavi Management and Planning Organization Chairman Reza Jamshidi, 25 provincial projects have attracted the investments, Fars News Agency reported.

According to the official, the northeastern province has attracted a total of $1 billion of foreign investment since March 2014, indicating the growing rate of inflow of late.

Government Spokesman Mohammad Baqer Nobakht said foreign investment in Iran has seen a tenfold increase following the 2015 nuclear deal reached between Iran and six world powers.

Jamshidi added that exports from Khorasan Razavi have seen a 30% rise so far this year.

The province is the hub of saffron cultivation in Iran. It is home to 82,000 hectares under saffron cultivation, producing 256 tons of the red gold annually, equivalent to 79% of Iran’s total saffron output.

“It exported 115 tons of saffron worth $164 million to 47 countries during the eight months to Nov. 21,” Gholamreza Miri, the deputy head of National Saffron Council, said.

Last year’s exports from the province stood at 220 tons, IRNA reported.

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