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Foreign Funds Vital for Growth
National

Foreign Funds Vital for Growth

Majlis Speaker Ali Larijani underscored the necessity of absorbing foreign investment as a key requirement for achieving the targeted economic growth rate.
"To hit the target of 8% economic growth, the potential for attracting foreign investment should be exploited," he was quoted as saying by ICANA.
Larijani was speaking in the central city of Qom on Sunday in a conference on domestic economy in the aftermath of the Joint Comprehensive Plan of Action, the formal title of the July 14 nuclear deal.
The action plan, which was reached with P5+1 (the five permanent members of the United Nations Security Council plus Germany), relieved Iran of severe economic sanctions in exchange for time-bound curbs on its nuclear program.
It took effect on Jan. 16 to rush a flurry of business delegations to Iran, seeking to seal deals with local partners in an untapped market that offers huge scope for investment.
"We should take advantage of the situation that has emerged in the wake of the nuclear agreement by encouraging foreign investment," he said.
Larijani said the problems of local manufacturers should be addressed and they could be encouraged through government incentives.
"The parliament should legislate to remove obstacles to raising production and improve the business climate, thereby paving the way for a production boom. If necessary, the current relevant laws should be revised," he said.
The speaker reiterated support for the nuclear negotiating team, reminding detractors that the nuclear dossier, in which the country was entangled for 12 years, has been closed recently.
"I basically believe that nuclear negotiations went well and were conducted at the right time, although admittedly the negotiating team could have done better in some respects," he said.
"Despite claims by some [critics], the nuclear talks were carried out thoroughly. We should consider what was gained in return for what was compromised; sanctions were lifted and the nuclear knowhow was preserved."
Larijani praised President Hassan Rouhani for negotiating deals worth tens of billions of dollars in his recent trip to Italy and France late last month, including a contract for the purchase of over 114 Airbus aircraft to revamp the worn-out national fleet.

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