JCPOA Opened Door to FDI

JCPOA Opened Door  to FDIJCPOA Opened Door  to FDI

President Hassan Rouhani highlighted the economic gains resulting from the 2015 nuclear deal with major powers, noting that it has so far sparked a multibillion-dollar wave of foreign direct investment into the Iranian market.

The accord took effect on January 16, 2016, to have temporary curbs on Tehran’s nuclear program in exchange for relief from economic sanctions.

“Over the four months after the implementation day of the Joint Comprehensive Plan of Action, $3.4 billion in foreign direct investment have been attracted,” Rouhani was quoted as saying by IRNA on Tuesday, referring to the pact by its official name.

“Licenses have been issued for a further $3.5 billion worth of investment projects,” he said in a public address in Kerman Province.

Conservatives, including those who form the majority in the outgoing parliament, have been vocal in their criticism of the action plan, claiming that it has not benefited the Islamic Republic despite Rouhani’s promises.         

The president’s moderate and reformist supporters outperformed conservative contenders in the parliamentary elections earlier this year and won a simple majority of the 290 seats in the legislature.

Rouhani called for solidarity between his government and the incoming parliament, adding that elections are history now and this is not the time for confrontation and smear campaigns.

“People do not like to see any conflict between the government and Majlis. They expect [us] to act in unison to resolve problems,” he said.

Rouhani also said he is highly optimistic about the next parliament, which will formally assume charge at the end of this month.