Foreign Investors Favor Green Projects

Foreign investors looking to expand their operation to Iran are very particular about the environmental footprint of the tourism project they finance, unlike domestic entrepreneurs who are generally not concerned about the ecological impact of their investments, said a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture. Alireza Khaef added that foreigners take carbon footprint into account knowing it will enhance the profitability of projects. "Not wishing to make a loss, these investors adopt methods and choose locations that are economically justified," he was quoted as saying by news website Donyaye Safar. Khaef pointed to the key role of tourism on the country's economic growth, adding that a developed tourism sector can alleviate concerns about fluctuations in the oil market. Based on statistics, the economic growth for the first half of the current Iranian year (started March 19) was 4.4%. Experts believe this figure has been attained by relying on oil revenues at the cost of other, potentially more profitable industries. "Overreliance on petrodollars will hold other sectors back and it will do little to help the country achieve its economic targets," he said.