More than $9bln in foreign investment approved in Iran over past year: Official

Tasnim – Iran approved over $9 billion in foreign investment during the last Iranian year (March 20, 2016 – March 21, 2017), director general of the Economy Ministry’s Foreign Investment Office announced.

Ahmad Jamali said over the past Iranian year, the Foreign Investment Office has approved more than $9 billion in foreign investment.

He added that during the past 11 months, around 5,200 investment projects were identified in provinces across the country, of which 825 were introduced to potential foreign investors.

Foreign investment provides a good opportunity for various industries, including tourism, agriculture, and new energy resources, particularly solar and wind energies, the official noted.

The growing foreign investment come against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a nuclear deal and started implementing it on January 16, 2016.

The comprehensive nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.