Tehran, Sept 6, IRNA � Iran has planned to invest 16 billion euros in the area of ICT (Information and Communications Technology), Minister of Communications and Information Technology Mahmoud Vaezi has announced.

The investment will be made by the state and private sectors in the country in the next five years, Vaezi said in his address to Iran Connect 2016 conference that started Tuesday for two days.

One fourth of that investment will be made by the government and the private sector will be responsible for the rest, the minister added.

He announced that Iran also welcomes foreign investment in ICT.

'Iran will prepare the grounds for it (foreign investment),' Vaezi added.

By IRNA