The Islamic Republic of Iran ranks fourth in West Asia in attracting Foreign Direct Investment (FDI) after the United Arab Emirates, Saudi Arabia and Turkey, an official said.

According to The Iran Project, Iran’s Minister of Economic Affairs and Finance (MEAF) Ehsan Khandouzi highlighted Iran’s rank in the field of attraction of FDI.

He noted that none of the other countries, namely UAE, Saudi Arabia and Turkey have faced any banking problems in the field of money transfer and sanctions barriers.

Iran managed to attract more than $11.9 billion of foreign capital within the framework of FDI in the past three years, he stated, Mehr news agency reported.

Elsewhere in his remarks, Khandouzi pointed to Iran’s export of non-oil commodities and put the value of export of non-oil goods during the administration of the late Iranian President Ebrahim Raisi at $50 billion.

The economy minister also highlighted the transit of goods via Iranian land and said it has risen from 11.5 million tons in 2021 to 18 million tons.