TEHRAN - The nominated industry minister of the new Iranian administration has pledged to attract $8 billion in foreign direct investment annually, the Mehr News Agency reported.
Mohammadreza Nematzadeh added that the industry sector’s annual growth rate will increase to 12 percent.

He also said that he will adopt policies to reach the share of industrial exports in non-oil exports to 45 percent.

President Hassan Rohani took the oath of office in the Majlis on August 4.

Iran will try to lure foreign investors with tax exemptions ranging as high as 100 percent, Iranian Deputy Economy Minister Behrouz Alishiri said in July.

“Foreigners investing in the country’s agriculture sector won’t have to pay any taxes. Investments in industry and mining will be exempt up to 80 percent,” Alishiri said.

Iran needs annual domestic and foreign investment of about $300 billion until 2015 to meet its economic objectives, he added.

Alishiri said on July 24 that Iran has approved eight new projects for foreign investment.

"The projects are worth $540 million," Alishiri said.

"Iran attracted $4.85 billion in foreign investment in the last Iranian year (ended March 20, 2013)," he underscored, adding that the figure hit $2.60 billion and $4.60 billion in 2011 and 2012, respectively.

According to the latest world investment report released by the United Nations Conference on Trade and Development (UNCTAD), Iran absorbed nearly 5 billion dollars worth of foreign investment in 2012, which is 17 per cent more than 2011.

By Tehran Times

 

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