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| Iran approves $100m worth of foreign investment plans |
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TEHRAN - Nine foreign investment plans, worth $100 million, have been approved by Iran, IRIB quoted the head of the Organization for Investment, Economic and Technical Assistance of Iran as saying.
The plans are related to iron concentrate, industrial bread, motorcycle, and mineral water production as well as decorative flower cultivation, Alishiri added.
The plans will create new jobs and will contribute to the expansion of exports and the promotion of modern technologies, he noted.
In September 2012, Alishiri said that foreign investment plans worth as much as $10 billion are expected to be transacted by Iran during the current Iranian calendar year, which ends on March 20.
Foreign investment plans in Iran amounted to $4.3 billion last year, showing a 27 percent growth compared on the year before, Alishiri added.
Iran needs up to $400 billion in direct foreign investment to materialize its objective of 8 percent economic growth, he added.
Over the next five years, the government will need new sources of capital sourced through the input of national and international private finance, Alishiri said.
He said in October 2011 that the growth of direct foreign investment in Iran ranks amongst the highest in the world. Despite the global economic sanctions, more than 400 foreign companies are now directly investing in Iran.
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