TEHRAN – Iranian Industry, Mining, and Trade Ministry’s reports on foreign investment in the country’s industry, mining and trade sectors indicates that during the last Iranian calendar year (ended on March 19), $854 million of foreign investment projects were ratified and the United Arab Emirates (UAE), China, and the Netherlands had the biggest share of the investments.

As reported by ISNA, the largest portion of all the mentioned investments was made in Zanjan province and the tobacco group had received the biggest foreign capital.

Food and beverage products, non-metallic mineral products, petrochemicals, and oil products were other areas of interest for the foreign investors.

According to this report, last year, 82 foreign investment projects were approved in the industry, mining and trade sectors, of which 33 were funded completely by foreign investors and 48 were conducted in partnerships with domestic companies.

The largest volume of investment ($837 million or 98 percent) was made in the industrial sector while in the trade and mining sectors, $16 million (1.88 percent) and $1 million (0.12 percent) were reported, respectively.

Zanjan, Khorasan Razavi, Kermanshah, Hormozgan, and Tehran were among the provinces in which most of the country’s foreign investment was made. They accounted for 18, 15, 13, 8 and 7 percent of the total foreign investment last year, respectively.

Back in May 2019, President Hassan Rouhani ordered executive bodies to take immediate steps to remove obstacles to domestic and foreign investment in the country.

The decision came as the U.S. has introduced the harshest ever sanctions against Iran in line with the Trump administration’s “maximum pressure” on the country, a policy that analysts and politicians say is intended to paralyze the country’s economy.

EF/MA