Foreign investment in industry, mining, trade sectors up nearly 136%

February 26, 2022 - 12:52

TEHRAN - The Ministry of Industry, Mining, and Trade has approved 129 foreign investment projects valued at about $3.485 billion in the first 10 months of the current Iranian calendar year (March 21, 2021-January 20, 2022), which indicates a 135.9 percent rise compared to the same period of time in the past year.

The data released by the ministry show that 104 foreign investment projects valued at about $1.477 billion had been approved in the first 10 months of the previous year.

As reported, the number of the investment projects approved in the mentioned 10 months has also increased by 24 percent in comparison to the figure for the last year’s same period.

Approved foreign investment includes all applications, including investment to create new projects, purchase of shares of existing companies, as well as foreign investment in the form of contractual arrangements.

The ministry had approved 74 foreign investment projects valued at about $2.227 billion in the first half of the present year (March 21-September 22, 2021).

A total of 113 foreign investment projects valued at $2.614 billion were approved in the country during the mentioned period, of which the share of the industry, mining, and trade sector was 65 percent and 85 percent in terms of number and value, respectively.

Back in December 2021, Head of Iran’s Planning and Budget Organization (PBO) Masoud Mirkazemi said the government has it on the agenda to remove the barriers in the way of attracting foreign investment.

Stressing the need for the attraction of domestic and foreign investment to achieve a targeted eight-percent economic growth, Mirkazemi said: “barriers to attracting foreign investment will be removed.”

Speaking in a gathering of Iranian ambassadors to neighboring countries, the official said with the new changes applied to the budget structure, the duties of Iranian ambassadors in other countries have become heavier.

According to the official, economic growth of eight percent has been one of the goals of the Sixth National Development Plan (2016-2021) and also become the focus of the 13th government's major economic programs.