TEHRAN Deputy Minister of Mines and Metals for Planning, Development and Renovation Mohammad Ja'far Eslami said here Saturday that Iran attracted less than $1 billion of foreign investments in 1999 which is indicative of slow pace of mobilizing resources for the purpose. He told IRNA that given the total direct foreign investments of $872 billion in the world in 1999, Iran with one percent of the world population should have absorbed about $8.7 billion of the figure.
Eslami added that the country is relatively slow in attracting foreign investments compared to other countries. Security, foreign policy and publicity are among the factors that prepare the ground for foreign investment, he stated. The official said that the Mines and Metals Ministry offered 100 projects worth $10 billion, adding that it is expected that with the right and more transparent environment, the amount of foreign investments will also rise.
Eslami added that a measure which prolongs the excavation period of mines from five to 25 years has been adopted and is an incentive for investors in the sector.
Promoting incentives for investments is a feature of Third Development Plan (March 2000-March 2005) compared to that of the first and second development plans, he said.
(IRNA)