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270 projects on tender for foreign investments in Azarbaijan province of Iran

Azarbaijan Governor General Mohammad Ali Sobhanollahi said in Tabriz on Monday that in the first International investments seminar held in this northwestern city, 270 projects valued at dlrs 2.2 billion are offered to foreign investors, IRNA reported.

Speaking to IRNA, Sobhanollahi said that Majlis speaker Mehdi Karroubi is due to open the ceremonies on Tuesday.

He said the aim of the seminar is to familiarize foreign investors with their Iranian counterparts. Foreign investors in order to commit their capital need domestic partners which is essential to benefit from investments, Sobhanollahi underlined.

Transfer of new technologies, higher productivity, gaining a foothold in international markets are among the benefits of foreign investments, the governor general added.

Abundant and skilled labor, special geography, and access to central Asian markets are among the province's special advantages in investments, Sobhanollahi said.

He also expressed hope that foreign investors would welcome the international investments seminar. The two-day seminar will kick off on Tuesday.

Iran has been putting into place a slew of policies with the aim of attracting foreign investment to the country.

Head of the Foreign Investments Technical and Economic Assistance Organization Mohammad Khazai here last week called for channeling foreign capital to the productive sector of the economy.

Speaking on the sidelines of an investment seminar, he added, "If this does not happen then capital flows will lead to formation of monopolies and higher inflation rates.

"Currently housing prices have witnessed two-to three fold price increase which is indicative of capital flow to the sector."

Khazai, who is also the Deputy Minister of Economy and Finance, said in order to prevent capital accumulation in the non-productive sector a center should be formed to garner, guide and support domestic and foreign investments'.

He further cautioned on the need to remove negative and old fashioned outlook regarding investment and investors.

The economy, including oil and gas sector, grew by 7.5 percent in the last Iranian year (ended March 20), Khazai said adding to create 900,000 job opportunities annually economy has to register, a minimum eight percent growth annually.

"If we can chalk up an eight percent growth rate, then the unemployment rate will drop to three percent by 2010."

... Payvand News - 8/12/03 ... --

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