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Foreign investments top $4 billion in Iran in a year


A planning official of Chaharmahal-Bakhtiari province said on Sunday that since the ratification of the new foreign investment law in the last Iranian year (ended March 20), foreign investment has surpassed 4 billion in the country, IRNA reported from Share-e Kord.

Deputy Head of provincial Budget and Plan Organization (BPO) Nassrollah Torabi said that the grounds are ready for foreign investment in the country.

Speaking to a group of travel agents form Kuwait, he said "the government is serious in supporting foreign investments in all areas." He also touted the province's touristic attraction saying that ample investments have been made to promote tourism in this south-central province.

The representative of Kuwaiti travel agencies said the aim of the trip is better familiarity with the provinces' touristic sites and to organize tours of the province.

Iran has been trying to vow foreign capital with a view to increase employment, garner hard currency resources and access to new technologies.

The total amount of foreign investment committed to Iran's economy over a period of five months starting March 21 reached as much as 836 million dollars, showing a growth of 70 percent compared to the past 12 months.

The Persian-language newspaper 'Kar-o Karegar' in late September reported that 23 foreign investment projects had been launched in Iran over the period, and that 78 percent of the investments had been made in such fields as chemicals, oil products, rubber and plastics and basic metal industries.

The daily quoted a report by a government think-thank (Iran's Center for Analyzing News on Privatization) as saying that foreign investors had invested over 650 million dollars in the said fields.

The center reported that Italy's MCC S.P.A. has had the highest share of investment in Iran's industries over the period by investing about 300 million dollars in the development of Phase 2 of the Almahdi Aluminum Complex on a buy-back basis.

It said that India has launched the highest number of investment projects in the Islamic Republic with a total investment of 5.5 million dollars. Germany and Turkey follow India in the second and third places.

The center further stressed that the British American Tobacco (BAT) has invested 34 million dollars for producing cigarettes in Tehran over the same period.

It also added that Turkey is constructing a plant in Iran's East Azarbaijan Province for producing jeans, stressing that the project is worth 2.2 million dollars.

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