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Foreign investment in Iran up by 70 percent over past 5 months

The total amount of foreign investment made in 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, IRNA reported from Tehran.

The Persian-language newspaper `Kar-o Karegar` on Saturday reported that 23 foreign investment projects had been launched in the Islamic Republic 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.

Kar-o Karegar quoted a report by Iran`s Center for Analyzing News on Privatization as stressing 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 as buy-back deals.

It also stressed 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 Azerbaijan Province for producing jeans, stressing that the project is worth 2.2 million dollars.

Furthermore, the center reported, Liberia has made an investment of six million dollars in a project to construct oil storage facilities in Iran to become the first African state to make a major investment in Iranian economy.

... Payvand News - 9/27/03 ... --

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