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Iran's economy grew by average of six percent in past three years

Zanjan, July 15, IRNA -- Deputy Economic Minister for Economic Affairs said on Thursday that Iran's annual economic growth stood at six present in the past three years which is unprecedented in the Middle East.

Speaking at a seminar on investments and capital markets in development of local economies, Saeed Shirkavand said Iran during the Third Five-Year Development Plan (March 2000-2005) has been among the 10 fastest growing economies in the world.

"These years have been marked by a blossoming economy in which the unemployment rate has drooped from 17 percent to 12 percent of the labor force."

The backbone of the fourth five-year development plan (March 2005-2010) is based on the three objectives of fostering competition in the economy, forging contact with the international economy and the paving grounds for establishing a knowledge-based economy, Shirkavand underlined.

"Given that economic growth motivates the investors in the national and foreign private sectors, numerous applications for investment in domestic projects have been received in the current year.

Turning to revision of foreign investment law as the major factor for the national economic growth in the past two years, he noted that the former economic ambiguities between Iran and other countries have been clarified and foreign investors now show greater interest in making investment in the country.

"In view of the revised laws, the attraction of investments during the past year is equivalent to that of the past 10 years," he added.

"While they were subject to 60 percent taxation earlier, according to the revised law, they are now subject to a mere 25 percent," he added.

An economy official said here last week that industrial productivity underpins economic growth.

Advisor to Minister of Finance and Economy for Provincial Affairs Ali Yazdani said promotion of productivity in the industry and Mines sector can ensure profitability and healthy competition in the country.

Higher rates of Economic growth rate for a decade is an strategic approach as well as an outstanding issue envisioned in the fourth five-year development plan (March 2005-2010), the economy official said.

"It is estimated that close to 2.5 percent of the domestic economic growth is generated through productivity increases," Yazdani underlined.

... Payvand News - 7/16/04 ... --

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