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Iran: Development plan calls for 385 billion dollars of investments

Tehran, Oct 30, IRNA-Director of Plan and Budget Organization's Macro Economic Office said in Tehran on Saturday that the Fourth Five-Year Development Plan (March 2005-2010) envisions over dlrs 385 billion of investments in the country.

Mohammad Kord-Bacheh told reporters that given the unavailability of adequate domestic resources for such investments, it has been decided that over dlrs 31 billion of the sum will be raised from foreign sources, "of which dlrs 17 billion has to include foreign facilities."

The plans further stipulates for 60 percent of investments to be provided by the private sector.

Elsewhere in his statements, he said that the exact figure of unearned revenues (budget deficit) has not been calculated yet and when it has then through budget reforms and rearranging the numbers, the government will try not to submit any amendment to the budget bill to the Majlis.

Kord-Bacheh said that the unfinished development projects have priorities according to the budget directive and there will be no new development project undertaken next year.

On reducing banking rates, he added that rate of banking loans should be commensurate with the inflation rates.

In terms of drawing foreign investments to the country, he added the Industry and Mining sector has drawn 76 percent of the total foreign capital invested between the Iranian year 1372 (started March 21, 1993) and the month of Bahman (January 20-February 18).

The value of projects stood at dlrs 3,741.899 million of the total foreign investments of dlrs 9,280.491 million in the period.

The business community in Europe is convinced about the huge investment opportunities that exist in Iran as the Islamic Republic's economy continues on the upward trend.

"The general impression of my colleagues from other European countries is that we are quite convinced that economic development of the country will continue in the same direction that it has for the last few years," Mr. Kris Put, trade representative from the Flanders region of Belgium in Tehran, told a trade seminar in Brussels last week.

"We think that the economic changes that have been introduced by the Iranian government will continue. If you combine that fact with the growing amount of foreign currency that flows into the country due to the higher oil prices, it means that the potential of the country can only increase," he said.

Put said Iran has set up the Foreign Investment Protection Act (FIPA) to attract foreign investments in the country and to make life easier for foreign companies.

... Payvand News - 10/30/05 ... --

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