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Iran's national assets five fold of foreign debt: Minister

Source: Tehran Times; photos by Hamid Forootan, ISNA

Iranian Finance and Economic Affairs Minister announced that national assets amount to five fold of the country's total foreign debt. Shamseddin Hosseini added that the sum of foreign debts is less than five percent of gross domestic production (GDP). The minister did not refer to any specific figure in this regard.

Iranian Finance and Economic Affairs Minister Shamseddin Hosseini

He made the remarks in the opening ceremony of a two-day foreign investment conference which opened in Tehran on Wednesday, in which up to 120 billion Euro worth of projects in oil and gas, industry and mine, agriculture and tourism sectors is introduced to investors.

More than 200 investors from 14 countries including Austria, Belarus, China, Turkey, Italy, India, Japan, Russia and Malaysia are participating in the conference, the IRNA news agency quoted deputy economy minister Behrouz Alishiri as saying.

President Mahmoud Ahmadinejad speaking at the conference

Alishiri said in October that in terms of the growth of foreign direct investment (FDI), Iran is ranked among the world's top countries. Despite the global economic sanctions, more than 400 foreign companies are now directly investing in Iran in different sectors, he added.

Foreign direct investment in Iran witnessed a considerable rise compared to the last year, reaching to 2 billion dollars, Alishiri said.

The Iranian government has approved more than 100 foreign investment plans worth $5.3 billion in the first seven months of the current Iranian calendar year, which ended on October 22.

... Payvand News - 11/23/11 ... --

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