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Iran attracts over $3.3 billion of foreign investment in 2016

Wednesday, Jun 14, 2017

The attraction of 3.372 billion dollars of foreign investment in 2016 shows the worlds attention to Iran after the nuclear deal, Khazaei stressed.
(SHADA: TEHRAN) - The most recent UNCTAD report on the global investment shows that Iran recorded a growth of 64 percent with 3.372 billion dollars of foreign investment in 2016.

One of the developments in 1395 (March 2016-17) was the unprecedented increase in the volume of investment requests in Iran, particularly after the nuclear deal, said Khazaei, President of Organization for Investment Economic and Technical Assistance of Iran.

We recoded more than $10.4 billion of foreign investment in the organization in 1395, 55 percent more than 1394, which is unprecedented, he added.

As to the definition of foreign investment, the President of Organization for Investment Economic and Technical Assistance of Iran said: According to the international definitions, the attraction of investment is interpreted as the country's ability to attract foreign customers to enter the country; however, in Iran, we interpret it as the amount of investment that has entered the country and is being used.

In response to a question about why attracting foreign funds (finance) in Iran is not considered as foreign investment, Khazaei explained: UNCTAD Reports on foreign investment are based on different methods and approaches used in different countries.

For example, some countries consider legislations related to the issuance of bonds as foreign investment, but some countries like Iran use equipment and money entered the country, he continued.

In the eleventh government and after the nuclear deal, we signed agreements on investment with Japan, Russia, Singapore, Slovakia, Luxembourg, Iraq and Tanzania in 1394-95, and we are going to sign agreements with the Czech Republic, Lithuania and Croatia too, Deputy Economy Minister stressed.

He further stated that besides economic policies to reduce inflation, exchange rate stability and predictability of the economy for investors, we cannot ignore the role of security we have in the country in attracting investors.

Khazaei also said that East Azerbaijan, West Azerbaijan, Isfahan, Tehran, Qazvin, Kerman and Khorasan Razavi are among the provinces successful in attracting foreign investment.

As to the internal factors affecting the growth of foreign investment, he said: In the past two years in collaboration with the Central Bank we solved the issue of having two different foreign exchange rates for investment.


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