TEHRAN (Iran News) –Deputy Minister and Head of Organization for Investment Economic and Technical Assistance of Iran says Russians have been the biggest foreign investors in the country as they have invested $2.7b and mainly in two oil projects in Iran.

Speaking in a press conference, Ali Fekri touched upon the performance the Organization for Investment Economic and Technical Assistance of Iran in the past 15 months and said that one of the most important actions of the government in this period has been reforming its statistical system and after its reform, only the approved attracted investments which are implemented  are registered in the statistical system and it is not supposed to announce the claim of investment on the paper without its implementation.

He said that from now on, the interest and willing to investment in Iran is not included in the statistics system of the organization. Fekri went on to say that the amount of the approved foreign investment in the country has been $10.2b.

He noted that Russians have been so far the top foreign investors in Iran with $2.7b investment and it is because of their investment in two oil projects in Iran.

He noted that in the past 15 months and after Russian investors, the UAE, Turkey, China and Afghanistan have been the second to fifth foreign investors in Iran.

Fekri noted that due to the current condition of the country, the amount of investment has entered the country via forex shops.

He also criticized the amount of investment of the Chinese in Iran and said that China has only invested some$185m in Iran in the same period which is not satisfactory considering talks and meeting, adding that the Chinese investment in Iran has been the same level of small and medium investments done by the neighboring countries and it has been mostly in the transportation and transit sectors.

Fekri also reiterated that major investors from the UAE are not actually Emirati nationals and they are from other nationals and most of their investments have been in Iran’s mining and industry sectors.

He then pointed to the incentives for foreign investors and said that each foreign investor can take three cars to the country and they are also awarded with 3 to 5 years of resistance permit.

He noted that currently credit risk of the country is 7 and it means Iran is among the risky countries for foreign investment but one should notice that attracting foreign investor has no direct relation with the ranking of credit risk but it is effective, reiterating that the amount of risk shows itself in the rate of insurance for the projects, adding that despite these risks there are some European and U.S. investors in the country.

Fekri went on to say that Iran has signed good agreement with Russia and Russia has not arrived here to go and both sides have side the agreement that both sides will benefit but despite the agreement, there is possibility for withdrawal of ay country from the agreements.