TEHRAN – First Vice-President Eshaq Jahangiri says Iran has been holding talks for foreign investment with many countries, the sum of which amounts to $60 billion.

Addressing the inaugural ceremony of the International Exhibition of Plastics Rubber, Machinery and Equipment, Iran Plast, in Iran’s capital city of Tehran yesterday, Jahangiri said $26 billion of the investment plans has already turned into contracts signed between the sides.

This week Iran signed a 1 billion euro line of credit deal with Austria’s Oberbank and another worth half a billion euros with Denmark’s Danske Bank.

The Iranian vice president further said that among the agreements signed so far, $11.6 billion has been implemented and the respective projects carried out.

He noted that since the conclusion of the nuclear deal, aka joint comprehensive Plan of Action (JCPOA), Iran has lured some $14 billion direct foreign investment.

He added that oil, gas and petrochemical industries are the most compliant sectors to the principles of economic resilience.

Jahangiri said oil and gas sectors together with the petrochemical industry have set the best records for performing in line with Economic Resilience Policies.

“The newly-devised model of oil contracts which took a relatively long period of time for their arraignment, were endorsed by many of the country’s scholars in the field and provide the best chance for international majors to start cooperating with Iran in oil and gas projects,” said the official.

He said the petrochemical sector is a priority for attraction of foreign finances.

The International Exhibition of Plastics Rubber, Machinery and Equipment opened in Tehran. The four-day expo, namely, Iran Plast 2017, was inaugurated during a ceremony by senior Iranian officials including First Vice President Es’haq Jahangiri, Oil Minister Bijan Namdar Zanganeh and Marzieh Shahdaei, executive director of National Petrochemical Company.

The event is Iran’s biggest exhibition showcasing latest products and achievements in the polymer and plastic industries.

Over 500 foreign companies from 24 countries including Belgium, Denmark, Germany, Finland, France, Greece, India, Serbia, Italy, South Korea, Austria, Luxembourg, Switzerland, Spain, the UK, Thailand, the Czech Republic, Cyprus, Turkey, Taiwan, China, Japan and the UAE have participated in the 11th round of the event.

The expo has three sections including Raw Materials & Services, Finished & Semi-Finished Products and Machinery & Equipment.