Iran Eyes Attracting $6b of Foreign Investment by 2021
IRAN NEWS ECONOMIC DESK
TEHRAN – Iran is expected to attract $6 billion of foreign investment by the end of the current Iranian calendar year (March 20, 2021), Director-General of Foreign Investment Office of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) Abolfazl Koudeie said.
“In the first half of the previous year, the amount of foreign investment attracted was $1.463 billion, which has currently reached $3.8 billion and by the end of this year, the amount of foreign investment is expected to reach $6 billion,” Koudeie said.
The official noted that according to the goals set for the country’s economic development, including eight percent economic growth, the government plans to boost attracting foreign investment.
“In order to achieve that, in addition to external problems such as sanctions and money transfer issues, we must remove domestic barriers and problems. In this critical situation, we can make the most of the opportunity for foreign investment,” he added.
Underlining the great capacities of the country for attracting foreign investment, he said: “Attracting foreign capital has a preliminary process that must be completed, first, the financing is defined in Organization for Investment, Economic and Technical Assistance of Iran, then it goes to the Foreign Investment Board for approval, and finally it will lead to the issuance of a license. So, the process is not simple.”
As the situation in the country improves, the pace of encouraging and attraction of foreign investment will definitely increase, however, even if the situation remains the same, there are still methods and strategies to be utilized to facilitate the process, the official stressed.
After the Supreme Council for Economic Coordination, the Finance and Economic Affairs Ministry, the Interior Ministry, and other influential organizations in Iran decided to facilitate the conditions of foreign investment in the country, Vice President Eshaq Jahangiri announced the Foreign Investment Promotion and Protecting Act (FIPPA) last year.
Although there are easier conditions and better incentives than in the past, the experts and economists believe that these are not adequate and the situation needs reconsideration.
