foreign investments Archives - Iran News Daily

Foreign Investments in Iran Up by 128%

reporter 1222 — Mon, 04 Jan 2021 07:30:09 +0000

TEHRAN (Iran News) – Some $ 1.447 billion of foreign investment was approved in Iran from the beginning of the Iranian year by December 20, 2020, in the industrial, mine, and business sectors compared with last year.

According to the Iranian Ministry of Industry, Mine, and Trade during the first nine months of the current Iranian year (March 20-December 20), some 129 foreign investments at a value of $ 4.384 billion were approved in Iran.

The Industry, mining, and trade sectors with an investment of 1.477 billion, are on top rank in foreign investment.

The Approved foreign investments concerned Germany, China, Turkey, and the United Kingdom, respectively in terms of the amount of investment.

Meanwhile, over 17.46 million tons of basic commodities worth $8.763 billion have been imported to the country during the first nine months of the current Iranian calendar year (March 20-December 20, 2020), the spokesman of the Islamic Republic of Iran Customs Administration (IRICA) said.

Imports of basic goods in the mentioned period decreased by two percent in terms of weight compared to the same time span in the previous year, according to Rouhollah Latifi.

As reported by the IRICA, more than 2,136,175 tons of basic goods were cleared from the country’s customs during the Ninth Iranian calendar months of Azar (November 21- December 20, 2020), about 450,000 tons more than the previous month.

Meanwhile, a total of 25 million tons of commodities were imported into the country during the mentioned nine months, of which 70 percent were basic goods.

Corn, barley, oilseeds, crude and liquid edible oil, and soybean meal were the top five items imported in the mentioned period, with over 12.296 million tons of the mentioned products worth over $4.145 being shipped into the country.

The said products accounted for 49 percent of the country’s total imports as well as 70.5 percent of the imports of basic goods in the mentioned period, according to Latifi.

Iran imported 25 million tons of basic goods during the previous Iranian calendar year, based on the data released by the IRICA.

According to the IRICA Head Mehdi Mirashrafi, 35 million tons of commodities were imported into the country in the mentioned year, of which 25 million tons were basic goods.

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Attraction of Foreign Investment Projected at $6b PA: OIETAI

reporter 1222 — Tue, 13 Oct 2020 06:24:56 +0000

TEHRAN (Iran News) – The director general of the Foreign Investment Office of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) said his country plans to attract $6 billion in foreign investments during the year to March 20, 2021.

In the first half of last year, the amount of attracted foreign investment was $1.463 billion, which has currently reached $3.8 billion, and by the end of this Iranian year, the figure is expected to reach $6 billion,” OIETAI head, Abolfazl Koudei said, according to IRNA.

He noted that according to the goals planned for the country’s economic development, including 8% economic growth, the government plans to boost foreign investments.

“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,” the official said.

Underlining the great capacities of the country for attracting foreign investments, he said: “Attracting foreign capital has a preliminary process that must be completed; first, the financing is defined in the 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 attracting foreign investment will definitely pick up; however, even if the situation remains the same, there are still methods and strategies to be utilized to facilitate the process, the official stressed.

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Industry Ministry approved over $417m in foreign investments this year

reporter 1222 — Thu, 11 Jun 2020 06:39:05 +0000

TEHRAN (Iran News) – Iran’s Ministry of Industry, Mine and Trade announced on Wednesday that it has approved foreign investments worth $417.3 million in domestic industrial, mining and trade sectors since the beginning of the current calendar year (March 20).

In this period, the sector of Industry with 14 projects valued at $416.2 million ranked first in terms of the number of approved foreign investments, showing a 5.4 percent rise in this regard year-on-year, the ministry said.

It noted that the mining and trade sectors, each with two projects worth $680,000 and $500,000 respectively, ranked second and third.

The largest investments will be made in five provinces of Sistan and Baluchestan (southeastern Iran), Tehran, Alborz (northern Iran), Isfahan (Central Iran) and Kordestan (northwestern Iran), by five countries of Germany, Austria, the UAE, China and Italy, the ministry added.

In May 2019, Iranian Deputy Interior Minister Babak Dinparast announced that foreign investors in Iran would soon be able to receive the country’s five-year residency.

Dinparast added application forms will be available to foreigners through platforms run by the Iranian Ministry of Foreign Affairs, the Interior Ministry and the Central Bank of Iran (CBI).

He said Iranian President Hassan Rouhani had already authorized the implementation of the new law.

Based on the government regulations approved in July 2019, foreign investors will be able to settle in Iran having made an investment worth more than $250,000, or its equivalent in other foreign currencies, in the country.

The law also applies to foreigners who deposit the same amount of cash in Iranian banks and credit institutions.

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Last year approved foreign investments worths $854m; Iran

reporter 1222 — Sun, 19 Apr 2020 06:15:41 +0000

TEHRAN (Iran News) – Iran approved 82 projects worth $854 million in the previous Iranian calendar year, ending March 19, for implementation in domestic industrial, mining and trade sectors with foreign investments.

According to last year figures by the Ministry of Industry, Mine and Trade pertaining to foreign investments in domestic projects, of the total number of registered companies willing to implement the 82 plans, 33 percent entirely consist of foreign stakeholders and 48 percent is shared by domestic and foreign partners, IRNA reported.

Statistics show that the industrial sector accounted for 98 percent of the investments, the mining sector had a 12 percent share and 1.88 percent pertained to the trade sector.

In addition, the highest amounts of investments were made in plans in provinces of Zanjan (northwestern Iran), Khorasan Razavi (northeastern Iran), Kermanshah (western Iran), Hormuzgan (southern Iran) and the capital Tehran, respectively.

Investors willing to take part in the projects of these provinces have been from the UAE, the Netherlands, China, Turkey, and Germany.

Investors from India and Hong Kong have shown greater interest in investing in the domestic mining sector’s projects, such as extracting and processing magnesite and producing nepheline and syenite concentrate.

Investments in the trade sector have been mostly in projects including the construction of restaurants, web- and software-based goods registration and production of leather handicrafts.

The largest amounts of investments in the trade sector in this period pertained to the production of tobacco, foodstuffs, and beverages, non-metallic minerals, chemicals, coke and oil byproducts, respectively.

In addition, Afghanistan, with 14 plans, accounted for the highest number of approved projects, followed by Turkey (13), China (11), the UAE (six), Austria (six), Iraq (five) and India (five).

Khorasan Razavi Province (20 projects) was the main target of investments followed by provinces of Tehran (11) and Qazvin, East Azarbaijan and Khuzestan, each with five projects.

Moreover, provinces of Zanjan, Khorasan Razavi, Kermanshah and Hormuzgan accounted for 54 percent of the total approved foreign investments.

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