Foreign direct investment in Iran almost double

By Azernews

By Abdul Kerimkhanov

Iran has announced that the country managed to record a nearly double increase in foreign direct investment (FDI) in the mining sector and industry in the second quarter of 2019.

The Ministry of Industry, Mines and Trade of Iran reported that the cost of approved FDI projects increased by 89.8 percent from late March to late June compared to the same period in 2018.

The report states that the total cost of 24 projects in the industry, mines and trade sectors, in which foreign individuals and legal entities are involved, during this period exceeded $554.4 million.

This is much higher than $292.1 million for 19 industrial and commercial projects in the second quarter of 2018.

Faced with a growing number of U.S. sanctions against its oil industry, Iran attempted to attract more foreign investment, seeking to expand its access to foreign currencies and assist in development projects.

Farhad Dejpasand, Iranian Minister of Finance and Economic Affairs, has recently said that the total amount of FDI registered in Iran before May 2019 was $3.5 billion.

Dejpasand said the country plans to achieve higher targets for FDI at the end of the current 1398 Iranian calendar year, especially through an investment promotion scheme worth more than $250,000.