News ID: 195649
Published: 0356 GMT June 28, 2017

Industry, mine sector attracted 42% of foreign investment: Official

Industry, mine sector attracted 42% of foreign investment: Official

Industry and mine sectors drew 42 percent of the foreign investment in Iran following the implementation of Joint Comprehensive Plan of Action (JCPOA) in January 2016, said the director general of Foreign Investment Office of Ministry of Industry, Mine and Trade.

Afrouz Bahrami added that since January 2016, Iran attracted foreign investments to the tune of $13 billion within the framework of 165 economic projects, of which $5.5 billion pertained to 83 projects in the industry and mine sectors, reported IRNA.

He noted that 40 projects involving investments of $1.8 billion were completed in the industry and mine sectors adding that the remaining 43 projects worth $3.7 billion are in their final stages.

Pointing to the recent UNCTAD report on Iran's economy, he said Iran received 64 percent more foreign investment during 2016, while developing countries received 14 percent less investment during the year compared to the figures for 2015.

The official put the annual average foreign investment in the country in the last two decades at $2 billion.

Bahrami noted that Spain ranked top among foreign investors in Iran over the past four years with $3 billion followed by Germany ($1.36 billion) and China ($1.32 billion).

He said that most of the foreign investment under the Rouhani administration went to polymer industries ($3.5 billion) followed by metals industries ($1.3 billion), petrochemicals ($1.1 billion), trade ($920 million) and the auto sector ($410 million).

The JCPOA has offered ample opportunities for domestic and foreign investors. The interest is particularly evident in Iran's oil and gas industry as the Islamic Republic holds the world's fourth-largest proven oil and the largest natural gas reserves.

Scores of agreements have so far been signed between major international companies and their Iranian counterparts in all fields.

In May, deputy minister of industry, mine and trade said that Iran plans to attract $50 billion in foreign investment for the mining sector by 2022 within the framework of its Sixth Five-Year Development Pan (2017-22).

Mehdi Karbasian further said that Iran welcomes the cooperation of Latin American states in mine and mineral development projects.

The country will boost its gross domestic product by developing mines, said the official adding that Latin American companies are expected to expand cooperation in this field.

He stated that based on exploratory studies, Iran has 37 billion tons of proven mineral reserves worth $770 billion.

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