Iran approves $5.3b foreign investment in 7 months

TEHRAN,Nov. 20 (MNA) — The Iranian government has approved more than 100 foreign investment plans worth $5.3 billion in the recent 7 months, said head of the Organization for Investment, Economic and Technical Assistance. According to preliminary data, in the first seven months of the current Iranian calendar year, which ended on October 22, foreign direct investment (FDI) witnessed a considerable rise compared to the last year, reaching to 2 billion dollars, Behrouz Alishiri told a press conference on Saturday. According to the approvals, By approving the plans, foreign investors can start their projects in Iran, which usually take few years long to be completed, the official further said. Based on the approvals, it will usually take a few years that foreign investors to complete their intended projects, Alishiri said. Alishiri added that $5.3 billion will be attracted within a few years. He also said despite Western restrictions, Iran approved 12 billion dollars worth of foreign investment last year (March 2010-March 2011) of which more than $3.6 billion was received during the same year. He added requests by Iranians abroad keen to invest in the homeland increased around 300 percent during the last year in comparison to the preceding year. The fact that Iranians abroad have been persuaded to invest in the country is an indication that “our economy is performing well”, he pointed out.