Iran inks investment MoUs worth of $ 50b in post-JCPOA

JCPOA stands for Joint Comprehensive Plan of Action which is the official tite of the nuclear deal reached between Iran and six world major powers in 2015.

Addressing the inaugural ceremony of Markazi Province Center for investment services in Arak on Thursday, he added that the MoUs have been signed with foreign investors and agreements for many of them are currently being finalized, IRNA reported.

Recalling certain problems and restrictions facing taking advantage of foreign investors in the form of finance in the country, he said that the restrictions with two European and one Asian state have been solved and efforts are underway to solve the problem with other countries.

Tayyebnia expressed hope that with solving the problems in near future, ways for attracting 50 billion dollars in foreign investment would be prepared.

Announcing attraction of 12 billion dollars in direct foreign investment to the Iranian economic projects last year, the minister said that the target was set at seven billion dollars which was fulfilled through the prudence of the incumbent government after the implementation of the Joint Comprehensive Plan of Action.

A memorandum of understanding (MoU) worth of 25 billion dollars has been signed with two Chinese banks and other banks from the same country are also seeking to invest in Iran, he said.

Tayyebnia further contended that main priority of Iran is to get access to regular and sustainable growth, which will ensure Iran’s might in political and economic fields.

Meeting domestic needs inside the country is the key to economic growth, combating social inequalities and promote livelihood and dignity of the citizens, he said, noting that the essential thing for that is sufficient investment and drawing foreign and domestic investors to the economic projects.

In the past, investment in economic projects was made by the government through oil revenues and private sector’s share was meager, he said, noting that to create economic growth requires directing public capitals and savings towards productive economic projects.

Profitability and capital security are major requirements for private sector’s investment in economic projects, he said.