H1 Foreign Investments Hit $3.8b

EghtesadOnline: Iran attracted $3.8 billion of foreign investments during the first half of the current fiscal year (March 20-Sept. 21) for the projects approved by the Organization for Investment, Economic and Technical Assistance of Iran.

News ID: ۷۵۱۱۶۹

03 October 2020

“Absorbing foreign investment is by far better than taking out foreign loans; foreign investment is synonymous with opening a gate to technology, new jobs and improved production,” Minister of Economic Affair and Finance Farhad Dejpasand was quoted as saying by IRNA.

"A foreign investor is, in fact, Iran’s ambassador in the country where they come from; they would demand their governments avoid taking decisions that might imperil their investment. In doing so, relations between the two countries are strengthened," he added.

Dejpasand said at least 7,000-10,000 trillion rials [$23.78-$33.97 billion] worth of annual investments are needed to achieve a surge in production, for which foreign investment could play a significant role.

Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei named the new Iranian year, which started on March 20, the year of "Surge in Production".

"Last year's slogan was ‘Boosting Production’ … This year is the year of ‘Surge in Production’… Officials should act in a way that production witnesses a surge, God willing, and that there will be a tangible change in the lives of the people," he said during his Iranian New Year speech, Leader.ir reported.

To achieve this purpose, Ayatollah Khamenei said state entities such as the Plan and Budget Organization, parliament and judiciary, as well as private businesses and knowledge-based organizations have a role to play.

Last year's slogan, according to the Leader, has been implemented and production in the country has moved forward, but what has been done is not even one-10th of what the country needs.

"This means that we need to do 10 times more work—including research, work related to production and various other tasks—so that the surge in production can influence the lives of people," he said.

Ayatollah Khamenei noted that although the country is facing many economic issues, the role of production is substantial because its promotion will help address them.

"If we can move production forward, God willing, economic problems will definitely come to an end and [the United States] sanctions imposed by them will prove to be to our advantage," he said.