BAKU, Azerbaijan, April 28. The foreign investment attracted to East Azerbaijan Province, located in northwestern Iran, increased by 72 percent in the last Iranian year (from March 21, 2023, through March 19, 2024) compared to the previous year (March 21, 2022–March 20, 2023), Director General of East Azerbaijan Province Department of Iran's Ministry of Economy and Finance Vagif Behrouzi said, Trend reports.
According to him, last year, foreign investments worth $47 million were attracted to East Azerbaijan Province.
Behrouzi said that last year work started on 13 projects in East Azerbaijan Province. Foreign investments were made by Türkiye, China, the Czech Republic, the UAE, and Iranians living abroad.
Behrouzi added that the projects mainly concern greenhouse production, concentrate production, textiles, wood materials, and equipment.
Additionally, it should be noted that a total of $11.6 billion worth of foreign investment was attracted to Iran last year. Foreign investments were attracted to 643 projects.
To note, foreign investors have not been interested in investing in various projects in Iran in recent years. The reason for this is that in 2018, the US withdrew from the Comprehensive Plan of Joint Action between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) regarding Iran's nuclear program. With the US withdrawal from this plan, new sanctions were imposed against Iran. As the sanctions covered many industries, major companies refused to operate in Iran. This has led to various problems in Iran's economy. Iran is now encouraging foreign companies to work in Iran again to achieve economic development.
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