BAKU, Azerbaijan, July 8. Iran has attracted foreign investments worth $11.8 billion from August 12, 2021, through May 20, 2024, the statement of Iran's Ministry of Economy and Finance said, Trend reports.
According to the information, the Organization for Investment Economics and Techniques of Iran has approved 690 projects involving foreign investment.
The information indicates that foreign investments worth about $4.83 billion have been approved for 5 projects in Iran's oil and gas sector.
Furthermore, foreign investments worth about $4.22 billion have been approved in 452 projects in the industrial sector.
The foreign investments worth $850 million in 22 projects related to water, electricity, and gas supply, $637 million in 55 projects in the services sector, and $718 million in 68 projects in the agricultural sector were approved.
Meanwhile, foreign investments worth $175 million in 22 projects in the construction sector, $143 million in 18 projects in the transport and communications sector, $19 million in 12 projects in the mining sector, and $217 million in connection with the completion of work in 36 existing projects.
To note, foreign investors have not been interested in investing in various projects in Iran for many years. This is since in 2018, the US withdrew from the Comprehensive Joint Plan of Action between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) on Iran's nuclear program. With the withdrawal of the US from this plan, new sanctions were imposed against Iran. Major companies refused to operate in Iran as sanctions affected many industries. This led to various problems in Iran's economy. Iran now encourages foreign companies to work in the country again to achieve economic growth.
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