BAKU, Azerbaijan, October 21. Iran's Economic and Technical Investment Organization approved 63 project applications for foreign investment on October 20, Trend reports via Iran's Ministry of Economy and Finance.
The ministry notes that Iran is planning to implement 68 projects for foreign investment with the participation of representatives of the Organization for Economic Investment and Technical Assistance of Iran, Plan and Budget Organization, Central Bank, Ministry of Railways and Urban Development, Ministry of Industry, Mines and Trade, Ministry of Energy, Ministry of Agriculture, Free Trade and Special Economic Zones, Securities Division, and representatives of ports and maritime organizations.
The meeting resolved to draw foreign capital totaling $500 million. Foreign investments will thus be directed to Iranian oil, gas, renewable energy, automobile industry, pharmaceuticals, food, construction, tourism, electronics, transportation, services, and agriculture. Among the foreign investors are Germany, Netherlands, Canada, China, Russia, Oman, Spain, Georgia, Denmark, Austria, Türkiye, UAE, Pakistan, and others.
Meanwhile, 182 projects have been approved in Iran's Economic Investment and Technical Assistance Organization since the current government came to power in Iran (August 2024) until now (October 20). It is announced that foreign investments worth $1.8 billion will be invested in these projects.
In recent years, foreign investors have not been interested in investing in various projects in Iran.
This is because, in 2018, the US withdrew from the Comprehensive Plan of Joint Action between Iran and the P5+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. Since the sanctions cover 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 the country again to achieve economic development.