BAKU, Azerbaijan, May 20. As many as 97 applications for foreign investment worth $1.5 billion were approved at the recent meeting of Iran's Foreign Investment Board held on May 20, Trend reports via the country’s Ministry of Economic Affairs and Finance.
The meeting was chaired by Abolfazl Kodehei, Deputy Minister of Economic Affairs and Finance and head of Iran’s Organization for Investment, Economic and Technical Assistance. Members of the Foreign Investment Board, representatives from various ministries, and other relevant organizations also took part.
The approved investments cover a wide range of economic sectors, including chemicals, polymers, mining, pharmaceuticals, healthcare, housing, tourism, international freight transport, and others.
Investors come from various countries such as Germany, Switzerland, Italy, Canada, India, China, Russia, Australia, the United Kingdom, the United Arab Emirates (UAE), Armenia, Austria, Spain, Oman, Iraq, Pakistan, Afghanistan, as well as Iranian expatriates.
In total, 177 projects with foreign investments totaling $8.5 billion have been approved during the first two months of the current Iranian year (from March 21 through May 20, 2025)..
To simplify and accelerate foreign investments, Iran's Foreign Investment Board holds monthly meetings at the Organization for Investment, Economic and Technical Assistance.
Over the years, foreign investors have not shown interest in investing in various projects in Iran. This is because in 2018, the US withdrew from the Comprehensive Joint Plan of Action between Iran and the 5+1 group (Russia, China, UK, France, US, and Germany) on Iran's nuclear program. With the US withdrawal 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 is now encouraging foreign companies to work in Iran again to achieve economic growth.
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