Azernews.Az

Iran will facilitate investment into domestic projects for foreign investors, head of foreign investment department at Organization for Investment Economic and Technical Assistance of Iran said on Wednesday.

"Iran now issues visas and work permits for foreign investors in just two working days," the Mehr News Agency quoted Ghader Soleimani as saying.

Head of the Organization for Investment, Economic and Technical Assistance of Iran Behrouz Alishiri said on July 24 that Iran has approved eight new projects for foreign investment.

"The projects are worth $540 million," Alishiri said, the ISNA News Agency reported.

He went on to note that based on the law, if a foreign investor doesn't transfer a part of the agreed amount of money to the country in six months, the issued license will be annulled.

Alishiri said in July that the volume of foreign investment in the country has witnessed a remarkable growth.

"Iran attracted $4.85 billion in foreign investment in the last Iranian year (ended March 20, 2013)," he underscored, adding that the figure hit $2.60 billion and $4.60 billion in 2011 and 2012, respectively.

According to the latest world investment report released by the United Nations Conference on Trade and Development (UNCTAD), Iran absorbed nearly 5 billion dollars worth of foreign investment in 2012, which is 17 per cent more than 2011.