Azernews.Az

By Aynur Karimova

Iran, which has set a goal to revive its economy after the removal of international sanctions, needs to attract $50 billion of foreign investment annually to improve its industrial sector.

This was stated by Masoud Khansari, the Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture at a meeting with Lower Austrian Commissioner for Economics Petra Bohuslav, Trend reported.

Khansari said that Iran, after years of sanctions, needs to attract foreign investment and technology, and called on Austrian companies to invest in the Islamic Republic.

Bohuslav, in turn, said that Austrian merchants and businessmen are interested in developing commercial ties with Iran since this country has high industrial and mineral capacities.

Amid the removal of international sanctions against Iran, the country's government has been developing plans for attracting huge amounts of foreign investment in the post-sanctions era to renew the country's aging industry and ailing economy.

Iran's annual inward FDI was $2.408 billion on average during 2005-2007, while this figure was $3.523 billion for 2011-2014, according to the UN Conference on Trade and Development.

Iran's total FDI inward from 1995 to 2011 was a little more than $33 billion, according to the UNCTAD.

Iranian officials estimate that the country would attract $8 billion foreign investment over the current Iranian calendar year, which started on March 20. They say there are no serious obstacles for foreigners to invest in Iran within the law.

Meanwhile, Tehran's long-term view is to use foreign economic relations as a tool to improve political power balance across the world.

Iran's Deputy Economy Minister Mohammad Khazaei believes that not every investment is welcomed in Iran. He said Tehran only agrees to foreign investments which would add value to the country, as Iran seeks to create new job opportunities, boost exports, improve technology and environment.

Currently, Iran is planning to lure $25 billion worth of foreign investment to spend on the country's development projects.

The Iranian parliament is currently considering the 6th Development Plan, a framework for a 5-year perspective of economic performance in Iran between 2016- 2021, under which $25 billion out of the annual $90 billion worth of total investment should be acquired from foreign sources.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter @Aynur_Karimova

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