TEHRAN (Dispatches) - German investors have pledged to invest over $340 million in Iran’s manufacturing and mining projects, newly-released data by the Iranian government showed.
Iranian Ministry of Industry, Mine and Trade (MIMT) reported that investors from Germany, along with companies from China, Turkey and India, had committed to a bulk of foreign direct investment (FDI) in the Iranian manufacturing and mining sectors.
The figures were related to FDI schemes registered in Iran between March 19 and October 21, a period in which a total of 75 projects involving non-Iranian investors and worth $1.2 billion had been approved, said the report.
Chinese investors were second to German peers with $322 million worth of commitments in new Iranian projects, said the report, adding that investors from Turkey and India had also committed to launch $98.7 million and $68 million worth of new projects, respectively.
Most of FDI schemes were concentrated in the fields of petroleum coke production, petrochemicals, chemicals and rubber and plastic manufacturing.
The total number of project with full foreign ownership reached 28 over the seven-month period, said the MIMT, adding that 39 projects would be joint ventures between Iranian and foreign investors and eight others will be carried out in the form of build–operate–transfer (BOT).
Iran’s southeastern province of Sistan and Baluchestan topped the list of most favorable areas for foreign investment in Iran. The province is home to Chabahar, Iran’s only ocean port where the government is implementing a series of massive development plans to turn the area to a trade and business hub on the Sea of Oman.
The total value of FDI projects registered in Iran and across all economic sectors over the first seven months of the current calendar year amounted to $3.7 billion, said the report.
Europeans to Study
Post-Trump Investment Chances in Iran
In a forum under UN International Trade Centre (ITC) and Iran’s TPO, European investors will investigate their investment opportunities in Iranian markets in Joe Biden’s tenure.
The Europe-Iran Business Forum, which is funded by the European Union, will run on December 14-16 and will be the first of its kind in two years, according to a statement by its organizers, BNN Bloomberg reported.
International conferences on Iran’s economy, trade, and banking sectors had surged following the 2015 nuclear deal between Iran, the U.S., European Union, Russia, and China, but they virtually disappeared after President Donald Trump pulled the US out of the accord in 2018 and renewed a crippling sanctions regime on the Islamic Republic.
President-elect Joe Biden has pledged to return the U.S. to the JCPOA, which was brokered by the Obama administration when he was vice president. He’s said that he wants Iran to return to full compliance with the deal in exchange for the US doing the same and lifting sanctions.
The investment conference is being run by the UN’s International Trade Center (ITC) - an agency jointly managed by the United Nations and the World Trade Organization - and the Iran Trade Promotion Organization.
The Milan-based European House-Ambrosetti is also supporting the event, which will be hosted on the company’s online conference platform, the statement said.