Iran seeks $45b in for­eign in­vest­ment

The Pak Banker - - MARKETS/SPORTS -

Iran's econ­omy min­is­ter said his coun­try is seek­ing $45 bil­lion in for­eign in­vest­ment fol­low­ing the im­ple­men­ta­tion of a land­mark nu­clear deal with world pow­ers last month.

Ali Tayeb­nia told re­porters Satur­day that Iran ex­pects $15 bil­lion in di­rect for­eign in­vest­ment alone in the next Ira­nian cal­en­dar year, which be­gins March 20. The his­toric agree­ment brought about the lift­ing of in­ter­na­tional sanc­tions last month af­ter the U.N. cer­ti­fied that Iran has met all its com­mit­ments to curb its nu­clear ac­tiv­i­ties un­der last sum­mer's ac­cord.

Iran

ex­pects an eco­nomic

break- through af­ter the lift­ing of sanc­tions, which has al­lowed it to ac­cess over­seas as­sets and sell crude oil more freely.

Iran al­ready has ac­cess to more than $100 bil­lion worth of frozen over­seas as­sets and Ira­nian banks ear­lier this month were re­con­nected to SWIFT, a Bel­gian­based co­op­er­a­tive that han­dles wire trans­fers be­tween fi­nan­cial in­sti­tu­tions.

Tayeb­nia said Iran's strate­gic lo­ca­tion, political sta­bil­ity and pop­u­la­tion of 80 mil­lion has made the en­ergy-rich Per­sian state into an at­trac­tive place for for­eign in­vest­ment.

"All th­ese fac­tors have led to a ca­pac­ity to at­tract more than $45 bil­lion in for­eign fi­nan­cial re­sources for next year, with about $15 bil­lion in di­rect for­eign in­vest­ment," he told a press con­fer­ence.

Tayeb­nia said Iran signed an agree­ment with Ja­pan ear­lier this month for $10 bil­lion in in­vest­ments and is seek­ing sim­i­lar deals with other na­tions.

Iran is now seek­ing to re­duce re­liance on oil rev­enues and move to­wards an econ­omy that de­pends on tax­a­tion, tourism, agri­cul­ture and other sources of rev­enue. At­tract­ing for­eign in­vest­ment is seen as a nec­es­sary must-do step to­wards that goal. Tayeb­nia, how­ever, said Iran wel­comes for­eign in­vest­ment only if it leads to strength­en­ing Iran's econ­omy.

"We won't wel­come any pro­posal that doesn't lead to trans­fer of tech­nol­ogy and cap­i­tal (to Iran) or doesn't boost pro­duc­tion and ex­ports," he said.

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