News   /   Economy

Iran reports double surge in industry, trade FDI in 2019 second quarter

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
File photo shows steel bars at a major plant near the Iranian central city of Esfahan.

Iran has reported a nearly double surge in the value of investment by foreign entities in industrial and trade ventures in the second quarter of 2019.

The official IRNA agency cited data by Iran’s Ministry of Industry, Mine and Trade on Wednesday showing that the value of approved Foreign Direct investment (FDI) projects in the two sectors had increased by 89.8 percent between Late March and late June compared to the previous three-month period in 2018.

The report said the value of a total of 24 projects in those sectors involving investment from foreign individuals and entities had topped $554,400,000 in the period.

That comes against a figure of $292,100,000 for 19 industrial and commercial projects in the second quarter of 2018.

Faced with growing number of US sanctions on its oil industry, Iran has tried to attract more foreign investment as it seeks to increase its access to foreign currencies and help development projects proceed.

Iran’s minister of finance Farhad Dejpassand said last month that the total amount of FDI recorded in Iran until May this year stood at $3.5 billion.  

He said Iran was eyeing to meet higher FDI targets at the end of the current Iranian calendar year in March with a scheme to encourage investments by individuals, especially in the housing sector.

The remarks was followed by a government announcement saying Iran will grant residency of up to five years to individuals who brought $250,000 or its equivalent in other currencies in investment to the country.

The government has also waived visa requirements for nationals from powerful economies like China as it expects more trade and business exchanges with foreign countries.

Press TV’s website can also be accessed at the following alternate addresses:

Press TV News Roku