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German investors becoming active in Iran’s manufacturing, mining sectors

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)
German enterprises commit to $343 mln in new investment in Iran’s manufacturing and mining sectors.

New data released by the Iranian government shows German investors are becoming increasingly active in the country’s manufacturing and mining sectors as they commit to $343 million worth of new projects in the country.

The official IRNA news agency cited figures released by the Iranian Ministry of Industry, Mine and Trade (MIMT) which showed 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 by IRNA.

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