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Foreign investment in Iran’s major sectors up 90% to $2.8bn in March-December

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)
Foreign investment in Iran’s manufacturing, mining and trade projects rose to $2.8bn in March-Dec.

Foreigners have committed to more than $2.8 billion in investment in manufacturing, mining and trade projects in Iran, shows figures published by the government which indicate investment flow into the country has continued despite American sanctions targeting various economic sectors.

Figures published on Saturday by Iran’ Ministry of Industry, Mine and Trade (MIMT) showed that the government had approved a total of 102 projects with foreign investments worth $2.804 billion in the three quarters to December 21.

The figures showed an increase of 89.8% against the similar period in 2020 during which the MIMT had approved 104 projects involving foreign investment, said a report by the official IRNA news agency.

Iran has reported increased flow of foreign investment in its mining and metals sector since 2018 when the government decided to implement developments projects in the sector to increase exports and to compensate for losses suffered in oil exports revenues because of American sanctions.

Increased foreign investment in Iranian mines and metals companies has come despite the fact that Washington has maintained sanctions on Iran’s trade of metals since 2019.

The MIMT said in its Saturday report that foreign investment figures for the March-December period included share buying by foreigners in Iranian companies as well as investment commitments by foreigners for carrying out new projects in the country.

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