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Iran absorbs $3.45b in foreign investments

January 29, 2014

Iran has absorbed $3.45 billion in foreign investments since the beginning of the current Iranian calendar year ( March 21, 2013 ), Iranian Deputy Economy Minister Behrouz Alishiri said on Tuesday. To date, 31 foreign delegations have come to the country to explore new investment opportunities, IRNA quoted Alishiri as saying. In July 2013 , Alishiri said Iran will try to lure foreign investors with tax exemptions ranging as high as 100 percent. "Foreigners investing in the country's agriculture sector won't have to pay any taxes. Investments in industry and mining will be exempt up to 80 percent," Alishiri said. Iran needs annual domestic and foreign investment of about $300 billion until 2015 to meet its economic objectives, he added. " Iran attracted $4.85 billion in foreign investment in the last Iranian year (ended March 20, 2013 )," he underscored, adding that the figure hit $2.60 billion and $4.60 billion in 2011 and 2012, respectively. In August 2013 , Iranian Industry, Mines, and Trade Minister Mohammadreza Nematzadeh said that the administration has pledged to attract $8 billion in foreign direct investment annually. Nematzadeh added that the industry sector's annual growth rate will increase to 12 percent. He also said that he will adopt policies to reach the share of industrial exports in non-oil exports to 45 percent.

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Source: Tehran Times (Iran)

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