Iran receives foreign investment as trying to advance chemical industries projects

Iran authorized foreign investment permit worth US$ 3 million on its chemical industries.

News ID: 5903

Date: 01 February 2025 - 12:24

TABNAK, Feb 01: The permits were issued in January. The fund has been provided by Iranians abroad for producing chemical products in central cities of Khomein and Delijan.

Iran approved laws on favorable incentives such as long-term residence for foreign investors, cutting back on taxes, permission to import foreign cars, issuing business permits for foreign investors and providing specialized consultations as it is trying to attract more funds for mainly energy-centered projects.

In March 2024, the head of the Organization of Investment, Economic and Technical Assistant of Iran (OIETAI) announced the value of foreign investment in Iran reached more than $4.0 billion.

Iran’s relations were revitalized with international banks and regional organizations like the Shanghai Cooperation Organization (SCO) and the BRICS group of emerging economies to a great extent.

Iranian officials assert that the country’s economic relations with most countries are on a growth trajectory in spite of the sanctions imposed against the country.

Earlier, the organization announced that Iran’s Foreign Investment Board in its latest session approved $1.2 billion worth of investment projects in various economic sectors.

Back in December 2023, the Ministry of Industry, Mining and Trade announced that the ministry approved 73 foreign investment projects valued at about $382.4 million in the first six months of the current Iranian calendar year (March 21-September 22, 2023).