Iran seeking foreign investment in housing sector

TEHRAN,July 24(MNA) - Special plans have been developed to boost foreign investment in the Iranian housing sector, the head of the Organization for Investment, Economic and Technical Assistance of Iran stated. Behrouz Alishiri told on Monday that the plans are aimed to reduce the costs of house building in Iran. The organization is also scheduled to approve foreign-investment plans in housing-related subsectors, he added. Foreign investment plans worth as much as $10 billion are expected to be transacted by Iran during the this year, which ends on March 20, 2013, a 100 percent growth year on year, Alishiri said on July 13. He added that some $2.5 billion in foreign-investment plans were approved during the first quarter of the year. Foreign-investment plans in Iran amounted to $5.3 billion last year, showing a 27 percent growth compared on the year before, Alishiri said on April 2. Iran needs up to $400 billion in direct foreign investment to materialize its objective of 8 percent economic growth, he added. Over the next five years, the government will need new sources of capital sourced through the input of national and international private finance, Alishiri said. He said in October 2011 that the growth of direct foreign investment in Iran ranks amongst the highest in the world. Despite the global economic sanctions, more than 400 foreign companies are now directly investing in Iran.