Iran approves $1.6b of foreign investment plans

TEHRAN,April 22(MNA) - Foreign investment plans worth $1.6 billion have been approved, said the director of the Organization for Investment, Economic and Technical Assistance of Iran. Behrouz Alishiri told that the plans are related to the building of hotels, commercial, residential, recreational complexes as well as implementing recycling and CNG projects. The plans are designed to boost job creation, enhance exports and improve domestic production, he said. Foreign investment plans in Iran amounted to $5.3 billion last year, which ended on March 19, showing a 27 percent growth compared to the year before, Alishiri said on April 2. Alishirisaid that up to three billion dollars of foreign investment was transacted last year. Some 1.1 trillion dollars is needed for investment during the fifth Five-Year Economic Development Plan (2010-2015) to generate an eight-percent growth rate, Alishiri said on February 26. Domestic sources have the potential to meet around 56 percent of the required sum and the rest should be provided through foreign investment, he added. Iran needs up to $300 billion in foreign direct investment to meet the objectives of its Five-Year Economic Development Plan (2010-2015), and reach eight percent economic growth rate, Alishiri said.