Iran seeking up to $10 billion in foreign investment this year: Iranian official

TEHRAN,May 15(MNA) – Foreign investment plans worth between $8 and $10 billion are to be approved this year, which began on March 20, Iranian deputy economy minister said. Foreign investment plans in Iran amounted to $4.3 billion last year, showing an 11 percent growth compared on the year before, Behrouz Alishiri added. Some $1.1 trillion is needed for investment during the Fifth Five-Year Economic Development Plan (2010-2015) to generate the targeted 8-percent growth rate, Alishiri said on February 26. Domestic sources have the potential to meet around 56 percent of the required sum, while the rest should be provided for through foreign investment, he noted. Iran needs up to $300 billion in foreign direct investment to meet the objectives of its Fifth Five-Year Development Plan (2010-2015).