Growth to Reach 5% This Year, Next: CBI Chief

Governor of Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to Singapore, predicted that the economic growth of the country will reach five percent this year and the next year, calling on Asian companies to invest in the Islamic Republic.

Speaking at a business seminar in Singapore on Wednesday, Seif said reforms put in place since Iranian President Hassan Rouhani took office in 2013 have helped restore economic stability while the removal of anti-Tehran sanctions reintegrated the economy with the rest of the world.

Iran’s gross domestic product is expected to grow to 5 percent this year and next, up from 3 percent over the past two years, Seif told the private seminar of businessmen from Singapore, Malaysia, South Korea and Australia, according to AFP.

“The lifting of sanctions has created unprecedented opportunities for investors,” Seif said.

Outside oil and gas, investors can also seek opportunities in petrochemicals, steel, copper mining, pharmaceuticals, telecoms, aviation, machinery, tourism, infrastructure and information and communication technology, he said.

Seif cited Iran’s $450 billion economy, skilled and educated workforce, 80 million population and cheap access to energy resources among the country’s advantages.

Iran has the world’s biggest gas reserves and the third largest oil reserves, the official noted.

(Source: Tasnim, under Creative Commons licence)

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