Free Trade Zones to Attract $4.5bn in FDI

The secretary of the Supreme Council of Iran’s Free Trade, Industrial and Special Economic Zones said the country has signed new contracts with foreign companies, attracting $4.5 billion worth of investment in free trade zones.

“Investors from Turkey, China, Italy, France and South Korea have invested in (Iran’s) free zones…,” Morteza Bank said on Saturday.

He added that new contracts for $4.5bln of foreign investment in free trade zones have been singed and would be implemented in the near future.

The official also said over the past four years, contracts worth about $900 million on foreign investment in the zones have been implemented.

Back in December, Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari said his ministry had managed to attract $2 billion in foreign investment during the 100 days since the 12th administration came into office.

He said the investments had been attracted for 37 projects of the country’s medium and small industries.

This proves that, in spite of all US pressures, in the atmosphere created after the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), there is keen interest among other countries in investing in Iran, the minister said at the time.

There has been a new wave of interest in ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a conclusion over the text of the comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16, 2016.

The agreement terminated all nuclear-related sanctions imposed on Iran.

However, Iranian officials have complained about the failure of the other side, especially the US, to fully implement the accord, as Iran still has problems in its banking transactions with other countries.

(Source: Tasnim, under Creative Commons licence)

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