Freed from sanctions, Iran seeks $45b in foreign investment
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Freed from sanctions, Iran seeks $45b in foreign investment

Economy minister says Tehran expects $15 billion in international funds in the coming year alone

Ali Akbar Salehi (L), the head of Iran's Atomic Energy Organisation and with Hungary's Minister of External Economy and Foreign Affairs Peter Szijjarto give a joint press conference in Budapest on February 19, 2016. (AFP/ATTILA KISBENEDEK)
Ali Akbar Salehi (L), the head of Iran's Atomic Energy Organisation and with Hungary's Minister of External Economy and Foreign Affairs Peter Szijjarto give a joint press conference in Budapest on February 19, 2016. (AFP/ATTILA KISBENEDEK)

Iran’s economy minister said Saturday that his country is seeking $45 billion in foreign investment following the implementation of a landmark nuclear deal with world powers last month.

Ali Tayebnia told reporters that Iran expects $15 billion in direct foreign investment alone in the next Iranian calendar that begins March 20.

The historic agreement brought about the lifting of international sanctions last month after the UN certified that Iran has met all its commitments to curb its nuclear activities under last summer’s accord.

Iran expects an economic breakthrough after the lifting of sanctions, which will allow it to access overseas assets and sell crude oil more freely.

Iranian President Hassan Rouhani shakes hands with Chinese President Xi Jinping (R) during a welcoming ceremony on January 23, 2016 in the capital Tehran. (STR/AFP)
Iranian President Hassan Rouhani shakes hands with Chinese President Xi Jinping (R) during a welcoming ceremony on January 23, 2016 in the capital Tehran. (STR/AFP)

Iranian President Hassan Rouhani said in January that China and Iran aim to build economic ties worth up to $600 billion within the next 10 years. He was speaking during a visit to Tehran by his Chinese counterpart Xi Jinping, during which the two presidents oversaw the signing of 17 agreements in areas including politics, the economy, security and cooperation on peaceful nuclear energy.

European states have also rushed to do business with post-sanctions Iran. In July, less than 10 days after signing the nuclear deal that lifted international embargoes on the Islamic republic, Iran formally threw open its doors Thursday to European Union companies, eager to do business — and dozens of firms answered the call.

Amir Hossein Zamania, an Iranian deputy oil minister, told the Iran-EU Conference, Trade and Investment forum that by 2020, his country hoped for foreign partnerships for oil and gas projects that alone were worth $185 billion (nearly 170 billion euros.)

AFP contributed to this report

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