Foreign investment in Iran hits $3 billion in 1st quarter of current year

The Islamic Republic of Iran has attracted a total of USD 3 billion in foreign direct investment (FDI) during the first quarter of the current Iranian calendar year (started March 21, 2015).

According to a new report by the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI), the investment has been made possible through Foreign Investment Promotion and Protection Act (FIPPA) despite continuation of illegal sanctions imposed on the Islamic Republic on account of its peaceful nuclear program.

Sanctions were imposed on Iran by the US and European Union at the beginning of 2012, alleging that there was diversion in Iran's nuclear program toward military objectives; an allegation that Iran categorically rejected.

The Islamic Republic and the P5+1 group of countries – the US, the UK, France, Germany, Russia and China – reached a mutual understanding on April 2 in the Swiss city of Lausanne, which is considered a prelude to the achievement of a comprehensive deal on Tehran’s nuclear program before a self-designated deadline at the end of June. A key point of Lausanne statement is a promise to lift a series of economic sanctions on Iran.

OIETAI’s report added that the investment figure for the first quarter of this year shows a three-fold increase compared to total FDI attracted during the corresponding period of the preceding year.