Iran Attracts $1.7bln in Foreign Investment in 5 Months: Official

Speaking to reporters in Tehran on Wednesday, Seyed Hossein Mirshojaeean Hosseini said that during the first five months of the current Iranian year (which began on March 20), the administration has approved $7 billion as foreign investment, $1.6bln to $1.7bln of which has been absorbed.

In the same period, non-oil exports of the country jumped by 10.22 percent, reaching $19.1 bln, he said, adding that the figure stood at $17.3 bln in the first five months of last year.

He further highlighted the growing trend of Iran’s economy during President Hassan Rouhani’s term in office and particularly after the July 2015 nuclear deal between Tehran and other world powers, known as the Joint Comprehensive Plan of Action (JCPOA).

Iran has stepped up efforts in recent years to enhance its non-oil exports and reduce dependency on its oil revenues.

In 2014, the country’s exports of commodities and natural-gas condensate reached $50 billion, showing a 19 percent increase.

There was also a boom in Iran’s service exports in diverse sectors, including tourism, engineering, and transit.

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 a comprehensive 159-page deal on Tehran's nuclear program and started implementing it on January 16.

The comprehensive nuclear deal, known as the JCPOA, terminated all nuclear-related sanctions imposed on Iran.