According to the Public Relations Department of (OIETAI), Alishiri went on to say: "the major approved foreign investment projects have been in medicine, carpet and textile, double glazed doors and windows, tourism, paper production, construction round bars, refineries and oil solvents, GRP pipes, automobile spare parts, steel, sugar purification, silo, foodstuff and animal husbandry".
Absorption of foreign investment to hit $3b
Replying to a question about the real figure of foreign investment in Iran in 1388 (2009-2010), the President of the Organization for Investment, Economic & Technical Assistance of Iran (OIETAI) said: "for the first time the arrival of the real foreign investment in Iran exceeded $2b and projections for the next year are $3b which will be unprecedented".
The reason behind the successful absorption of foreign investment
Vice Minister of Economics and Finances had the following to say about why the Islamic Republic of Iran has been successful in attracting foreign investments: "the improvements in Iran's business climate, the launching of a new movement in identifying various projects and opportunities in the country, holding international seminars and conferences, establishment of foreign investment databank, constant monitoring of the approved foreign investment projects along with the efforts made for resolving the current problems facing the projects are some of the major factors behind the leap in absorbing foreign investments".
The future prospects for foreign investments
Referring to the future prospects for foreign investments in Iran Mr. Alishiri said: "our list of problems is longer that the list of reasons for success and, this is indicative of the fact that if there is a national resolve for removing the issues and problems related to capital and investments by the local and foreign private sectors, the prospects and horizons for the future will be much brighter".
He also reminded that: successful foreign investment absorption requires a an all-out and integrated drive by the ruling system and the Investment Organization can only play a facilitative role in this regard".
The hindrances to foreign investment
The President of the Organization for Investment, Economic & Technical Assistance of Iran (OIETAI) also talked about the problems and shortcomings that foreign investment is faced with and noted: "the business environment in the country, the weaknesses of executive organs in defining infrastructural and developmental projects in order to make use of the benefits of foreign direct investments, lack of technical capacities to negotiate and bargain with the potential foreign investors are some the main problems we are grappling with".
According to Mr. Alishiri, the absence of financial justifications for the infrastructural and developmental projects of the country to use these resources, complicated and selective behaviors with the investment phenomenon in the organs of the country, the existing problems in the labor laws, trade litigation process, no optimal use of the all-out capacities in the institutions of the I.R. Iran oversees and, finally, the institutional and organizational weaknesses of the Investment Organization are some of the most major factors affecting the sluggish pace of work flow that might make the future of investment bleak.
Mr. Alishiri reiterated: “although the degree of the gravity of the above-mentioned factors are not all the same, even a minor variable like failing to issue visas or work permits for the investors might turn into a major issue for a certain project over a certain period of time and that is why sometimes the energy that we should spent on taking fundamental and macro measures has to be spent on solving such problems” .
The slow pace of the approved foreign investments worth $20b
Mentioning the problematic foreign investment projects in Iran, the Vice Minister of Economics and Finances of the Islamic Republic of Iran said: “there are direct foreign investments made in industry, mining, oil, gas, petrochemicals which are worth $20b but they have halted for technical reasons and are moving forward very slowly”.
Alishiri added: “we have asked for special task force to be set up under the direct supervision of the honorable Oil and Industries Ministers of Iran so that the problems that fall under their purview will be investigated and solved”.
In conclusion he expressed hope that the aforementioned projects in the oil, gas, petrochemicals, mining and industries and tourism will be decided upon in one month time so that they may enter the phase of serious implementation.
Mr. Alishiri also promised that he will talk about the executive plans of his Organization, its strategic approaches in absorbing foreign investment, the requirements, the obstacles and the existing problems in a separate conference session to be attended by the media people.