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FDI in Iran fell 30% in 2018 UN report suggests
residence permit,” Rahmani Fazli specified to reporters in Tehran at a press conference.
Iran extended a visa-waiver programme for Chinese tourists from 15 days to 21 days on July 29 in a move to boost and ease trade amid the US sanctions pressure. In reality it can also be used by Chinese businesspersons travelling to Iran to examine potential commercial opportunities.
The volume of foreign direct investment (FDI) placed in Iran declined more than 30% in 2018, dropping to $3.48bn from more than $5bn in 2017, according to the United Nations’ World Investment Report.
The harsh sanctions regime directed at Iran by the Trump administration since May last year has prompted a great many foreign companies to shutter their operations in Iran.
During the latter half of the Obama administration, FDI in Iran jumped from around $2bn in 2015 to $3.37bn in 2016, at the end of which the nuclear deal was signed by Iran and six major powers including the US. Donald Trump unilaterally pulled the US out of the multilateral accord but the other signatories remain signed up.
The upward FDI trend continued in 2017 with a figure of $5.01bn, up 48% y/y. Overall, the world’s FDI volume stood at $1,297bn in 2018, meaning Iran had a share of 0.26%
6.0 Public Sector 6.1 Budget
Iran’s draft budget skips parliamentary scrutiny as coronavirus means legislature cannot be convened
Traditional parliamentary scrutiny in Iran of the country’s draft state budget has been skipped in favour of sending it straight to the Guardian Council for approval given that 23 MPs have fallen ill with the coronavirus, the Financial Tribune daily has reported.
Asadollah Abbasi, spokesman for the presiding board of the parliament, reportedly explained that the virus outbreak meant that, as per Article 85 of the Iranian Constitution, the draft budget for the 2020/2021 Persian calendar year (which commences on March 20) should be moved on to the executive body once it became clear the legislature could not be convened.
29 IRAN Country Report November 2020 www.intellinews.com
