Iran's mines sector appealing to foreign investors: CEO

'Inflow of capital to the country and foreign investment is one of the main sources for financing the target growth,' the chairman of board of directors of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian told the Islamic Republic News Agency (IRNA).

The official, who is also deputy minister of industry, mine and trade, said that as a result of international engagement and the moves by Iran's Foreign Ministry for attracting foreign countries, foreign financial resources entered the country.

'For political development as well as employment, Iran needs more foreign investment, particularly by the Iranian expatriates,' he said.

'Despite the untouched mines, cheap energy, and the eagerness of the foreign investors, there are some international limitations, including pressures by the US Federal Reserve on the European banks, and insurance firms and the share-holding companies are fearful of heavy fines, so they are approaching Iran slowly,' he said.

Iran's director general of foreign investment in the ministry of industry, mine and tradeAfrooz Bahrami said that the foreign direct investment in the sector hit a new record o 3.2 billion dollars.

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