Russia top investor in Iran: minister of economy

TEHRAN, Apr. 03 (MNA) – The largest investor in Iran in the last financial year, which ended on March 20, 2023, was Russia, Iran’s Minister of Economy and Finance Ehsan Khandouzi stated.

He said Russia invested $2.76 billion in the country's economy for the year, out of total revenues worth $4.18 billion.

“We define our relations with Russia as strategic and we are working together in many aspects, especially economic relations,” the minister told the Financial Times.

He emphasized that China and Russia are Iran’s two main economic partners and that Tehran plans to expand its relations with them by implementing “strategic agreements.”

As Kommersant notes, Russia is implementing three investment projects in Iran worth $2.76 billion. This is a record figure among all market participants. Afghanistan is in second place, implementing 59 projects worth $256 million in the republic, and Iraq is in third place, leading 14 projects worth $223 million. In addition, $220 million were received from Iranian expatriates for 24 projects, and another $177 million for 16 projects were invested by the UAE.

The Iranian authorities reported that priority industries of interest to the Russian Federation in Iran is industry, mining and transportation. Bilateral cooperation with the Russian Federation in Iran is called strategic. China is also named among the important partners in Iran.

Ever since the government of President Ebrahim Raeisi took office in August 2021, Russia has made the biggest volume of investment in Iran, deputy economy minister, Ali Fekri, said earlier.

Putting the total volume of investments attracted in Iran at $5.95 billion since then, the official, who doubles as the head of the state-run Organization for Investment and Economic and Technical Assistance of Iran, said Russians account for $2.7 billion of the sum, which they’ve put in two oil projects, ILNA reported.

“Following Russia are the UAE, Turkey, China and Afghanistan. Considering the circumstances, the investments have entered Iran through bureaux de change,” he added. 


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