TEHRAN, Iran: In a recent televised interview, Iran’s newly elected President Masoud Pezeshkian emphasized the country’s urgent need for approximately $100 billion in foreign investment to meet an ambitious annual economic growth target of 8 percent.
Currently, Iran’s growth rate stands at 4 percent. Pezeshkian highlighted that while the total investment needed to achieve this goal is around $250 billion, more than half of this amount could potentially be sourced domestically.
Achieving the 8 percent growth target is crucial for Iran, as it would help address persistent economic issues such as double-digit inflation and high unemployment rates. The Iranian economy has been significantly impacted by international sanctions, which target a range of entities, including the central bank and various government officials, due to their connections with Iran’s Revolutionary Guard and support for foreign militant groups.
In his interview, Pezeshkian criticized the sanctions and suggested that resolving issues with neighboring countries and the international community could help reduce Iran’s inflation rate, which currently exceeds 40 percent annually. He did not provide specific details on how he plans to address these problems.
Pezeshkian, a reformist, announced that his first international visit would be to Iraq, followed by a trip to New York for the United Nations General Assembly on September 22-23. During his visit to New York, he plans to engage with Iranian expatriates, particularly the 1.5 million living in the United States, to encourage them to invest in Iran.
The economic challenges faced by Iran have been exacerbated since 2018, when former President Donald Trump withdrew the U.S. from the nuclear deal and imposed additional sanctions. Pezeshkian has expressed a commitment to reviving the nuclear agreement as part of his economic strategy.
