Iran’s President: Country Needs Over $100 Billion in Foreign Investment

TEHRAN, Iran — During a live televised interview on Saturday, Iran’s newly elected president, Masoud Pezeshkian, emphasized the need for approximately $100 billion in foreign investment to elevate the country’s economic growth rate from the current 4% to a targeted 8% annually.

Pezeshkian detailed that while Iran requires up to $250 billion to meet its overall economic objectives, it can source more than half of this from domestic resources. Economic experts believe that achieving an 8% growth in GDP could significantly help in alleviating the high double-digit inflation and unemployment rates affecting the nation.

In his statements, Pezeshkian acknowledged the severe impacts of international sanctions currently placed on numerous entities and individuals within Iran. These sanctions affect a wide range of sectors, involving central bank officials, government representatives, drone manufacturers, and money exchange operators. Many of those sanctioned are accused of providing substantial support to Iran’s Revolutionary Guard and foreign militant groups, including Hamas, Hezbollah, and the Houthis.

The president also voiced concerns regarding the sanctions, indicating that addressing these issues with neighboring countries and the international community would be pivotal in managing Iran’s rampant inflation, currently exceeding 40% annually. However, he declined to elaborate on specific strategies in his interview.

Pezeshkian confirmed that his initial official visit will be to neighboring Iraq before attending the United Nations General Assembly meeting in New York on September 22-23. In the U.S., he plans to engage with Iranian expatriates, aiming to encourage them to invest back in their homeland. Of the over 8 million Iranians living abroad, around 1.5 million reside in the United States.

Having taken office last month, Pezeshkian is recognized as a reformist leader. His cabinet received parliamentary approval in August, and there is an air of hope for a more moderate approach both domestically and internationally compared to his predecessor, Ebrahim Raisi. Raisi, who was closely aligned with Iran’s supreme leader and known for his hard-line stance, passed away in a helicopter crash in May, along with seven other individuals.

Since 2018, Iran’s economy has faced considerable challenges following the withdrawal of the United States from the nuclear deal under then-President Donald Trump, coupled with the imposition of extensive economic sanctions. Throughout his presidential campaign, Pezeshkian committed to efforts aimed at reviving the nuclear deal, which had initially been designed to curtail Iran’s nuclear development activities.

The successful engagement of foreign investment, improvement of diplomatic relations, and the revival of the nuclear agreement appear to be key focal points for the new administration as it endeavors to navigate Iran’s economic struggles.