In his first televised interview since being sworn in, President Masoud Pezeshkian said the country needs $100bn in foreign investment to achieve its annual growth target of 8%, up from the current 4%.
While $250bn is the full amount required to reach that level of growth, over half will come from domestic resources. This investment would help tackle inflation, currently over 40%, and high unemployment rates.
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Iran is in a difficult position to attract FDI. Hundreds of people and organizations face international sanctions as many have been accused of financing militant groups and Iran’s Revolutionary Guard.
Pezeshkian’s first visit abroad will be to Iraq and then to New York to attend the United Nations General Assembly meeting. He said he plans to meet with Iranian expatriates in the US to discuss investing in Iran.
After then President Trump pulled the United States out of the nuclear deal in 2018, Iran’s economy has continued to struggle under foreign sanctions. At the time, the rial traded for 32,000 to the dollar. Now, the exchange rate is 584,000 to the dollar.
“I will not stop trying to remove the oppressive sanctions,” said Pezeshkian, “I am optimistic about the future.”
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