Iran needs up to 45 bln annual foreign investment

Baku. 20 February. REPORT.AZ/ Iran needs annual foreign investment of $30-$50 billion to reach an eight percent growth target and cash in on a nuclear deal with world powers, President Hassan Rouhani, Report informs citing the foreign media.

Laying out the budget for the next Iranian year which starts March 20, Rouhani told parliament, a day after the implementation of the historic deal, that the collapse in global oil prices meant the government had to look to abroad to boost the economy.

"Untapped potential in many industries indicates that domestic demand cannot solely push the economy toward eight percent growth," he said, signalling a shift in policy.

"Attracting foreign investment will be the best way of using the opportunity of sanctions relief to boost the economy and security."

Low oil prices and years of US and European Union sanctions that barred much of Iran's foreign oil sales hammered its income from crude.

But despite global prices falling below $30 Iran intends to increase production after the nuclear deal to recoup lost market share.

Rouhani's government used a projected $40 per barrel price and exports of 2.25 million barrels per dayç a doubling of current sales.