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Iran Needs $300 Billion a Year in Foreign Investment, Times Says

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Dec. 18 (Bloomberg) -- Iran needs an annual $300 billion in foreign direct investment to meet its objective of 8 percent economic growth by 2015, Tehran Times reported, citing Deputy Economy Minister Behrouz Alishiri.

The country attracted about $15 billion in foreign investment last year, the newspaper cited Alishiri as saying.

Economic growth was 4 percent in the last Iranian calendar year that ended March 20, Economy Minister Shamseddin Hosseini said in October, according to the Tehran-based daily newspaper.

Iran is under four rounds of United Nations sanctions and separate punitive measures imposed by the United States and the European Union due to its nuclear program which have curbed international investments. The International Monetary Fund is forecasting 2.5 percent growth this year compared with 3.2 percent in 2010.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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