TEHRAN: Iran’s President Masoud Pezeshkian stated that the country needs approximately $100 billion in foreign investment to achieve its goal of 8 percent annual economic growth, up from the current 4 percent. Pezeshkian, who was elected in July, made these comments during his first live televised interview on state TV.
Pezeshkian noted that while Iran requires up to $250 billion to reach this target, more than half of the necessary funds could be sourced domestically. Experts believe that achieving 8 percent GDP growth would help reduce the country’s double-digit inflation and unemployment rates.
However, Pezeshkian acknowledged the significant challenge posed by international sanctions, which affect hundreds of entities and individuals in Iran, including the central bank, government officials, drone manufacturers, and money exchangers. Many of these sanctions are linked to allegations of supporting Iran’s Revolutionary Guard, Hezbollah, and the Houthis.
He expressed frustration over the sanctions and emphasized that his administration aims to bring inflation, currently over 40 percent annually, under control by resolving issues with neighboring countries and the broader international community, although he did not provide specific details.
Pezeshkian also confirmed that his first foreign visit will be to neighboring Iraq, followed by a trip to New York to attend the United Nations General Assembly on September 22-23. While in New York, he plans to meet with Iranian expatriates, encouraging them to invest in Iran. Of the more than 8 million Iranian expatriates worldwide, about 1.5 million reside in the United States.
Seen as a reformist, Pezeshkian was sworn in last month, with his cabinet receiving parliamentary approval in August. He has promised a more moderate approach both domestically and internationally.
His predecessor, Ebrahim Raisi, a hardliner closely aligned with Iran’s supreme leader, died in a helicopter crash in May. Raisi’s tenure was marked by the escalation of Iran’s uranium enrichment program to near weapons-grade levels.
Iran’s economy has struggled significantly since 2018, following then-President Donald Trump’s decision to withdraw the U.S. from the nuclear deal and reimpose sanctions. During his presidential campaign, Pezeshkian pledged to work towards reviving the nuclear agreement.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
