TEHRAN - The head of Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) said in 2016 Iran issued banking guarantees for nearly $12 billion worth of foreign investment in the country.

Mohammad Khazaie made the remarks in the Iran Petrochemical Value Chain Summit (investment and development) in Vienna on Thursday, Tasnim news agency reported.

Emphasizing the benefits of investing in Iran’s petrochemical industry the official noted that the sanctions “snapback” is off the table now as the issue has been completely resolved.

“We are ready to cooperate with foreign companies in various fields, including purchasing equipment and technology transfer, offering public-private partnership (PPP) projects and investment,” Khazaie said.

According to the official, along with Austria, Iran has been negotiating with other countries including Denmark, Italy, Britain, Germany, China, South Korea and Japan for opening credit lines and financing projects.

In its World Investment Report 2017, the United Nations Conference on Trade and Development (UNCTAD) put Iran among successful countries in terms of signing investment agreements in 2016.

Attracting $3.372 billion worth of foreign investment in 2016, the country has registered a 63 percent rise in this regard.

EF/MA