TEHRAN - Foreign investment in Iran has risen 50 percent during the first 10 months of the current Iranian calendar year (March 21, 2019-January 20, 2020) from the same period of time in the past year, Iranian Finance and Economic Affairs Minister Farhad Dejpasand announced.

Speaking in a press conference on Tuesday, the minister said the country has witnessed this rise in foreign investment despite the tough condition resulted from the unjust U.S. sanctions, IRNA reported.

The official also noted that the country’s non-oil exports during the first 10 months of the current year have experienced a 20-percent rise in terms of weight.

The value of the country’s foreign trade hasn’t changed in the mentioned period compared to the figure for last year’s nine-months, according to Dejpasand.

He further mentioned the significant role of banks in the expansion of the country’s economy, saying that by diversifying banking services, revenue can be increased by 30 to 50 percent, while using Artificial Intelligence (AI) in banks can increase revenues by 17 percent and reduce costs by 25 percent.

In early December 2019, Dejpasand had announced that foreign direct investment (FDI) in Iran has risen 20 percent during the first seven months of the current Iranian calendar year (March 21-October 21, 2019) year on year.

As previously announced by the official, the foreign investment attracted to the country during the current year’s summer period (June 22-September 21, 2019) increased by 20 percent compared to the last year’s same period.

Dejpasand also elaborated on his ministry’s programs to nullify the sanctions through measures such as strengthening trade and exports and providing required funds for infrastructure and production projects especially through the allocation of banking facilities.

He further mentioned reforming the banking system as one of his major programs since taking his post as the minister.