(SHADA: TEHRAN) - Over 50 million dollars worth of foreign direct investment (FDI) flows have been absorbed by the Iranian Province of East Azerbaijan over the past ten months of the current calendar year (March 21, 2013 - January 20, 2014), a senior provincial official said on Tuesday.

The Head of provincial Organisation for Economic Affairs and Finance in East Azerbaijan Province, Reza Hosseini, added that the provincial Centre for Investment has obtained permissions for three FDI-funded projects from the Organisation for Investment, Economic and Technical Assistance (OIETAI) recently.

Hosseini went on to refer to the exploration and exploitation of copper ore and concentrates, the production of chemical construction materials, and fabric and garment dyeing services as areas to receive foreign capital inflows over the next few months.

"Also, an 18-million-dollar project to produce steel bars and other steel sections is currently awaiting final approval, which will be added to the provincial FDI portfolio when finalised, probably by yearend," he noted.


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