Iran is counting on its large diaspora of expatriates for investment, with the government lining up a series of incentives to attract them.

“The government is planning to absorb $30 billion of Iranian expat capital for implementation of economic projects and investment across the country,” Deputy Labor Minister Abolhassan Firouzabadi says.

Experts at the Labor Ministry, he said, are working out the mechanisms of how to implement the plan.

“Iranians abroad are holding very large sums of assets which can be repatriated through generating trust and giving out necessary incentives to pave the way for their participation in grand economic projects,” Firouzabadi said.

There are an estimated four to five million Iranians living abroad with a net worth of around $1.3 trillion.

Their investments in the US, Europe, Turkey, Dubai, China and elsewhere amount to several hundred billion dollars each year but almost nothing in Iran.

Right after being sworn into office, President Hassan Rouhani pledged to put the economy back on its feet as he appealed to Iranian businessmen and investors abroad to help achieve the goal.

Iran’s economy offers a plethora of advantages for investment with a highly-educated, tech-savvy market of nearly 80 million people.

But the government is facing a daunting task to convince prospective investors of the security of their investments.

According to the most recent government census data, the largest diaspora of Iranians abroad reside in the United States, followed by Canada, Germany and Sweden.

For now, Iran ranks the highest in brain drain among 91 developing and developed countries, according to the International Monetary Fund.

Between 150,000 and 180,000 educated Iranians reportedly leave the country for greener pastures every year.

The brain drain from Iran to the United States in terms of the individuals with tertiary education is reportedly the highest in Asia.

HB/HB