Head of Tehran Chamber of Commerce: $90 billion in capital left the country

Masoud Khansari, head of the Tehran Chamber of Commerce, said that between 2011 and 2019, about $90 billion in capital left the country, and in the last 10 years, 35 percent of the country's people have been driven below the poverty line.

Masoud Khansari, head of the Tehran Chamber of Commerce and vice-chairman of the Iranian Chamber, said in a meeting attended by Parliament Speaker Mohammad Baqer Qalibaf that Iran, along with eight other countries, is among the nine countries with double-digit inflation in the world.

Describing the current economic situation, the head of the Tehran Chamber of Commerce said that Iran's economy has shrunk, poverty has increased, investment has reached its lowest level, capital outflows from the country have increased, and interaction with the global economy has been minimized.

The head of the Tehran Chamber of Commerce continued his speech by emphasizing that the Iranian economy has shrunk by 12 percent in just the last two years and has only experienced negative growth in the past 10 years, and this trend is still continuing.

Khansari went on to say that $90 billion in capital left Iran in eight years between 2011 and 2019.

According to the head of the Tehran Chamber of Commerce, the Islamic Republic of Iran has not been successful in attracting foreign investment, and according to statistics, the lowest level of foreign direct investment was attracted in Iran in 2019.

The vice president of the Iranian Chamber of Commerce continued by referring to the use of the country's gas reserves and said: "In 2019, about $86 billion was paid as energy subsidies, and under these conditions, Iran pays the highest level of subsidies for energy in the world. If we continue in this way, the country's gas situation will eventually become like that of water reserves."

Khansari further noted that in order to overcome the dire economic situation, "a public and transparent dialogue between the government and the people must be implemented" and "courageous measures must be taken to avoid the dusty horizon ahead."

The head of the Tehran Chamber of Commerce did not explain the main destination of capital leaving Iran in recent years, but he considered currency fluctuations, declining economic growth, and investor insecurity to be among the main factors behind "capital flight" from Iran.

Source: DW