Tasnim – An Iranian deputy economy minister highlighted the country’s numerous capacities to attract foreign investments and said more than 1200 foreign firms have invested in the Islamic Republic.

In a speech in the central province of Yazd on Saturday, Seyed Ali Mohammad Mousavi, who is also the head of the Organization for Investment, Economic and Technical Assistance of Iran, said in many countries, investments are one of their major sources of income, with which they implement their development plans.

“Many countries are developed by foreign sources and they use this opportunity (investments) in the best possible way,” he added.

Currently, over 1200 foreign companies have invested in Iran, the official said, adding that it is while the companies have faced numerous problems due to recent anti-Tehran sanctions.

The remarks came against the backdrop of increased tensions between Iran and the US with Washington imposing new sanctions against the Islamic Republic.

The US has ratcheted up pressure on Iran since last year after withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

Since then, the administration of US President Donald Trump is trying to reduce Iran’s oil exports to “zero,” and has sent an aircraft carrier strike group, a bomber squad, an amphibious assault ship, and a Patriot missile battery to the Middle East to try to stack up pressure on Tehran.

Iranian officials, however, have dismissed such moves as psychological warfare, saying the country has its own ways of circumventing the American bans and selling crude oil.