Mehdi Reza Darvishzadeh noted that the Islamic state should capitalize on its relative advantages to invest in other countries and also attract foreign investments. He added that all foreign investments in the country are not entirely channeled through the company.

"Presently, ministries such as energy, agricultural jihad as well as oil are actively encouraging foreign entrepreneurs to invest in the related fields," Isna quoted him as saying.

He recalled that the company was earlier an affiliate of Iran"s Foreign Investment and Technical/Economic Assistance organization.

The official noted that decision-making in a company is more than in an organization and it has less bureaucracy.

On establishment of slaughter houses in Ethiopia, Darvishzadeh stated that the African country currently has about 74 million head of livestock. The cost price of meat in this country is 1,000 rials per kilo, he added.

The official explained that if Iran invests in the field "it can increase the price to 4,000 rials per kilo and reduce smuggling of hides".

Central Asian states are also keen on investments in their construction sector and reinforcement of buildings, he stated.

"Domestic consultant and engineering companies involved in the fields can with the cooperation of the company invest in these countries," he pointed out.

Darvishzadeh stressed that the company, which holds an asset of $1.5 billion assesses economic viability, costs and profits of each project. Investments by Iranian entrepreneurs abroad are sources of revenue for the country, he concluded.