Iran expects to attract $45 billion in foreign investment this year as the biggest economy opening to international business since the fall of the Soviet Union is humming back to life.

A number of global corporations are eyeing the potential dividends of repressed demand in the country of 80 million people, which is sitting on the world‘s biggest oil and gas reserves combined.

Several car manufacturers, engineering companies, oil and industrial gases producers have already chipped in with pledges to a number of development projects.

Earlier this month, the country signed an agreement with Japan for $10 billion in investment and is seeking similar deals with other nations.

Germany’s industrial gases company Linde and Japan’s Mitsui Chemicals plan $4 billion of investment in Iranian petrochemical projects.

Italy’s engineering company Maire Tecnimont has signed a collaboration agreement worth 1 billion euros for construction of refineries and petrochemical plants in Iran.

Another Italian company Saipem signed a deal worth between $4 billion and $5 billion to revamp and upgrade Iranian oil refineries and build pipelines in the country.

On Saturday, Economy Minister Ali Tayebnia said Iran is seeking $45 billion in foreign investment in the next Persian year which begins on March 20.

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