​Similar frustration was expressed to MEE by Mansour Moazami, the deputy minister of industry, who also chairs the board of Iran’s major investment organization, the Iranian Development and Renovation Organization.IDRO is a partner in dozens of joint ventures with foreign companies and has been hoping to develop new ones now that sanctions are supposed to be over.Aidin Baravar (MEE/Jonathan Steele) “The increase in foreign investment is below our expectations because the Americans haven’t co-operated. We expect the US to abide by the Joint Comprehensive Programme of Action [the official name for the deal under which Iran curbed many of its nuclear activities in return for the lifting of sanctions]. Our people really expect countries to fulfill their commitments”, Mr Moazami said.The stage was set for foreign investment in Iran, he insisted, contrasting the country’s position vis-a- vis the rest of the region. “Please look at our neighbors. We are at peace. We have good security”, he said.Iran has seen a flurry of trade delegations to Tehran this year. Mr Moazami highlighted Italy and Germany as two European Union members which were trading and investing at a much higher level than under sanctions. Ten countries now buy Iranian oil, with France, Greece, Italy and Poland back in the market alongside the five who remained firm purchasers during sanctions in spite of US pressure: China, India, Japan, South Korea and Turkey.As a result, Iran has won back 80 per cent of the market share of oil it enjoyed before sanctions were imposed in 2012. It is producing 3.8 million barrels a day, of which about two million are exported. Some Iranian officials have hinted that once Iran reaches its pre-sanctions output of four million barrels a day, it will be sympathetic to the latest talk that the Organization of Petroleum Exporting Countries (OPEC) may cap production in a bid to raise the international price.