Why MNEs do not invest in Iran?

In the past 13 years- since 1993- Iran received $11.2 billion foreign direct investment which gives an annual average of about $860 million. For an economy of the size of Iran, with more than 70 million people and all its fantastic potential, this is disgraceful. In trying to understand the root cause of this miserable achievement, we could, of course, continue blaming the “evil” forces! The US, the EU and what you like. But the fact of the matter is that in Iran, political risk is too high and from academic research, we know that multinational companies would not invest in a situation where this risk is seen to be too high. We need to improve the functioning of the state in Iran. We need to prepare proper legal framework for the protection of private property, for the enforcement of the law of contract. If we wish to impress others to invest their money in Iran, we need to convince them that we have a law governed political system. Life and property and individual rights are well defined and legally and forcefully protected. I am afraid we do not have such a system. Our own assessment of the situation does not really matter. We the Iranians may be used to seeing journalists are arrested, or university professors disappear upon their return to Iran. This type of events, which sadly continues to happen in Iran, gives the worst kind of signals to foreign investors. You can give them 100% ownership rights, you could also convince them that they could repatriate 100% of their profits from Iran, but before either of these two happening, you have to convince them that in the process of coming to Iran, and trying to make that profit- to be repatriated later- they are safe. Their workers and managers are safe and have well defined rights that are protected in the legal system of the country.
The question remains, have we done that?
No.
Small wonder that despite enormous economic opportunities that investing in Iran offers, foreign firms are ignoring Iran as if it is not there.