Iran’s mining sector offers $40 billion for foreign investment

May 8, 2016

Iran offers $40 billion investment opportunities to the foreign entities for development of its mining sector, according to Mehdi Karbasian, the head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

The official made the remarks in the 3rd Europe-Iran Forum in Zurich, Switzerland as Mehr news agency reported on Friday.

In the event attended by senior managers of prestigious mining, investment, finance, banking and insurance companies from all around the world, Karbasian said that Iran has a comprehensive plan for the development of mining sector.

Head of IMIDRO also asserted that based on the road map drawn up for 2025, Iran’s steel demand will rise to 40 million tons. “In this regard we are planning to achieve a capacity of 55 million tons of steel production from which 15 million tons will be allocated for export”, he noted.

Referring to Iran’s economic advantages, Karbasian said,” Iran is one of the least expensive countries for investors in mining and mineral industry”.

He also pointed out that Iran is located in a region with a market of more than 300 million people. The country has a population of about 80 million and the GDP of $400 billion. Iran is located at the heart of the Middle East. This suggests that in fact Iran will be the center of export and transportation in the region which will have significant benefits for the investors.

Karbasian also noted that unlike some of the oil producing countries, Iran is not dependent only on oil. “Other spheres like petrochemical, automotive, agricultural, food, rug, shipbuilding and mining industries are making revenue for the country”, he said.

The government is planning for a growth rate of 8 percent for the economy in the Sixth National Development Plan (2016-2021) and the mining sector has a great potential in this program.

EF/MA

 

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