TEHRAN - Istanbul Chamber of Industry will set up a 140-unit specialized industrial estate in Iran, Islamic Republic News Agency reported on Tuesday.

According to the report, Mohsen Jalalpour, the chairman of Iran’s Chamber of Commerce, Industries, Mines & Agriculture (ICCIMA), estimated the initial investment for the estate to be $10 billion and added that based on the agreements, 85 percent of the workforce in this industrial estate will be Iranians and Turkey can deploy a maximum of 15%.

Also In this regard, Iranian deputy industry minister as well as the head of Iran Small Industries and Industrial Estates Organization Ali Yazdani told IRNA that this is the first time that a foreign country establishes a specialized industrial estate in Iran.

“There have been also some negotiations with China and Russia to build such estates in the southern city of Jask and southeastern city of Bam,” he added.

The memorandum of understanding on setting up this estate was signed by Erdal Bahçivan, the chairman of Istanbul Chamber of Industry, Jalalpour and Yazdani on Monday.

There are 778 active industrial estates and 37,148 industrial units running in Iran.

EF/MA