PMO raises annual investment attraction target by $119m

May 25, 2021 - 16:23

TEHRAN - Iran’s Ports and Maritime Organization (PMO) plans to increase the attraction of private sector investment in the country’s ports by five trillion rials (about $119 million) in the current Iranian calendar year (started on March 21), an official with the organization said on Tuesday.

According to PMO’s Deputy Head for Ports and Economic Affairs Farhad Montaser Kouhsari, the organization has increased the target for attracting investment in the current year from 160 trillion rials (about $3.8 billion) to 165 trillion rials (about $3.9 billion).

“This goal will be achieved by creating a proper space for investment in the ports and by providing the necessary incentives for investors, as well as awarding production and conversion projects,” Montaser Kouhsari said.

The official noted that his organization has revised its contracts to minimize the risk of investment and provide significant incentives to the investors.

Underlining the significance of attracting investment in port infrastructure projects, Kouhsari said: “Ports' access to transport networks and the improvement of infrastructure in the ports’ hinterland play an important role in facilitating and accelerating operations in ports.”

“In fact, the existence of appropriate logistics is the prerequisite for increasing the efficiency of ports in the country,” he added.

He further mentioned establishing logistic parks and special economic zones in the hinterland of the country’s ports as a good way for developing the country’s productivity and supporting domestic production.

Considering the significant role of ports in the promotion of foreign trade especially export, Iran, which has adopted the strategy of boosting its non-oil export to counter the U.S. sanctions on its economy, has many programs underway for the development of its ports.

In this regard, the PMO has put the attraction of investment to the ports on agenda, and despite the restrictions and limitations created by the outbreak of the coronavirus, investment-making in the Iranian ports increased significantly over the previous Iranian calendar year.

EF/MA

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