TEHRAN -- Foreign investment in industrial sector is expected to touch $10 billion by the end of the current Iranian calendar year (March 20, 2007), Minister of Industries and Mines Alireza Tahmasbi said here on Tuesday.

Calling the current year a prosperous period for Iran’s industries, he said that suitable growth is seen in many of the sector’s indexes, including production of raw steel (six percent), cement (nine percent), vehicles (between nine and ten percent), petrochemical and chemical products (between 15 and 16 percent), copper (14 percent), and minerals and metals extraction (22 percent).

He also commented on the drop in some industrial products, announcing that aluminum production in 2005 and 2006 had a minus five decline.

He also said that electronics and communications industries also slumped during the period.

However, he predicted that the inaugurated projects will grow by around 50 percent in terms of capital and 33 percent in employment by March 20.