TEHRAN - To have a dynamic and generative economy and meet the targets of resistance economy it is essential to pave the way for the private sector’s contribution to national economy, President Hassan Rouhani said on Tuesday.

Rouhani made the remarks as he officially inaugurated the Mahabad petrochemical complex in northwest of Iran.

Resistance economy, as outlined by the Supreme Leader, calls on the government to secure the utilization of the country’s resources, struggle to promote a knowledge-based economy, take efforts to increase energy consumption efficiency and boost domestic production.

“The Mahabad petrochemical complex can help downstream industries expand, which will bring huge changes to the region,” Rouhani explained.

Oil Minister Bijan Namdar Zanganeh and his deputy Marzieh Shahdaie attended the opening ceremony of the complex.

Shahdaie is the managing director of the National Petrochemical Company (NPC).

The 185-hectare Mahabad complex started operation in February with the capacity of producing 300,000 metric tons per year (mt/y) of polyethylene and 30,000 mt/y of Butene-1. 

In a report released by IRNA in February, around $350 million were invested in the construction of the complex that $267 million of which was supplied through foreign investment.

Some 30 percent of the complex’s products are consumed domestically and the remaining 70 percent are exported.

HJ/MA