Five leading domestic companies will invest $6.1 billion in 62 projects in mining, food, machinery and refining industries as per a memorandum of understanding signed with the Ministry of Industries, Mining and Trade.
According to Deputy Industries Minister Saeed Zarandi, the MoU was signed for encouraging economic enterprises to rely on domestic capabilities in line with the principles of Resistance Economy.
The concept of Resistance Economy, first raised by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei in 2011, is a set of principles aimed at curbing the economy’s dependence on oil export revenues, improving productivity and reducing the government’s role in the economy to make the country immune to economic wars waged by foreign powers.
“Industries Ministry has prioritized the ranking of manufacturing companies based on criteria such as employment, exports and added value,” he was quoted as saying by Mehr News Agency.
“One hundred major companies, including 39 petrochemical and chemical companies, 20 mining companies, 20 manufacturers of machinery and 21 non-metal companies, have been identified. The ministry began correspondence with these companies, inviting them to invest in unfinished industrial and mining projects. So far, 23 companies have signaled their readiness in this regard; they have proposed 80 projects. Today, five companies namely Chadormalu Industrial Co, Arak Machinery Co., Almahdi Aluminum Co, Sepahan Oil Company, and Shirin Asal Food Industrial Group finalized their agreements with the ministry.”
Noting that investment by domestic companies will make up for the absence of foreign investors who are avoiding Iran’s economy due to sanctions, the official said, “These projects will be financed from several sources such as the capital market, banks, capital contributions by enterprises, the National Development Fund of Iran (the country's sovereign wealth fund) and participation of other leading enterprises.”
