Economy, Business And Markets

Western Firms Keen to Invest in Mining Sector

Western Firms Keen to Invest in Mining SectorWestern Firms Keen to Invest in Mining Sector

Deputy minister of industry, mine and trade Mehdi Karbasian says western companies have recently offered to take part in Iran’s industrial and mining sectors, Eghtesad News reported.

He added that since a nuclear understanding was reached the Swiss city of understanding on April 2, the European and American companies have been regularly sending commercial delegations, expressing their keenness to invest in Iran. However, he noted that one must wait until western sanctions are lifted before these investments are actually made.

“Iran has obvious advantages in comparison with the regional countries including access to international waters, abundant infrastructures, and educated labor force through which the country can seize export markets,” said Karbasian, who is also the head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

“Previously, Iran had very limited interaction with the global mining sector, leaving the foreign companies unaware of the real situation in the sector. On the other hand, some foreign media outlets’ data on the country’s economic sectors were inaccurate and misleading”, Karbasian noted.

So far, the incumbent administration, through IMIDRO, has managed to absorb at least 180 trillion rials ($6.3 billion based on official currency exchange rate) in the private sector investment for the steel and mining sector. In addition, a few countries such as Kuwait and India have already invested in joint ventures with the IMIDRO in steel plants.