Economy, Business And Markets

Private Sector Invests in IMIDRO Projects

Private Sector  Invests in IMIDRO ProjectsPrivate Sector  Invests in IMIDRO Projects

The Iranian Mines and Mining Industries Development and Renovation Organization and its affiliated companies have invested more than 16.3 trillion rials ($563 million at official exchange rate) to develop the organization’s projects over the past 18 months, according to IMIDRO’s deputy head for planning and economic development, Amir Khorramishad.

As IRNA reported, more than 64% of the investment has been made by the private sector and the rest has been directly funded by IMIDRO.

According to the official, the organization’s primary goal is to create more value added for minerals and encourage mining firms to move towards processing industries rather than selling or exporting unprocessed minerals.

Khorramishad added that 45% of the world’s GDP comes from mineral resources and associated industries, emphasizing that each unit of value added created in minerals would create three units of value added in the economy.

He reiterated that the private sector has a pivotal role in shaping IMIDRO policies.

IMIDRO earlier announced that more than 30 development plans in mineral and industrial sectors have been implemented during the past one and a half year with an overall investment of about $9 billion.

According to Khorramishad, representatives from many western companies have recently expressed willingness to cooperate in the domestic mining projects – some of them have even suggested transferring their technical know-how.