Economy, Business And Markets

Gov’t Invests $1.3b in Ports

Gov’t Invests $1.3b in PortsGov’t Invests $1.3b in Ports

Investments worth $1.3b have been made in the ports and maritime sectors since the current government took office despite restrictions and problems facing the country, said the roads and urban development minister.

Speaking in a ceremony held to sign an agreement between Ports and Maritime Organization and a private company on Tuesday, Abbas Akhoundi added that the government is bound to reduce the costs associated with commercial, economic and political deals with foreign countries, according to ISNA.

An agreement worth $700 million was signed between the private sector and PMO.

Akhoundi noted that the private sector’s investments in ports should be increased significantly, which will make the sector the largest producer of value-added in the country.

Speaking in the same ceremony, PMO Managing Director Mohammad Saeednejad said the private sector has made about $900 million worth of investments in Iranian ports during the year to mid March.

Some $600 million worth of investments have also been made by the private sector in southern and northern ports of Iran during March 21-Nov. 21.

The official said the ground has been prepared for the activities of private sector in Iranian ports.

“Iran should rank first in the region in terms of transportation and economy,” he said, adding that this is among the main objectives envisaged by the 2025 Vision document.

Saeednejad noted that the strategic location of Iran has made the country an important transit route in the Persian Gulf and the Sea of Oman.

“All capacities of the country should be used to develop the ports and maritime sectors,” he said.