Economy, Domestic Economy

Chinese Group to Invest $1.7b in Khomein Project

Chinese Group to Invest $1.7b in Khomein ProjectChinese Group to Invest $1.7b in Khomein Project

A Chinese investment group has voiced its readiness to invest $1.7 billion in a project to construct a turbine manufacturing complex in Khomein County in Markazi Province.

“The group has been eyeing the Iranian market for more than a year now, and has finally decided on the Khomein County project,” said Markazi Governor Mahmoud Zamani-Qomi during a conference held Tuesday, IRNA reported.

The industrial complex will cover 200 hectares and provide 10,000 new jobs. The project is expected to be completed within five years and produce 100 turbines per annum, each with a capacity to generate 1-100 megawatts of energy.

“Markazi is a leading province in primary sectors and that is a huge contributing factor to the Chinese group’s choice,” said Ahmadreza Daneshmand, managing director of Raad Engineering Company, the Iranian partner on the project.

Alireza Zavoshi, the head of Industries, Mines and Trade Organization in Markazi Province, also said desirable infrastructural facilities, easy access and tax exemptions are among the advantages of investing in the region.

“We have surveyed the construction location and once the Chinese company approves of the site, preliminary work on the site will begin.”

The foreign investment headquarters of the province will supervise the construction progress and ensure that both sides fulfill their commitments.

Noting that the province is ready to support the plan, Zamani-Qomi said the conference signifies a general understanding between Jining Group and the Iranian side.

Currently, 35 projects worth $660 million funded by foreign investors are underway in the province.