Economy, Domestic Economy

Construction Services to Earn $5b by Yearend

Construction Services to Earn $5b by YearendConstruction Services to Earn $5b by Yearend

Some $5 billion worth of construction services are estimated to be exported by the end of the current Iranian year (March 2017), the head of Iranian Technical and Engineering Services Exports Association said. Mohammad Reza Ansari was also quoted as saying by Mehr News Agency that Iraq accounts for more than 70% of Iran’s engineering services exports. “As much as 50% of Iran’s $12 billion annual exports to the neighboring country pertain to construction projects,” he said.  African countries are also customers of Iran’s engineering services. Iranian private sector companies are to build 100,000 housing units in Algeria in the next five years under an agreement signed between Tehran and Algiers in May.  The government is determined to increase the export of engineering services as part of its broader policy to increase Iran’s non-oil exports.  Earlier, the administration announced the allocation of close to $100 million in credit to Iranian contractors in neighboring Iraq.