Economy, Domestic Economy

Call for Private Sector Investment in Ports

Call for Private Sector Investment in Ports
Call for Private Sector Investment in Ports

Minister of Roads and Urban Development, Abbas Akhoundi, has urged the private sector to play a more active role in the development of ports, saying that despite some financial restrictions the government has spent more than 40 trillion rials ($1.48 billion at official exchange rate) on boosting maritime industry.

In a ceremony held late Tuesday to promote private sector cooperation with Iran’s Port and Maritime Organization, Akhoundi said the private sector’s investment on ports has to be increased largely if the country is to get a fair share of the international maritime trading.

“Our neighbors are making huge investment on development of their ports to make them competitive,” the minister said, calling for the same measure to be taken by Iran’s government in cooperation with the private sector.

“The private sector has invested more than 27 trillion rials ($1 billion) on ports development during the last year,” Head of Iran’s Ports and Maritime Organization Mohammad Saidnejad said on Tuesday while addressing the ceremony.

“Investment in maritime industry will help boost Iran’s significant position in the Persian Gulf and the Sea of Oman,” he added.

According to the 20-Year Vision Plan (ending 2025), “Iran should improve its ranking in the transportation sector in the region,” Saidnejad said, adding that the goal is within reach if the administration increases investment in the development of trade in the coastal areas.