PMO: USD 1 Trillion to Be Invested in Iranian Ports

PMO Representatives of the Iranian Government have signed investment contracts with private entities worth USD 1 trillion to develop Iranian ports, the countrys Ports and Maritime Organization (PMO) said.  The contracts include investments of USD 10 billion in Mazandaran Province, USD 20 billion in Khorramshahr Port, USD 100 billion in Gilan Province, USD 70 billion in Amirabad Port and USD 130 billion in Bushehr Province. Moreover, some USD 45 billion will be invested in Sistan and Baluchistan Province, USD 210 billion in Khuzestan Province, and USD 350 billion in Mazandaran Province, according to the PMO. The private investments are related to the construction of warehouses, storage facilities and port equipment as well as development and capacity promotion of ports. Following the lifting of economic sanctions, Iran launched a 2025 strategic economic plan aimed at doubling its USD 415 billion economy. To achieve this mission in the next decade, the Iranian Government has to ease the current climate of economic recession, reduce unemployment and become the largest exporter and the largest economy in the region. Iran has to diversify from its dependence on oil & gas, enhance manufacturing in non-oil sectors, develop a knowledge-based sustainable economy, and attract investments to the tune of USD 1.5 trillion, business consulting firm Frost & Sullivan said.