Foreign Investment in Iran’s Industries, Mining Sector, Up 900%

TEHRAN (FNA)- Foreign investment in Iran’s industries and mining sector has increased 900% from 2005 to 2007, a ministry official said.

Iran’s Deputy Industries and Mines Minister for International and Economic Affairs Ali Asghar Ramzi estimated the total amount of foreign investment in Iran to be US$19 billion during the period from March 2005 to March 2007, reminding that foreign investment from March 2002 to Match 2004 totaled $1.9 billion.

“Some $5.3 billion worth of industrial and mineral products has been exported abroad in the first quarter of the current Iranian calendar year,” he said.

The Iranian Calendar year began on March 21, 2008.

Of Iran’s 3125 operating mines, 2747 and 378 mines were run by private and public sectors respectively. As of 2005, the government owned 90% of all mines and related large industries in Iran and is seeking foreign investment for the development of the mining sector. In the steel and copper sectors alone, the government is seeking to raise around US$1.1 billion in foreign financing.