Iran to invest $47 billion in 57 industrial projects

Azerbaijan, Baku, Jan. 1 / Trend, F.Mehdi/

Iran will invest 570 trillion rials (about $47 billion) by August 2, 2013 (the end of the President Mahmoud Ahmadinejad's administration) to complete 57 industrial projects, IRNA quoted Oil Minister Rostam Qasemi as saying.

The projects are being implemented at a brisk pace, he said, adding that they will create a huge industrial development in the country.

He also said that 70 petrochemical units are being established nationwide, with 5-90 percent physical progress.

In November 2012, Safdar Rahmatabadi, deputy minister of industry, mine and trade said that exports of Iran's industrial products rose 40 percent in the first half of the current Iranian calendar year (started March 20, 2012).

Iranian products are now sold in the markets of 170 countries, he added, Press TV reported.

Iran is among the top 10 countries in terms of mineral resources and its automobile and food industries rank 13 and 30 respectively in the world, the official added.

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