Expert: Iran's mining sector - best opportunity to invest for foreign companies

Business Materials 21 November 2018 10:06 (UTC +04:00)

Tehran, Iran, Nov.21


Iran`s mining sector, is the best opportunity for foreign companies to invest in the field of exploration, extraction and process industries, which depends on improving the business environment, the chairman of Iran Chamber of Commerce, Industries, Mines, Trade and Agriculture’s Mining Commission, Bahram Shakouri told Trend.

"Although the county is under sanctions, but mining sector can attract foreign investors in the fields of mineral material and limited exploration. It should be noted that Iran is in the copper belt and there are a lot of rare materials in Iran's mines. So there is sufficient incentive to invest in exploration,” he said.

“Our goal is to produce 700 million tons of minerals, which requires equipment and machinery,” Shakouri added.

At the same time, Shakouri believes the business market in Iran isn't ready to accept foreign companies.

"The government should improve the conditions and reform its relations with the world as a precondition to foreign investments, he said.

"Iran has 8 percent of the world population and 12% of global economy. The conflicts in the region have led to the need of reconstruction and Iran has the capacity to do it. Therefore many investors consider Iran as potential for exports and will definitely invest in the country if the conditions are provided," he said.