Iran expects to increase amount of investments attracted to Chabahar Free Trade Zone

Business Materials 2 April 2023 15:53 (UTC +04:00)
Iran expects to increase amount of investments attracted to Chabahar Free Trade Zone
Elnur Baghishov
Elnur Baghishov
Read more

BAKU, Azerbaijan, April 2. The amount of investments attracted to the Chabahar Free Trade Zone in Iran’s Sistan and Baluchistan Province is expected to increase to $14 billion by the end of the current Iranian year (March 21, 2023 through March 19, 2024), Director General of Chabahar Free Trade Zone, Amir Moghaddam told ISNA, Trend reports.

The director general noted that the amount of investment attracted in the zone reached $8 billion in the last Iranian year (March 21, 2022 through March 20, 2023).

“Meanwhile, the figure stood at $4.9 billion at the end of the preceding Iranian year (March 21, 2021 through March 20, 2022),” Moghaddam added.

According to him, there is more interest in investing in the construction of two facilities in the zone.

“One of these facilities is a plant producing solar panels in the zone. Currently, the construction of the plant continues. A total of $2 billion is expected to be invested in the mentioned plant. This plant will able to produce solar panels with a capacity to generate 500 megawatts of electricity per year,” he said.

Moghaddam stressed that some 3,000 people are estimated to be employed at the plant. The construction of the first phase of the plant is planned to be completed in 2026, and while the 2nd phase in 2027.

As for the second most interested facility in the zone, the official pointed out that a steel production plant is being built in the zone with an investment worth $800 million. He added that 80 percent of the investment made in the construction of the plant is foreign investment, and 20 percent is local investment.

Moghaddam also said that after the completion of the construction of the mentioned plant, 3.5 million tons will be added to Iran's annual steel production capacity. Overall, 6,000 people will be provided with jobs in this plant.

Iran's Chabahar Free Trade Zone is located on an area of 14,000 hectares. This zone was established in 1992.


Follow the author on Twitter:@BaghishovElnur