Tehran, Iran, Nov.16
Trend:
Iran's mining sector has potential and capacity for development, and it requires foreign investment and import of equipment, Vice chairman of Iran Mine House Bahram Shakouri told Trend.
Shakouri further spoke on the mine industry's dependence on foreign investments.
“Iran’s mining sector is full of potential; despite owing a mere one percent of the world’s space and population, Iran holds almost 7 percent of the world’s mine resources, yielding 27 trillion US dollars worth of products,” he said.
He went on to add that "in the past as well as the present, good investments were made in the mining sector resulting in its development and an increase in mining industries".
The main objectives are to produce 55 million tons of steel, 800,000 tons of copper, and 300,000 tons of zinc by 2025,” he said.
Shakouri said that given the fact that a portion of Iran's forex income is provided through export of such minerals as copper, steel, zinc, iron ore, ornamental stones and so on, to keep and increase this income, Iran needs foreign investments and should overcome the barriers set by US sanctions.
"This will allow large companies to enter Iran, as well as sale of equipment and financing of the mining projects," he noted. "Of course, it should be noted that the majority of European firms have deep ties with the US in this field, naturally banning them from entering Iran’s mining sector.”
Commenting on the arrival of small and medium sized European firms into the country, Shakouri said that these firms make up a large part of the European Union’s economy, including 90% of these companies that work for bigger conglomerates.
"On the other hand, these firms have little to do with the US economy, giving them more liberty to cooperate with Iran’s mining sector,” said Shakouri.
He also pointed out to the fact that for the mining industry and other economic sectors to remain intact, Iran should increase interactions with other countries and work toward deepening these ties.