Minister: $2.4 million invested in Iran’s building industry per hour
Azerbaijan, Baku, Oct.8/ Trend F.Karimov/
Some 60 trillion rials (about $2.4 million based on the USD official exchange rate of 24,900 rials) is being invested per hour in Iran's building industry, the Mehr News Agency quoted Iranian Transport and Urban Development Minister Abbas Akhoundi as saying.
The building industry is the largest sector of the national economy after the oil sector, he added.
Over 2000 new residential buildings are being constructed per day in the country, he said, adding that the building industry accounts for 33 per cent of the national economic development.
In January, Deputy Minister of Economic Affairs and Finance Behrouz Alishiri said that three international companies have declared their readiness to invest in Iran's housing sector.
The housing sector is a profitable market in Iran, so sanctions against the country cannot prevent foreign firms from investing, the ISNA News Agency quoted Alishiri as saying.
Alishiri said on January 19 that foreign depositors have invested some 1.2 billion dollars in Iran's housing sector. Special plans have been developed to boost foreign investment in the country's housing sector, he said.
Alishiri is also the head of the Organisation for Investment, Economic and Technical Assistance of Iran and went on to say the plans are aimed at reducing the costs of house building in Iran.
Despite global economic sanctions, more than 400 foreign companies are now directly investing in Iran.