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Iran's mining industries require foreign investments to utilize reserves

Iran Materials 6 September 2021 14:28 (UTC +04:00)
Iran's mining industries require foreign investments to utilize reserves

TEHRAN, Iran, Sept.6

Trend:

Iran's mine sector needs to attract foreign investment to utilize reserves, Iranian expert and university professor Amir Hessam Eshaqi said, Trend reports citing IRNA.

Eshaqi indicated that there is no correlation between the volume of investment and the amount of usage from mineral reserves, while the mechanism to attract foreign investment has failed in this sector and requires regulation reforms.

He noted that the Ministry of Roads and Urban Development report indicates that in mine and commercial projects last Iranian year (started March 20,2020) only 63 projects valued $1.1 billion attracted 100 percent foreign investment and 78 projects valued $550 million were implemented through domestic investments.

China, Germany, the UAE are considered Iran's top three partners, investing $543 million, $487 million and $363 million respectively in the mentioned period.

Iran's mining industries' share in gross domestic product (GDP) was 5 percent and mine sector share was one percent. The economic share of this sector in GDP was about 5.34 percent.

Estimations of the Ministry of Industries, Mine and Trade showed that share of mining sector in GDP based on the Sixth Development Plan would increase from 1.1 percent to 1.5 percent and 700 million tons of mineral material would be produced by 2025.

Iran's export of mineral products last year was 55 million tons, based on ministry's report.

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