Baku, Azerbaijan, Jan. 25
By Fatih Karimov - Trend:
The Philippines is ready to invest in establishing steel and ferrochrome plants in Iran.
Philippine Ambassador to Iran Eduardo Martin Menez paid a visit to Iran's Persian Gulf Special Mining and Economic Zone, saying that the region benefits from appropriate infrastructures for attracting foreign investment, Iran's IRNA news agency reported on Jan. 25.
Unofficial statistics indicate that the annual trade between Iran and the Philippines amount to $400 million.
Iran ranked first in the Middle East and 14th in the world in terms of steel production in 2014, the World Steel Association (WSA) said in a recent report.
Iran produced 16.331 million metric tons of crude steel in 2014, a 5.9 percent rise from 15.422 million metric tons in 2013.