Iranian industrial official talks investment situation in country
Baku, Azerbaijan, March 5
By Khalid Kazimov – Trend:
An Iranian industrial official has said that the volume of foreign investment in the country’s industrial sector over the current fiscal year (starting March 20) has reached $2 billion.
Sadeq Najafi, the head of Iran Small Industries and Industrial Parks Organization (ISIPO), has said that $1.8 billion of the total amount has been invested in 37 projects, IRNA news agency reported.
He further touched upon the country’s plans to create new job opportunities and said after the renovation of 31,500 industrial units and the inauguration of 8,000 new units over the next four years the country will create 370,000 new job opportunities.
The official described the high rate of banking rates as a serious hurdle to the industry and expressed hope that the loans allocated at the lower rates by the development fund of the country would help the industrial units grow.
While the interest rates for banking loans in the country stands at 18 percent, the development fund of the country is expected to offer loans at the interest rates of six and ten percent.