Investments worth $70 million be made in Iran's Special Economic Industrial and Mining Zone

Business Materials 18 June 2019 13:59 (UTC +04:00)

Tehran, Iran, June 18


It is expected that around $70 million will be invested in Persian Gulf Special Economic Industrial and Mining Zone (PGSEZ) in the current Iranian year [started on March 21, 2019], said the PGSEZ Managing Director.

"As of today, a French company has invested total of $50 million in the zone," said Hassan Khalaj Tehrani in an interview to Trend.

"The investment volume in 2018 included $55 million of foreign and $5.5 million of domestic investments. This year, we expect $70 million of foreign investments," he added.

"Investments are to be made in steel and aluminum industry, petrochemical and oil sectors, sea terminals, water treatment and power plants," the PGSEZ Managing Director added.

"Customs exemptions for importing raw material and equipment, Valued Added Tax exemption and tax exemption for seven years alongside facilitating loans for buying lands are the special incentives that would be provided for investors in the special economic zone," he said.

According to him, sessions were held with investors during first months of current Iranian year to address problems in the contracts and create an opportunity for investment. "Fortunately, the efforts yielded positive results and expect new investments in the zone," he added.