$1 billion invested in Iran`s telecommunications sector

Business Materials 15 September 2020 14:21 (UTC +04:00)
$1 billion invested in Iran`s telecommunications sector

TEHRAN, Iran, Sep. 15


The CEO of Iranian Telecommunication Company, Majid Sadri, announced the investment of $1 billion in the telecommunication sector.

At the signing ceremony of the Memorandum of Understanding between the Telecommunication Company of Iran and the Telecommunication Industry Syndicate, Majid Sadri says that "The Telecommunication Company has objectives in the field of national information network that must be fulfilled,” Trend reports citing IRNA.

“TCI must be able to create a proper infrastructure in the national information network,” said Sadri.

He added that "Investments should go in the direction of domestic production.”

"Over 75 percent of the telecommunication company's equipment is domestically produced,” he noted.

“By signing the memorandum today, we pledge to invest $714 million to develop the infrastructure of the national information network, which is the responsibility of Telecommunication Company,” he said.

"In the last two years, we have produced 100 million euros worth of equipment that was previously imported from abroad," Sadri said. Also, we spent $476 million on telecommunications access layers.

The head of the telecommunication company went on to say that the TCI has invested a total of $1 million in the development of the telecommunication sector.