Iran’s Ports, Maritime Organization reports USD1.7B in investments over past few years

(MENAFN) Iran’s Ports and Maritime Organization (PMO) has reported significant achievements in attracting investments to the country's ports and maritime sector, amounting to nearly $1.7 billion over the past few years. Speaking at a press conference, PMO head Ali-Akbar Safaei highlighted that this includes approximately $470 million in foreign investment and about 620 trillion rials (approximately $1.24 billion) in domestic investment.

Safaei emphasized the significance of this private sector investment, noting its substantial impact compared to the government's budget allocation for sea and port sectors. He detailed that PMO has successfully secured investments from several countries, with India notably contributing $120 million to the port sector and $250 million to rail, roads, and infrastructure.

Reflecting on the growth of maritime trade, Safaei pointed out a positive trend, citing an increase from 215 million tons in the Iranian calendar year 1401 (2022-2023) to 237 million tons in the previous year ending March 19, 2024. In the first quarter of the current year, maritime trade reached 60 million tons, marking a 10 percent rise compared to the same period last year. Some ports in the Caspian Sea region even saw growth rates as high as 70 percent.

In a strategic move aimed at further developing Iran’s ports and enhancing its maritime economy, Safaei reaffirmed PMO's goal to attract a total investment of 1.0 quadrillion rials (about $2 billion), with a significant portion expected from private sector participation. He emphasized the importance of integrated and coordinated management to effectively implement development policies in the maritime sector.

Amidst challenges posed by unilateral sanctions on Iran’s economy, Safaei underscored the critical role of the country's ports as vital gateways for both exports and imports. The government has thus prioritized port development projects and initiatives aimed at encouraging investments, streamlining cargo handling processes, and supporting the flow of essential commodities.

The ongoing efforts to bolster Iran’s ports underscore their strategic importance in navigating economic challenges and enhancing the country’s trade resilience on the global stage.



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