(MENAFN) The head of Iran’s Ports and Maritime Organization (PMO), Ali-Akbar Safaei, announced that the organization has prioritized attracting significant investments from the country's private sector to enhance its ports and maritime infrastructure. Safaei revealed plans to secure 600 trillion rials (approximately USD1.2 billion) in private sector investment. In line with these efforts, PMO has outlined a series of projects designed to modernize and expand Iran’s ports. Within the infrastructure sector alone, more than 960 trillion rials (about USD1.9 billion) of investment opportunities have been identified and are now available for the private sector to bid on, according to a report by an Iranian news agency.

Earlier, in July, Safaei highlighted the progress PMO has made in attracting both foreign and domestic investment over the past few years. He noted that nearly USD1.7 billion has already been secured for the development of the country's ports and maritime industry. Of this amount, 620 trillion rials (about USD1.24 billion) came from domestic investors, while USD470 million represented foreign investment.

Regarding foreign investments, Safaei mentioned that PMO has signed contracts with five countries, including India. India, in particular, has invested USD120 million in Iran’s port sector and an additional USD250 million in infrastructure, including rail and road development. These investments, according to Safaei, underscore the growing interest of foreign partners in Iran's maritime sector, despite the challenges posed by international sanctions.

Safaei also discussed the growth of maritime trade, pointing to a substantial increase in the volume of goods handled by Iran’s ports. Maritime trade in the country rose from 215 million tons in the 2022-2023 period to 237 million tons by the end of the last Iranian calendar year, which ended on March 19, 2024. In the first quarter of the current year, Iran recorded 60 million tons of maritime trade, reflecting a 10 percent increase compared to the same period last year, and even a 70 percent rise in certain ports along the Caspian Sea.

MENAFN15102024000045015839ID1108780279