Iran's PMO secures around USD500m of investment in ports, maritime sector in H1
Date
11/5/2024 8:02:01 AM
(MENAFN) Iran's Ports and Maritime Organization (PMO) has reported significant success in attracting private sector investments, securing approximately 250 trillion rials (around USD500 million) for the country's ports and maritime sector during the first half of the current Iranian calendar year, which spans from March 20 to September 21. This achievement is attributed to the PMO's new strategies aimed at enhancing private sector involvement in port development. Hassan Yadollahi, the director of economic affairs at PMO, highlighted that the organization is pursuing innovative approaches to facilitate non-governmental investments, capitalizing on the variety of projects available and the government's focus on sea-oriented development.
Yadollahi mentioned that the PMO has entered into over 500 investment contracts with private entities, although some of these contracts have since been terminated. Currently, there are 364 active contracts in the commercial ports across the country. This emphasis on collaboration with private investors reflects a broader strategy to utilize the capabilities of the private sector in developing Iran's maritime infrastructure and operations. In earlier statements, PMO Head Ali-Akbar Safaei outlined the organization's goal to attract more than USD1.2 billion in private sector investments specifically for ports and maritime projects.
Furthermore, Safaei noted that various development projects have been outlined for the ports, particularly within the infrastructure domain, with investments amounting to over 960 trillion rials (approximately USD1.9 billion) already defined and ready for allocation to private investors. This proactive approach illustrates PMO's commitment to enhancing the country’s port capabilities and improving overall maritime operations. The concerted efforts to attract both domestic and foreign investments are integral to expanding Iran’s port infrastructure and positioning the country as a significant player in the regional maritime sector.
In a broader context, the PMO has reported cumulative investments of nearly USD1.7 billion in the ports and maritime sector over recent years. This figure includes approximately 620 trillion rials (about USD1.24 billion) sourced from domestic investments and USD470 million from foreign investments. Such figures underscore the importance of the maritime sector to Iran's economic growth and the government's dedication to fostering a conducive environment for investment in this critical area.
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