Iran inks investments contracts worth over USD1.8B for ports development
Date
12/26/2024 4:38:12 AM
(MENAFN) Iran’s Ministry of Transport and Urban Development, in collaboration with the Ports and Maritime Organization (PMO), has signed a series of investment contracts and agreements worth 933 trillion rials (USD1.86 billion) with private sector partners to advance the country's port infrastructure and maritime services. These agreements were finalized during a ceremony held to mark National Transportation Day, which focused on the theme "Advancing Maritime Transportation and Port Services: The Main Pillar of Marine-Based Development." The event was attended by key officials, including Transport and Urban Development Minister Farzaneh Sadegh, PMO Head Ali Akbar Safaei, members of parliament, and representatives from various sectors.
The contracts aim to enhance Iran's maritime trade capabilities, expand port facilities, and improve services that are vital to the country’s broader economic goals. These initiatives are expected to modernize the nation's port infrastructure and increase private sector participation, marking an important step toward improving Iran’s position in both regional and international maritime logistics.
Iran’s strategic location, connecting major global shipping routes, plays a key role in its economic development. The country’s ports are essential for facilitating imports and exports, and officials have stressed the importance of private sector involvement in driving innovation and sustainable development in port operations. These efforts are seen as crucial in helping Iran compete with other regional players in maritime trade.
Recent plans focus on upgrading key ports such as Bandar Abbas, Chabahar, and Imam Khomeini Port, with aims to boost cargo handling capacities, automate port systems, and reduce vessel turnaround times. These improvements are intended to enhance the competitiveness of Iranian ports, particularly as neighboring countries also work to expand their maritime infrastructure. The push to modernize port operations is seen as critical for positioning Iran as a key hub for regional trade.
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