Iranian mining sector needs 55b in foreign investment in five years

“Iranian mining sector needs €55b in foreign investment in five years”

TEHRAN – The Deputy Head of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Mohammadreza Bahraman has stated that Iran’s mining sector requires €55 billion in foreign investment over five years.

Speaking at a press conference on the sidelines of the 18th International Exhibition for Mines, Mining, Construction Machinery and Related Industries and Equipment (Iran CONMINE), Bahraman stressed that the investment is needed to ensure achieving the anticipated 13 percent growth outlined in the country’s Seventh Development Plan.

He emphasized the importance of attracting external capital to boost the sector. "This is not about government involvement; our focus must be on drawing in foreign investors," he said.

Bahraman announced that Iran's House of Mine, which spearheaded the sector’s strategy, plans to participate actively in the 2025 Riyadh mining exhibition in Saudi Arabia to build international collaborations. He highlighted the need to strengthen partnerships with mining-focused nations, particularly in Africa and the region.

The Iran Chamber of Commerce vice president also stressed the critical role of the private sector in meeting the growth target. “If we fully utilize the private sector’s potential, a significant portion of this 13 percent growth goal can be achieved within five years,” Bahraman said.

He also stressed the need for Iran to resolve its financial challenges, including being blacklisted by the Financial Action Task Force (FATF). “Without addressing FATF issues, even the lifting of US sanctions will not suffice to attract foreign investment,” he added.

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source: tehrantimes.com