$1.7 Billion Investment Attracted
The head of Iran’s Ports and Maritime Organization (PMO), Ali-Akbar Safaei, announced that the organization has successfully attracted nearly $1.7 billion of investment in the country’s ports and maritime sector over the past few years. This includes approximately 620 trillion rials ($1.24 billion) from domestic sources and $470 million from foreign investors, as reported by IRNA.
PMO has signed contracts with five countries including India which has so far invested $120 million in the port sector and $250 million in the rail, roads, and infrastructure sectors.
Growth in Maritime Trade
Safaei continued: “Maritime trade increased from 215 million tons in [the Iranian calendar year 1401 (2022-2023) to 237 million tons last year (ended on March 19. 2024).”
“In the first quarter of the current year, 60 million tons of maritime trade was recorded, which shows a 10 percent growth compared to the same period last year, and even a 70 percent growth was recorded in some parts of the Caspian Sea,” he added.
Back in November 2023, Safaei said his organization was going to attract 1.0 quadrillion rials (about $2 billion) of investment in the country’s ports to develop the maritime economy. Speaking in a televised interview, the official said 470 trillion rials (about $924 million) of the mentioned figure was going to be invested by the private sector and the rest would be supplied by PMO.
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Source: Port News
